1. NAME: CHANCHAL KUMAR
HATUI
SECTIONS : 309 (A)
SUBJECT NAME & CODE : HEALTH
INSURANCE (602)
ROLL NO :30903320003
TOPIC : IMPORTANCE OF HEALTH INSURANCE
2. INTRODUCTION
• Health insurance is an insurance product
which covers medical and surgical expenses of
an insured individual. It reimburses the
expenses incurred due to illness or injury or
pays the care provider of the insured
individual directly.
3. IMPORTANCE OF HEALTH INSURANCE
• Rising medical cost : Healthcare costs are sky-
rocketing, and the current pandemic situation has
fueled the inflation of medical care costs in India. Not
being able to avail high-quality medical care due to
poor financial conditions is one of the common
situations in the country. A health insurance plan can
help to cope up with such scenarios.
4. • Sharing of health related risks : When it comes to health
insurance, risk is shared in three different ways: By the
insurance company and the people who buy plans from them
(called members). By the insurance company and the medical
professionals who provide care for their members.
Tax benefit :Health insurance is a crucial investment. It provides
you and your loved ones financial security in case of a medical
emergency. Whether it be an emergency or a planned
hospitalisation, a health insurance policy ensures complete
coverage by helping you pay for medical expenses mentioned in
the policy.
Productivity in the Workplace :Productivity boosts morale and
creates a company culture of excellence, resulting in an
improved workplace environment. When a company is highly
productive and successful, incentives like pay hikes, bonuses,
medical insurance, etc., are made available to the employees.
•
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5. Conclusion
Health insurance is a valuable piece of your
overall financial picture. Just like saving for
retirement and paying down debt are smart
financial moves, having health insurance is,
too. Be sure to find the right plan for you and
your family – the benefits will someday far out
way the costs.
