Medical Insurance also known as health insurance is a protection to individuals and their families against unforeseen expenses. In the process there are two parties namely the insurer and the insured. The party that undertakes to pay a benefit if a pre-specified loss occurs is called the insurer. The organization or agency acting as the insurer may be private or government owned. On the other hand the policy holder whose interests are protected by an insurance policy is called the insured. The insurer reimburses the medical costs of the insured in case of unforeseen but specified medical expenditures arising from illness, injury or accidents. All this comes for a cost known as insurance premium which is to be paid to the insurer.

There is a flip side to medical insurance too. Medical insurance cost has risen manifold in last few years and the services provided are imitation of one another thus making choice difficult.

• Individual Medical Insurance:

These types of medical insurance plans provide protection and indemnity on an individual basis. Insurance premium for individual plans are higher than that for a group policy.

• Group Medical Insurance:

These medical insurance plans usually available through an employer or society or union are written on a number of people under a single master policy.