In the previous post I introduced Life insurance. This section will introduce Health Insurance and its role on Health Management.
Investopedia defines –
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.
Health Insurance covers the whole or a part of the risk of a person incurring medical expenses. It is contact between insurance provider (the insurance company) and the individual. On mutual agreement, the insurer (insurance provider) takes certain health risks of the person against a premium. This contact can be renewable or lifelong. Sometimes it is mandatory as defined by the law of some particular country. The time frame, type of health risk, amount of cost that will be covered by the insurance are clearly defined in the contact.
Patients with chronic disease, like – diabetes, heart disease, renal disease are highly suggested to adopt health insurance.