Throughout a person’s lifetime, it is not uncommon for health related problems to strike. These problems can be in the form of illness or disability requiring serious and/or constant medical treatment. While the financial planner cannot prevent the occurrence of these problems, he or she can, however, implement a risk management plan, which seeks to minimize the financial impact of such events.
In making recommendation to manage health-related risk, health insurance probably the most powerful tool that can be used to minimize the consequences. This is particularly so in the context today; where medical costs have escalated tremendously.
One useful approach to manage health- related risk is through the concept of mediclaim (hospitalization cover)
What is Health Insurance?
Mediclaim insurance is a cover, which takes care of hospitalization expenses subject to a maximum sum insured in respect of the following eventualities:
- Sudden illness
- An accident
- Any surgery
- Family discount
- Cost of health check up
- Income tax benefit
- Premium and sum assured