As per various reports issued by world trade organization the life expectancy rate has been drastically reducing in past few years. Whether to blame the fast-paced unhealthy lifestyle or sedentary and inactive work culture, there are increasing cases of diagnosis of diseases like blood pressure, thyroid, sugar, depression, chronic ailments like cancer, heart ailments, strokes or communicable virus diseases.

Hence it has become important get prepared mentally and financially to face increasing uncertainties in each of our lives. Having a health insurance has become a necessity than a choice in today's world, insurance website can provide you with various types of policies available in the market. Depending upon the lifestyle and personal and family health history, one can choose the best option to invest in.

As per, Over the time the coverage of insurance sector scope has modified from the traditional basic cover of hospitalizations, surgery to a more flexible and diverse coverage including highly expensive treatments like dental, physiotherapy, reimbursement of medical bills and travel health insurance.

Some of the terms used in health insurance which one should primarily understand are:

1. Hospitalization on cashless basis There is a third-party agency who works as a facilitator at the time of cashless hospitalization. There is a list of certain hospitals with which insurance company has a tie up. At the date of hospitalization, through the approval process carried by the third-party administrator, all the cost is settled by the insurance company directly to the hospital. Hence to the patient and his family, there is no stress of arranging for money, coordinating with hospital authorities for timely submission of charges which may hinder the treatment process otherwise.

2. Reimbursement of hospitalization charges: In the course of an emergency, there can be situations where the patient is taken to a non-network hospital. In such cases, there is a reimbursement procedure offered by an insurance company wherein the initial payment is made by the patient/their family. Later on, based upon submission of various documents, original bills, reports which are closely analyzed by the medical team of health insurer, the amount is reimbursed.

3. Health Cards: Generally, in group insurance coverage availed by the company's, employees are provided with health cards which is an identification card used at the time of the cashless procedure. Provided to every insured, this card becomes very convenient and has details of the third-party administrator for any assistance if required. Apart from facilitating with financial assistance during the medical emergency, there are other benefits for buying a health insurance.

• The family cover offered: Insurance company offers comprehensive family packages, wherein at the payment of single premium, inured gets a health coverage for their family including spouse and dependent kids. In certain option with the payment of minimal additional charges, dependent parents can also be covered under it.

• You pay less for medical charges as compared to usual cost: Since insurance companies negotiate best competitive rates for the medical procedures with the health care authority. Hence approaching a network hospital for treatment saves you on some money and you get the best service at nominal prices.

• Penalty charges: In case one does not have a minimum insurance cover, at the time of filling the tax return, they have to pay individual shared responsibility payment.

• Free preventive care: Insurance companies usually cover certain preventive care services for free like immunization vaccinations for adult and kids, Post pregnancy medical support and guidance for the mothers, few screening examinations for blood pressure, diabetes, breast cancer etc.

Therefore, all of us should mandatory have health insurance as an integral part of our financial investment and planning to ensure financial stability and mental peace.