Health concerns have increased over the last few years, and so have the medical costs. To avail better healthcare services, you need to have a high budget to deal with treatment costs and hospitalisation bills. Being the sole earner of the family makes it even more difficult to handle such a crisis. Therefore, it is important to invest your finances in plans that secures your finances in times of crisis like medical emergencies. Individual health insurance plans are one solution that provides coverages against medical emergencies by keeping you financially equipped.
What Are Individual Health Insurance?
Individual health insurance plans offer medical coverage for a single person, where the sum insured is the amount that you get assistance with in times of medical need. You need to pay a premium for the sum insured monthly, quarterly, half yearly or annually as per the policy terms. In this type of insurance plan, the benefits are extended to an individual only unlike family health insurance plans.
Therefore, the insured person becomes eligible to access sum insured. This type of plans are best suited for individuals looking for higher protection than a family floater plan and for those who have greater health risks.
Top Features Of Individual Health Insurance
Individual health insurance plans offer better coverage at an affordable premium for an individual. Here are some key features that you will find under this policy:
- Extensive Coverage Option
The core feature of this type of plan is that it provides better and extensive coverage for an individual. Under this plan, the insurer provides an exclusive coverage tailored to the requirements of an individual.
- Ideal for Sole Earner
If you are the sole bread-earner of your family, your presence matters a lot for your family and they are dependent on you, then you must manage to get insured under an individual health insurance plan, as it is the best health insurance plan you can avail of.
- Sum Insured Limit
The standard sum insured for individual health insurance plans starts from 1 lakh and can go up to maximum 10 lakhs. Always check the sum insured limits and if there is anything that you need to pay from your own pocket while reading the policy terms and conditions.
- Covers Necessary Expenses
The best health insurance plan always covers essential expenses like pre and post hospitalisation bills, surgery costs, physician’s fee, room rent, and diagnostic test costs. All these expenses need to be covered by the insurer.
- Offers Cashless Facility
Cashless facility refers to the benefit of getting treated and admitted to the hospital without paying any upfront money. Insurers provide this cashless benefit services to their policyholders under individual health insurance plans.
You can easily avail this facility and get treatment done without paying any amount, as the expenses will be directly settled by your insurer with the hospital. Insurers have a wide range of network hospitals with them, where they manage these types of relations and help policyholders in getting this benefit.
- No Claim Bonus Available
Under individual health insurance plans, you are eligible to receive a cumulative bonus which is generally a discount on the premium if you make no claims in the preceding policy year. Many insurers allow their policyholders to make multiple claims in a year if their sum insured is not exhausted. And if you do not make any claim, you get a reward as no claim bonus.
Things To Look When Buying Individual Health Insurance
Everytime you look for a health insurance plan for yourself, you often search for the best health insurance plan. But how to choose the best plan for yourself. Here are some following tips that can help you in your decision-making.
- Get yourself adequately insured: If you are living in metro cities, consider the cost of medical treatment there, and hence ideally range your sum insured. Adequate sum insured needs to cover all your potential medical emergencies in future.
- Affordable Premiums: If you wish to pay a low premium, check for co-pay clauses. Or else you can choose the plan that suits your needs and comes at an affordable cost.
- Check waiting periods: If you have any pre-existing medical conditions or critical illness, always check the waiting period in the policy terms. Go for shorter waiting period plans.
Conclusions
Health is a crucial factor that has a direct bearing on your happiness. You must not compromise with your health and thus protect your finances with the best health insurance plan. While choosing individual health insurance plans, always consider its top features, benefits it offers and coverages. Insurance providers must have a vast range of network hospitals as it helps you avail cashless treatment. Chola MS is one such insurer whom you can trust as it has a wide range of 12000+ cashless network hospitals and extensive coverage options for policyholders.