An Individual Health Insurance policy can be a great option for a young independent person to pay all healthcare-related expenses. These policies can be used to cover medical expenses for hospitalizations, diagnostics, treatment against critical illnesses, as well as other unexpected situations.
Individual Health Insurance plans allow for customizations that enable you to include dependents or family members under separate coverages. Each member’s Sum Insured is different. This means that even if a Life Insured has a preexisting condition, the other members don’t have to wait for the waiting period to file their claims.
Why do You need individual health insurance?
Protection from lifestyle diseases and mental health issues: Conditions such as PCOS and obesity, along with mental stress and anxiety, are likely to raise your expenses. You can make your life easier by purchasing Individual Health Insurance that provides psychiatric benefits as well as covering the cost for health check-ups. The coverage of Mental Illnesses can vary from one Insurer to the next. Therefore, it is important to read the policy brochure carefully.
Quality treatment against Critical Illnesses: critical-illness-insurance. The costs of terminal or critical illnesses such as cancer can be very high. Treatment, diagnosis, surgeries etc. A large amount of capital is required for treatment and diagnosis. A Health Insurance Cover can provide quality care with minimal financial burden. These plans pay a percentage of the Sum insured towards such expenses.
Insurance inflation and security: Healthcare inflation increased from 3.8% in December 2019, to 7.7% by June 2021*. Individual Health Insurance plans should be a priority if you are the only earning member of your family. Remember that prices will continue to rise, making Health Insurance an important investment.
Chances to maximize savings: If you have a Health Insurance policy, your Insurance Provider is responsible for any medical expenses that may arise. This will allow you to reduce unexpected healthcare costs and protect/grow existing capital reserves.
Individual coverage amount for each member: Each member is covered by an Individual Health Insurance Plan. Claims are handled independently and do not need to wait for the Life Insured to settle the claim.
Eligibility Conditions
- An Individual Health Insurance policy is available to any adult over the age of 18.
- In the event of a pre-existing condition, there will be a waiting period between 2 and 4 years.
- Pre-medical screening may be required for individuals aged 45-65 years or older before policy issuance.
Cost of Individual/Personal Health Insurance
Individual health insurance policies have a premium that is determined by the policyholder’s age and annual income. It also depends on whether or not there are any pre-existing conditions. The location of the policyholder, the number of family members, and the amount insured. These factors should be considered when determining a budget to ensure comprehensive coverage.
Coverage
Typically, the higher the benefits that you want to be covered under your Health Plan, usually means you will have to pay more.
Age & Income
The premium amount directly depends on income and age. The premium payable will be higher if an individual is older and has a higher annual income.
Locality
In metropolitan areas, healthcare costs are likely to be higher. For those who live in metropolitan areas, it is necessary to have high coverage. This effectively means you will need to pay higher premiums.
Medical Conditions
Individual Health Insurance plans are best for those who are at highest risk of developing a serious illness. This means they won’t be required to share the Sum Insured like plans that are based on a Floater.
Policy Tenure
You can get discounted premiums by opting for a multiyear Health Insurance Policy.
Individual Health Insurance Settlement Claim
After validating your condition, the Health Insurance provider moves to settle any claims. Claim Settlement can be done through Reimbursements or Cashless Hospitalization.
Tax Savings With Individual Health Insurance Plans
There are certain tax benefits that can be accessed when you purchase an Individual Health Insurance Policy under the Indian Tax Laws.
Key Pointers to Note before Buying
It is crucial that you carefully review all options in order to find the best Individual Health Insurance Policy for yourself. Before you make a purchase, there are some things that you need to remember.
1. Scope of Health Insurance coverage: You should consider the cost of any illness you may be suffering from.Consider the cost of your diagnosis and consultation fees. Also, consider future hospitalizations. This will allow you to determine the amount of coverage you require and help you narrow down your options for Health Insurance.
2. Sum Insured adequacy : Healthcare inflation is rising, and your Sum Insured needs to be sufficient to cover high-cost treatment costs.
3. Pre-Existing Illnesses and Waiting Period: There is a waiting period for any pre-existing medical conditions, such as thyroid disease, cardiac or renal problems, and other conditions.Your Health Insurance policy benefits will only start after the waiting period is over. Different insurance providers have different waiting periods for these conditions.
4. Premiums and Co-payment: It is important to ensure that the plan’s coverage and premium are worth it.
You can also choose to split the costs of your medical care with the Health Insurance Company if you want to lower the premium.
Although Co-payment doesn’t affect the Sum Insured it can help to reduce premiums.
To confirm whether the plan includes the Co-payment clause, you should check with your Insurance Provider.
5. Limits to room rent: When purchasing an insurance policy, the Room Rent Sublimit is an important consideration.This clause limits the amount that can be used for hospital rooms against the Sum Insured. To avoid overpaying, it is best to look for plans that have no or minimal sub-limits.
6. Network Hospital and Cashless Claim Settlement: You can get Cashless Hospitalization from network hospitals within your area, provided you have the Sum Insured.To make a decision, check out the list of hospitals that are connected to an Insurance Provider.