Individual Needs, Individual Plans: Choosing The Best Medical Insurance For You

Health insurance plans offer all-round coverage for any sort of medical emergency. These include hospitalisation expenses, ambulance services, hospital stays, and alternative treatments. They give financial protection against medical costs and protect your assets in the long term.

With some of the best medical insurance in India competing to give the best policies, it becomes difficult to find and decide the best medical insurance policy.

By thoroughly reading the policy documents of these insurance plans, policyholders can make well-informed decisions and get the policies perfect for themselves.

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Individual Health Insurance Explained

Individual health insurance policies are a kind of insurance policy that gives medical coverage to specific individuals. Unlike family insurance plans, individual insurance policies require different policies to be bought for each family member.

This ensures that every person in this family will receive personalised coverage, rather than a single policy that covers each member. For example, medical insurance for senior citizens can be separate from a policy being made for a child without losing coverage for either.

The medical insurance premium is calculated by many different factors. Individual insurance plans provide medical coverage that can be customised for people’s specific medical needs and conditions. They also allow to put add-ons and extra riders onto the policy to grow the coverage of the insurance.

These are the best medical insurance policies for people who don’t have any other family to cover as well.

Features Of Individual Policies

Some of the main features of Individual Health Plans are:

• Coverage: Single health insurance plans give medical coverage only to the person on the insurance documents. The policyholder pays the insurance firm a medical insurance premium following the conditions specified in the individual insurance agreements.
• Co-payment: Although the insurance company will cover the majority of medical expenses, they won’t cover all of them. The policyholder is required to pay a set charge in certain situations. Co-payment does not mean that the policyholder is paying the insurance company. It means that they are paying a small percentage of the medical bills that are majorly being covered by the insurance company.
• Inclusions: Depending on the specific policy itself, the insurance policy covers all pre- and post-hospitalisation costs. This indicates that the majority of individual insurance pay for laboratory tests, hospital room rent, surgery costs, and other expenses.
• Renewability: Individual health insurance plans typically allow for lifetime renewals as well. The ability of a policyholder to extend their insurance coverage at no additional cost after it expires is known as renewability. Renewability ensures that policyholders not only keep their insurance policy with the same rates, it also provides additional tax benefits for them.

Benefits Of Buying An Individual Policy

There are many positives and bonuses for people buying an individual policy. Some of these are listed below:

1. Medical Expenses Are Covered: The most important reason for anybody to buy an individual policy is to protect them from unexpected medical costs. The policy protects policyholders from facing monetary trouble if they are hospitalised. The cost of surgery, for example, will be covered by the insurance company. This allows policyholders to focus completely on recovering from their illnesses.
2. Cashless Claims: Typically, insurance companies have partnerships with specific hospitals. These hospitals are called ‘Network Hospitals’. These tie-ups allow policyholders to have cashless claims for their medical costs. A cashless claim is when the insurance company not only covers the cost of the treatment but pays the hospital directly. This ensures that a policyholder doesn’t have to worry about paying the hospital in the first place
3. Hospitalization Allowance: Some of the best medical insurance in India pay a policyholder a predetermined amount of money for every day they spend in the hospital. This allowance is only applied if the policyholder has spent some days in the hospital. This allowance is completely dependent on what is stated in the policy documents. It may differ from one insurance provider to the next.
4. Tax Deductions: Individual health insurance policies are very much eligible for tax deductions. Section 80D of the Income Tax Act allows people to deduct the premiums they pay for individual health insurance.

Documents Required

Insurance companies require policyholders to submit certain important documents to apply for the individual health policy. The list of documents required by the insurance providers depends completely on what the provider deems necessary. Among the paperwork required to apply for insurance are:

• Verification of Identity
• Evidence of Age
• Evidence of Address
• Health Information

Conclusion

Purchasing an individual health coverage is a prudent move if you want to secure your health for the long run. These policies give all-around medical coverage, safeguarding you from financial stress and allowing policyholders to fully rest and recuperate.

These policies offer many benefits like tax deductions, cashless claims, lifelong renewability, and hospitalisation coverage. Some of the best medical insurance in India like Niva Bupa offer personalised healthcare coverage for potential policyholders to buy policies that are perfect for them.

IMAGE: UNSPLASH

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