What is Individual Health Insurance

Square Insurance 24 Feb 2022
What is Individual Health Insurance

The viral pandemic ravaging continents worldwide makes it prudent to obtain the best health insurance plan. Medical tests and hospital treatments are becoming increasingly costly. It is good to get affordable health insurance coverage for yourself or your family.

Individual health insurance - what is it?

Health insurance plans that provide individual coverage for individual sums insured are known as individual health insurance plans. Individual health insurance plans must be purchased separately by each member of the family. In this way, you can tailor the coverage to meet your personal health needs and not your whole family. An individual's health insurance plan provides coverage typically for emergency medical expenses incurred due to hospitalization, daycare procedures, ambulance services, alternative treatment, organ donation, etc. However, individual health insurance policies cannot be shared among members of your family.

Benefits and Features of Individual Health Insurance

Features and benefits of health insurance for individuals include

  • Solo Coverage - You can utilise the insurance amount only if you have it.
  • Elderly People- It is most suitable for older adults at greater risk for health problems.
  • The maximum sum insured varies from Rs 1 crore to Rs 2 crore depending on the plan.
  • Broader coverage: Personal health insurance plans cover a wide range of medical expenses, including hospitalization, pre and post-hospitalization, daycare, ambulance services, etc.
  • Add-on Coverages - You can choose to purchase add-on coverage, such as critical illness cover, outpatient treatment benefits, restoration benefits, maternity benefits, etc.
  • Claim Multiplely - If the sum insured is not exhausted, you can submit multiple claims in a year.
  • Discounts for families - Discounts are hospitalisation families with more than two members.
  • Cumulative Bonus - You receive a discount on your premium if you do not file a claim during the previous year.
  • Renewal for Life- Renewals are available for lifetime.

How do individual health insurance plans benefit individuals?

A personal health insurance policy covers the following

  • The Hospitalization Expenses coverage includes the medical expenses incurred during more than 24 hours of a hospital stay. This includes room rent, medicine costs, ICU charges, etc.
  • Treatment of COVID-19- Coverage is provided for costs associated with COVID-19 treatment.
  • This coverage covers those procedures which don’t require more than 24 hours of hospitalisation.
  • Medical expenses incurred before hospitalization and after discharge are covered by the pre-and post-hospitalization expense coverage
  • Hospitalization at home - This plan covers the cost of receiving medical treatment at home on your physician’s recommendation.
  • Road ambulances for emergencies: It provides coverage for road ambulance services in an emergency.
  • Allied Treatments - It covers treatments offered by alternative schools of medicine, such as Ayurveda, Unani, Siddha, Yoga

What are the exclusions under individual health insurance plans?

There is no coverage for the following under individual health insurance plans

  • Treatment for dental problems
  • Injuries caused by self-infliction
  • Alcohol or drug abuse
  • Treatment for obesity
  • Treatment for infertility
  • Treatment with cosmetics
  • Damages caused by dangerous sports
  • External congenital anomalies crisis
  • Infection with HIV/AIDS

Does individual health insurance cover cashless treatment?

Absolutely. Individual health insurance policies offer cashless treatment options. The network hospital where you received treatment pays your hospitalization bill directly to your insurance provider. Your medical expenses do not have to be paid for. Your insurance provider can offer you cashless hospitalisation in any network hospital.

Can Individual Health Insurance Plans be subject to waiting periods?

Indeed, the waiting period is a part of every health insurance plan. A non-accidental claim cannot be made during the first 30 days after policy issuance. Non-accidental claims cannot be filed within 30 days of the policy's issuance. According to the policy terms, there is a waiting period of two to four years for pre-existing diseases like arthritis, cataracts, joint replacements, etc.

Individual Health Insurance: Things to Consider

When buying individual health insurance policy, keep the following points in mind

Examine your health requirements.

It is essential to understand your health requirements before purchasing an individual health policy. Your insurance policy should include coverage and service benefits that you desire. Choosing the correct sum insured may also require estimating the appropriate coverage amount.

View the Network Hospitals list

If you are selecting an insurance policy, check the list of network hospitals provided by the company. Look up nearby hospitals if you live or work nearby. Otherwise, find a policy through another insurance provider.

Affordability of the Plan

Buying an individual health insurance policy with affordable premiums is a good idea. Not purchase an expensive approach to get higher coverage may create an unnecessary financial burden. Rather than overextending your budget, pick a plan that meets your coverage needs.

Check for Any Sub-Limits

Many health plans come with a sublimit for specific coverage. Before choosing a policy, it is essential to check the applicable sublimits. By doing so, you will be assured that you will be covered for your expectations under different insurance policies and are not caught by surprise by your claims.

Conclusion

When you suffer from a health problem, you need individual health insurance plans. The sum insured is for you only, and it is not shared with your family members as part of a floater policy. Take advantage of Square Insurance in-depth comparison and purchase an individual health insurance policy.

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