Health Insurance 282 views August 27, 2019

Individual Health Insurance

Individual Health Insurance Plan Overview

It is not possible for anyone to just walk into an insurance provider’s office and buy the first health insurance policy they find. This is because health insurance is divided into many categories and you need to find the most appropriate type of cover to suit your requirement. You therefore first need to assess your needs and see what type of medical insurance coverage you need. You may need a family health plan or critical illness insurance, or you may even need an individual health insurance policy. Let’s find out more about the latter.

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What is an Individual Health Insurance?

As the name suggests, an individual health insurance is a plan that is designed to cover a single human being. It is completely different from a family health insurance policy or a group health insurance policy where multiple people are covered under common medical insurance coverage. An individual plan is very well suited for a person whose health is fragile. He may need urgent medical care from time to time. a dedicated health insurance cover would be of great use to him.

What are the Benefits of an Individual Health Insurance Plan?

Entire sum insured available

The entire sum insured of the health insurance coverage is available to a single policyholder. This is of great use to someone who requires frequent health care, hospitalization, diagnostic checks, etc. The insurance coverage in a family health insurance policy is shared between all the members of a family. So you don’t get the whole amount for yourself. If you have an individual cover, you can utilize the entire cover for all your own requirements. 

Well suited for senior citizens

An individual healthcare cover is quite suitable for older people. This is because as you age, your health problems increase. You need frequent and more detailed medical care. It helps to have a dedicated senior health insurance cover or an individual health policy. You can make as many claims as permissible and keep your health going.

Lifetime renewal facility

Most of the health insurance companies offer a lifelong renewability option on individual health insurance plan. You can buy the insurance policy when you are young and fit at a nominal cost. Then, all you have to do is keep renewing it every year. Your insurance company may ask you to undergo a health check-up when you go for a health insurance renewal. This is a simple process and you get to continue with the healthcare cover. This is much simpler than getting a brand new plan at an older age.

All hospital expenses are available

An individual health care plan is quite wholesome in its coverage. As a result, you get compensated for the majority of the expenses incurred during a hospital stay. This helps you to get the best possible health care and keep your finances secured as well.

Critical illness cover available

Some of the general insurance companies offer compensation for critical illnesses. The addition of the critical illness insurance coverage in an individual health insurance plan is of great use to people who get gravely sick after buying the coverage.

Riders available

You can buy many add-on covers with your individual health plan. You can buy a daily cash rider or a room rent waiver rider, among others. Explore your options, read over the features of each rider and then make a suitable choice. Do remember that riders are available at an added cost and would push up the overall medical insurance premium rate. So choose wisely and stay protected in a correct manner.

Tax rebate on the premium paid

And last but not least, you get a tax rebate on the health insurance premium. This is a major advantage of buying any form of insurance policy in India, including the health insurance plans. Get good medical insurance coverage and in the process, save your hard-earned money as well!

Easy to buy

The advent of online insurance has made it very easy for people to buy and maintain their health insurance policies. You can simply go online, run a comparison and buy a health insurance policy with the click of a few buttons. You can pay the insurance premium, initiate claims, etc all through your insurance provider’s mobile app.

These are some very handy benefits you get when you buy an individual health insurance plan from a good insurance company.

Final Word About Individual Health Insurance

As you can clearly see from the points mentioned above, a health insurance plan for an individual is a very useful form of medical insurance indeed. You will get many benefits when you buy health insurance for yourself under such a health insurance scheme. So go online, compare insurance quotes and find the most suitable plan for yourself.

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