What is Health Insurance?
It is an agreement under which insurance firms consensually concur to undertake the guarantee of compensation subject to medical costs incurred, while a policyholder is hospitalized due to falling ill or getting injured due to an accident. To ensure this offering, insurance firms hold the tie-ups with many hospitals and clinics to provide cashless treatment to the insured individuals. In the absence of any tie-up, the insurer reimburses the medical expenses. The government also encourages it by rendering the tax deductions.