Medical insurance is meant to cover the cost of treatment that an individual incur after falling critically ill. Considering the uncertainties of life, it cannot be predicted when someone is going to fall ill or how much critical the illness will be. Nor anybody can foresee the cost of the treatment. So, it really makes sense to go for insurance so that you can get timely and adequate treatment in case you fall critically ill.

Medical insurance are available for individuals as well as for groups. The first one provides coverage to only one individual, or family. This type of insurance plans can be obtained directly from a company who offers them. Generally, an evaluation is made by the company with whom you apply. They provide a questionnaire, to be filled up by the applicant. It contains questions about your current and past health history.

What they want to asses is the risk they will have to undertake by offering you the health insurance policy. Most of the individual insurance plans come under managed health care plans. If you continue to pay your insurance premium, the coverage time continues and your insurer cannot cancel your coverage if you become sick. Individual insurance is preferable for those who want a customised plan.

Like all other insurance policies, medical insurance is also available for groups. This type of policy is usually more comprehensive and less expensive than individual insurance. In this type of insurance, the provisions of the policy are negotiated between the insurer and master policy owner that may be an employer or association. It offers varied options and lower premiums.

Individual or group, medical insurance is important for everybody. An unexpected illness or serious injury can render anybody unfit for work. Ultimately, you will be in an unsavoury situation and your family will be under financial stress. Hence, it is better to be in safer side and opt for insurance.