Medical Insurance Services In Uganda
A health insurance policy covers medical expenses you might incur due to accidents, illness or injury. Technically, it is a contract between you and your health insurance company. It means the insurer will bear some or all medical expenses you incur against a certain fee (premium) you will pay. A contract that requires your health insurer to pay some or all of your health care costs in exchange for a premium. Health insurance or medical insurance is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals.
Medical Insurance Services In Uganda
A health insurance plan can be a solution to deal with the rising medical costs. It provides financial security by covering the costs related to treatment, hospitalisation, free health check-up, and pre and post hospitalisation expenses. The five things not covered by life insurance are preexisting conditions, accidents that occur while under the influence of drugs or alcohol, suicide, criminal activity, and death due to a high-risk activity, such as skydiving, and war or acts of terrorism.
Health insurance provides extensive coverage for various health conditions. Medical insurance provides limited coverage for specific health emergencies. The extent of coverage in Medical Insurance is pre-defined and limited to specific injuries, accidents and illnesses. First, your health cover should be at least 50% of your annual income. And second, the insurance cover should at least cover the cost of a coronary artery bypass graft in a hospital of your choice.
Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee an insurance premium to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss. With the constant increasing prices of healthcare in our country, and with the ever rising instances of diseases, health insurance today is a necessity. Health insurance provides people with a much needed financial backup at times of medical emergencies. Health risks and uncertainties are a part of life.
Disadvantages Of Medical Insurance Services In Uganda
Premium Increases with Age. Talking about the cons, one of the most important of them is the link between health insurance premiums and age.
Waiting Period for Existing Health Problems.
Co-Pay Clause.
Benefits Of Medical Insurance Services In Uganda
Provides Protection. Insurance coverage does reduce the impact of loss that one bears in perilous situations.
Provides Certainty. Insurance coverage provides a feeling of assurance to the policyholders.
Risk Sharing.
Value of Risk.
Capital Generation.
Economic Growth.
Saving Habits.
List Of Medical Insurance Services In Uganda
Below Are The Partial List Of Medical Insurance Services In Uganda
Basani insurance limited
Alliance Africa General Insurance Limited
Britam Insurance Uganda Limited
CIC General Insurance Uganda Limited
East African Underwriters Limited
GoldStar Life Assurance Company Limited
NIC General Insurance Company Limited
Statewide Insurance Company Limited
The Jubilee Insurance Company of Uganda
TransAfrica Assurance Limited
UAP Insurance Uganda Limited