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Individual Health Insurance: Everything You Need to Know

  • 24 Apr 2013
  • min read

However, these precautions alone cannot guarantee 100 per cent protection to you from health problems. You need to go for something that allows you financial protection if an unforeseen health emergency strikes.

So what should be done other than following a healthy lifestyle? Well buying a health insurance will solve your issue. It will ensure that you stay stress free . With individual health insurance you don't need to go too far to protect it. The insurance company usually collaborates with a network of medical centres and hospitals all over the country. Buying this insurance plan will help you get protection against the unforeseen health problems.

Buying an insurance plan is an action that you take towards preparing for the unforeseen. Just as you make plans for future by saving money to buy a vehicle, house or going out on a vacation, planning to stay healthy and facing a medical emergency is important.

In the event where you suddenly fall sick or suffer from an injury and require immediate hospitalisation, it is important to have something that helps you pay expensive hospitalization and medication bills. With prices of health care procedures rising high, it has become important to make arrangements in advance. Hospital bills can burn a hole in your pocket. All that you have saved from quite some time may vanish in day. Having an individual health plan is the best way to protect savings.

If you think medical emergency cannot strike you, think again! Physical injury and sickness is inevitable and unpredictable. No one knows what’s in store for the next moment. Unexpected sickness can lead to huge expenses. Buying an affordable health insurance plan will help you face these problems without having to break your bank.

Why Individual Health Insurance Policy?

Buying an individual insurance plan will ensure maximum protection for your health under all circumstances (as stated in the policy terms). Your personal health will be taken care of in case of an emergency if you own a individual health insurance policy.

These days, most hospitals are covered by reputed health insurance organizations. This is an attempt on the part of these organizations to make sure the insurance buyer gets the best treatment as per the demand of the situation without having to spend a lot of money from his own profit.

How Individual Insurance Policy for Health Works?
The individual health insurance works in two different ways:

Reimbursement for Bills

Under this plan, the insurance buyer must pay insurance bills all by himself initially. Thereafter, he can claim for a refund from the insurance organization. In this case, he needs to present the bills.

Cashless Facility

Most insurance companies have a network with renowned hospitals all over the country. When an individual avails for cashless facility, he gets treatment at one of the network hospitals but does not pay the bills. The bill is settled by the insurance company. All the insurance buyer does is, shows the insurance card and the hospital offers the treatment without cash payment.

Cost of Health Insurance Plan for Individual

This actually depends on a number of factors including the following:

Age of the covered individual

Covered individual’s medical history

Past claims made by the covered individual

Benefits of Buying Health Insurance Plan for Individual

Cover against accidental death

Protection against total disablement in the event of an accident

Optional cover against expenses incurred due to accidental hospitalisation

Allowance for accidental hospital on a daily basis

Customised cover that facilitates individual to select from the following amounts:

i. 3 Lakhs INR

ii. 5 Lakhs INR

iii. 10 Lakhs INR

iv. 15 Lakhs INR

v. 20 Lakhs INR

vi. 25 Lakhs INR

Problems related to acts of terrorism

The insurance company also offers EMI (equated monthly instalment) facility for credit card customers.

Also read:

Before Buying an Individual Health Insurance Plan

It is important to buy an individual health insurance plan to protect your own health from all kinds of health emergencies. You should be aware of what is covered and the exclusions of insurance plan.

You should also have a list of network hospitals in hand. Also you need to have detailed knowledge of the claim settlement process. This will let you enjoy maximum benefits from health insurance plan.

Before buying an individual health plan, it is crucial that you know about your health. In case, you need any special treatments or any other benefits, you can include the facility in your cover if the company allows for it.

It is very important that to buy affordable health insurance policy. If the plan you buy does not fall into your planned budget, you may face problems in paying insurance premium later in life. Not paying premium regularly can keep you from enjoying the cover benefits of insurance plan in the event of an emergency.

Researching online for a plan that best suits your needs and budget will help you invest wisely. Additionally, you need to make sure you buy from the most reputed insurance company.

Choosing the best individual affordable health plan:

The World Wide Web is the best place to buy an individual health plan. Researching online will ensure the best plan at affordable price. The internet will offer insurance quotes to help you choose the best plan.

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