What are the benefits of individual health insurance plans?
Here are some key benefits of buying individual health insurance plans.
· Extensive coverage
Individual medical insurance offers comprehensive financial coverage that helps one cope with sudden expenses due to medical emergencies. Get coverage for pre-and post-hospitalisation expenses, daycare treatments, and in-patient hospitalisation charges. Also covers organ donor expenses, treatment for mental illness, AYUSH therapy costs and more.
· Cashless treatment option
One can opt for a cashless claim during any medical emergency that requires urgent hospitalisation. The insurance company will settle the bill directly with the hospital. However, the hospital should be on the list of the network hospitals of the insurer.
· Recovery benefit
There are many individual health plans that offer financial assistance to the insured individual’s family during treatment. In case, the individual stays admitted to the hospital for more than 10 days, the family is eligible for compensation.
· Tax benefits
As per Section 80D of the Income Tax Act, you can claim a tax deduction for the total premium paid for individual health insurance plans. Health insurance tax benefit is applicable for a total deduction limit of up to Rs. 25,000.
Read more: Family health insurance plans in India
Things to keep in mind when you buy individual health insurance
It is essential to assess the coverage that the health plan offers. Make sure you get comprehensive coverage to meet all your needs comfortably.
If you find the premium high for your budget, you have the option of choosing to co-pay the claim. This means that you will pay a share of your final bill yourself. With the co-pay option, you can expect to pay lower premiums.
· Network hospitals
It is wise to check if the insurer has a vast chain of network hospitals. One can get a cashless claim settlement facility at any of these hospitals.
· Waiting period
The insurance benefits will not come into effect until the waiting period is over. One should look for individual insurance plans that have lower waiting periods for critical illness.
Sub-limit is a cap placed on the claim amount for hospital room rent, post-hospitalisation charges, and others. It is wise to choose a plan having a lower sub-limit.
What makes health insurance plans for individuals necessary?
Considering the increasing healthcare expenses, and changing lifestyle, individual health insurance becomes a crucial investment that secures you during medical emergencies. Health insurance policies for individuals ensure you can access high-quality medical care when required.
Here is why health insurance plans for individuals are necessary.
· Skyrocketing medical inflation
The cost of medical treatment has been on a drastic rise over the last few years. Individual health insurance lets you stay financially secure against any sudden expense caused due to medical emergencies.
· Lifestyle-related diseases on the rise
Increasing lifestyle-related diseases due to stress, pollution, device addiction, and unhealthy eating habits make personal health insurance a must.
One of the most significant reasons to buy an health insurance plans for individuals is that it helps keep one’s savings intact in times of medical emergencies. There are no out-of-pocket expenses as the policy offers the necessary financial coverage.
· Secure your family
Having an individual health insurance plan for family members will ensure complete security for them. Ageing parents or growing children are most vulnerable to illnesses. A medical insurance plan will ensure they access the best quality healthcare services without worrying about funds.
What does individual health insurance plan cover?
· In-patient hospitalisation
Covers treatment costs during in-patient hospitalisation. This includes room rent, medication, doctor fees, tests, etc.
· Pre-and post-hospitalisation
Covers hospitalisation charges for up to 30 days before and 90 days after hospitalisation. The duration varies for different insurers.
· Daycare treatment
Get coverage for daycare treatment charges within the valid policy term. The individual health insurance includes the number and types of daycare treatments covered in the policy document.
· Organ donor expenses
Covers expenses incurred to harvest a major organ from a donor for an organ transplant procedure.
· Domiciliary hospitalisation
Health insurance plans provide coverage for domiciliary hospitalisation. You get coverage for treatment taken at home under the supervision of a medical practitioner. Usually, doctors prescribe home treatment if the patient’s condition does not permit to go to the hospital or due to the unavailability of hospital bed.
What does an individual health insurance plan not cover?
Here are some of the key exclusions under the individual health insurance plans.
- Cosmetic surgeries
- Dental treatment
- Self-inflicted injuries/suicide
- Treatment for any ailment due to drug abuse
- Deaddiction treatment
- Injuries or illness due to war
How to claim your individual health plan
At the time of an emergency, you can claim your individual medical insurance by following the set of steps given below:
Step 1: Fill up the pre-authorisation form at the network hospital to claim cashless approval at the time of hospitalisation.
Step 2: The insurer will approve the request and notify the hospital.
Step 3: Following which the hospital procedures will begin.
Step 4: The insurer will settle the bills directly with the network hospital at the time of discharge.
A similar set of steps can be followed to claim other individual health insurance plans.
How much coverage under individual health insurance should you have?
Usually, it is advised that you must have 50% of your annual income value as health insurance coverage. This means if you earn Rs. 5 lakh per annum, get health insurance coverage up to Rs. 2.5 lakh. However, considering the medical inflation every year, you must have sufficient health coverage to stay adequately covered during medical emergencies. You get coverage up to Rs. 2 crore on health insurance plans for individuals. The premium for individual health insurance policies depends on the coverage chosen. Hence, buy an individual health insurance that fits your budget and requirement.
Read more: Buy critical illness insurance policy online.