What is an Individual Health Insurance Plan?

Medical emergencies can arise any day, anytime. Planning to tackle these emergencies well in advance can help you sail through easily during uncertain times. Opting for a health care plan will prepare you and your dependents for the worst-case scenarios. An individual health plan is the most feasible solution out of all the types of health insurance in India. Here is a detailed guide regarding health insurance plans for you to explore.

health insurance plans

What is Individual Healthcare Insurance?

An individual health insurance plan is one of the types of health insurance in India that offers financial aid to the policyholder during medical assistance. This plan covers all the medical expenses of the individual and offers advantages like cashless hospitalisation, prompt services, and much more. However, the benefit of the investment made towards such a policy is realised by only the policyholder. You can buy this insurance policy for yourself, your spouse, or your parents.

The premium paid for this plan is decided on the following factors:

  • Sum insured opted for
  • Medical history
  • Age of the person buying the policy

To get the maximum benefits and pay the minimum premium possible, you should start planning the insurance policy after the age of 18. Now that you know what is health insurance, let’s move further to know the features and benefits of getting one.

Features of Individual Health Plan

You can buy this insurance plan for each member of your family. Buying a personal healthcare insurance plan will be beneficial from both a financial and health standpoint. Some of the key features of individual insurance plans are listed below:

  • It offers coverage solely for the person insured.
  • For certain healthcare services, the insured must pay a specified fee, known as a co-payment.
  • Individual insurance policy for both pre-and post-hospitalisation expenses, costs of operation, room rent, physician's fee, and laboratory testing.
  • It comes with a lifetime renewability so that the insured can stay covered for an extended period.
  • For critical illness, the insured can even get additional coverage.

Benefits of Individual Healthcare Plan

Under this policy, the insured doesn't have to share the coverage; rather, they will have a dedicated amount for own self. Below listed are some of the benefits of buying individual health insurance plans:

  • Customised Benefits

This type of insurance plan in India is tailored made, and one can buy the best one according to their needs. You can get coverage for a specific disorder. Thus the customised benefits and additional coverage make it the best.

  • Assured Coverage Amount

By buying an individual insurance plan, you will not have to worry about digging into your savings in case of any disease. A definite amount paid towards the plan is used towards your healthcare requirements.

  • Cashless Claim Facility

In a cashless hospitalisation situation, the hospital or nursing home receives payment straight from the insurance provider. However, in the event of a medical emergency or if you are anticipated to be hospitalised, you may use the cashless benefit provided by your insurance. A cashless hospitalisation facility provided by health insurance companies under an individual insurance policy enables a person to obtain medical care without paying for it at the hospital. However, this service is only offered in hospitals that are part of the provider's network of hospitals.

  • Discount and Other Benefits

When purchasing a healthcare plan for more than one person, many insurance providers offer a variety of incentives and great discounts. Choosing an individual insurance plan in such a situation might help you and your loved ones save a lot of money.

  • Tax Benefits

Buying an individual insurance plan will help you preserve not just the financial plan but also saves your health. In addition, the tax benefit is undoubtedly the great advantage of buying this health plan. As per Section 80D of the Income Tax Act, 1961, the premium that is paid towards the plan is deducted from your taxable income, therefore, helps reduce your tax liability.

Final Take

Now that you know what is health insurance plan in India, when are you planning to buy one for yourself or your family member?

The ideal candidates for this insurance policy are those who are more susceptible to illnesses and other health problems. A person with greater health risks ought to maintain coverage through a special fund. Furthermore, individual insurance plans are recommended for those who prefer the security of an assured value over a variable quantity.

Additionally, as the majority of individual insurance plans offer lifetime renewability, it is appropriate for individuals who are looking for that feature. These plans are a great option for young people entering the workforce who have insured families. Make sure you are adequately covered when purchasing a medical insurance plans by considering all potential outcomes.

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