What is Health Insurance?
Health insurance is a type of coverage that helps you manage the cost of medical expenses and healthcare services. When you have health insurance, the insurance company pays a part or the entire amount of your medical bills, depending on the terms of the policy. This financial protection ensures that you can access necessary medical treatments without having to bear the full financial burden. Health insurance plans can cover a range of healthcare services, including doctor visits, hospital stays, surgeries, medications, and preventive care, depending on the specific plan you choose.
Types of Health Insurance:-
A. Indemnity Plan
An indemnity health insurance plan, also known as a fee-for-service plan, gives you the freedom to choose your healthcare providers and services. You pay for medical expenses upfront and then submit a claim to the insurance company for reimbursement based on the plan’s coverage limits. This plan offers flexibility but requires managing paperwork and higher out-of-pocket costs.
B. Fixed Benefit Plan
A fixed benefit health insurance plan provides specific pre-defined payouts for certain medical events, such as hospitalization, surgeries, or critical illnesses. The plan pays out a predetermined amount regardless of the actual medical expenses incurred. It offers simplicity and helps cover specific costs, but may not cover all healthcare expenses.
What does Health Insurance Covers?
Hospitalization: Inpatient hospital stays, room charges, surgery costs.
Outpatient Care: Doctor visits, diagnostics, consultations.
Medications: Prescription drugs and medicines.
Emergency Care: ER visits, urgent care, ambulance services.
Preventive Care: Vaccinations, screenings, wellness check-ups.
Specialist Services: Specialist consultations, therapies, treatments.
Maternity Care: Prenatal, childbirth, postnatal care.
Diagnostic Tests: Lab tests, X-rays, imaging.
Mental Health: Therapy, counseling, psychiatric care.
Learn a few terms about Health Insurance
Term insurance is a type of life insurance that provides coverage for a specific period (term), such as 10, 20, or 30 years. If the policyholder dies within the term, a predetermined amount is paid to their beneficiaries. Term insurance focuses solely on providing financial support in case of the policyholder’s death.
Learn a few terms about Life Insurance
Premium: The amount you pay for the insurance coverage.
Deductible: The initial amount you pay before insurance coverage starts.
Co-payment (Co-pay): A fixed amount you pay for each medical service.
Network: Approved list of doctors, hospitals, and healthcare providers.
Claim: Request for payment when you use your insurance coverage.
Pre-existing Condition: Health issue existing before getting the insurance.
Exclusion: Situations or treatments not covered by the insurance.
Policy Limit: The maximum amount the insurer will pay for a claim.
Why Us
At Finward, we have kept in pace with our ever-increasing growth. Our growth is mainly fueled by our deep understanding of client needs and banking products, along with our unbiased effort to bring a win-win deal both for the client as well as the bank. Clients always appreciate our best-in-class service and professional interactions, along with the use of latest technology to keep clients updated on the progress of their transaction.
While the numbers tell their own story, we take pride in having achieved these by serving the varied needs of thousands of customers spread over diverse geographies. This experience stands us in good stead whenever our customers have specific needs in terms of guidance, processes, possibilities, and of course, loans.
