The medical expenses are rising every year. In fact, inflation in the medical sector is greater than the inflation in any other sector.
Suppose an individual has not saved enough money and he has to undergo some medical treatment, then arranging for funds in this last hour can be very difficult. It becomes more difficult for a senior citizen.
An easy way to cope up with health/ medical expenses is by taking Health Insurance policy. It offers flexibility with respect to disease/ailment coverage.
With the advent of Coronavirus, special Corona Kavach policies were also released by various Insurance Companies. These Covid-19 policies are mainly given for 3.5, 6.5 and 9.5 months as per requirement.
Health insurance will cover the medical expenses for an insured individual. The insurance cover is subjected to the terms of insurance. The process can take place in either of two ways-
- The insured pays the expenses before out-of-pocket and is subsequently reimbursed by the insurance company.
- The insurance company reimburses the expense directly. It is generally referred to as Cash-less treatment.