Hospital costs can add up rapidly if something unfortunate occurs to you, such as a catastrophic illness or a vehicle accident. An individual health insurance coverage can help you in this situation by covering the astronomical costs.
Individual health insurance refers to the plan that a person purchases for himself or his family depending on their needs and financial situation. Any pre- and post-hospitalization costs, including those for diagnostic testing, ambulance services, and room rental, are covered under such a coverage. Individual health insurance also covers pre-existing problems and critical illnesses, subject to waiting and survival time requirements, aside from injury resulting from accidents.
Additionally, it offers a cashless facility for treatments performed in any network hospital, and even for treatments that are not cashless, the payment is refunded following a successful verification process.
Overall, individual health insurance enables you to avoid paying out-of-pocket for hospital stays, doctor visits, prescription medications, and other medical services.
What Is Individual Health Insurance?
Individual health insurance provides medical protection for a single person, with the amount insured depending on that person’s particular healthcare requirements. The amount of the premium is determined by a number of variables, such as the insured person’s age and medical history.
In individual health insurance plans, benefits are only provided to the insured, who is then qualified for an individual sum assured as opposed to a floating sum assured. A person who needs more protection than a family floater plan or who has more health risks could choose such a plan.
Advantages of Individual health insurance
Pre- and post-hospitalization expenses are covered.
includes hospitalisation costs as well as medical costs for things like surgery, doctor visits, rent for hospital rooms, and diagnostic testing.
offering coverage for serious illnesses.
possible tax deductions under Section 80D.
Important Characteristics of Individual Health Insurance
Only the insured person is covered by individual health insurance, and the premium paid determines how much of their medical expenses are covered. This insurance’s salient characteristics are:
Pre- and post-hospitalization costs are covered.
Includes operation expenses, a doctor’s charge, lodging costs, and diagnostic tests.
Serious illnesses are covered.
The possibility of a cashless claim settlement system.
Lifetime renewal is available.
possible tax deductions under Section 80D.
Advantages of Individual Health insurance plan
One of the most important variables that directly affects your happiness is your health. However, since everyone eventually experiences a health collapse, it is crucial to be ready for it. Notably, having a health insurance plan is essential in today’s world where various health issues like cancer, TB, and heart attacks are so prevalent.
The following are some of the many benefits that an individual health insurance plan can provide:
Offers Cashless Services
There is a list of hospitals in each insurer's network. As a result, anytime a policyholder is hospitalised to one of these hospitals, they can use the cashless payment option. This indicates that the insurer will pay the hospital what is owed as part of your cashless health insurance.
Before and after hospitalisation is covered
You will also be financially covered under this policy for all pre- and post-hospitalization costs. This can include any diagnostic procedures and medicines that a person would require before to or following hospitalisation. However, each insurer has a different policy on how many days are covered both before and after admission. We provide up to 60 days of pre-hospitalization coverage, which lasts up to 90 days after discharge.
Unclaimed Bonus
In case, you do not make any claim during the policy period; then you shall also receive a no claim bonus. You can utilize this bonus money to pay off the next premium amount.
Tax Advantages
The fact that your premium payments will lower your taxable income is another fantastic advantage of health insurance. This will assist in lowering your tax obligation. Section 80D of the Income Tax Act, which applies to individual health insurance, permits a tax deduction of up to ₹25,000 on the premium for such a coverage.
Medical Checkup
You are even allowed to undergo medical examinations under this programme in order to qualify for tax deductions. The cost of a health checkup is covered up to ₹5,000 under section 80D, thus in addition to the premium, the cost of a medical checkup will also lower your tax burden by ₹5,000. This means that an individual health insurance coverage will give you a complete defence against everything from the price of prescription drugs and medical procedures. Together, these advantages guarantee that you will have outstanding preventative healthcare benefits at your disposal as well as financial security in the event of a medical emergency. Therefore, purchase individual health insurance and enjoy all the advantages.
Processing of Individual Health Insurance Claims
Notifying the insurance provider is the initial step in filing a claim. You can get in touch with the business about this at their toll-free number.
Cashless Claims:
You must submit the properly completed claim form that the hospital gives you at the time of hospitalisation. The form is also available for download on the website of the insurance provider. Your reports and the claim form are then forwarded by the hospital to your insurance provider.
If the claim is accepted, the insurance provider will pay the hospital immediately based on your eligible insured amount.
Reimbursement Claims (At Non-network Hospitals):
Following hospitalisation, you must send the completed claim form, along with receipts and bills for medical services, reports, etc., to the insurance company.
If your claim is approved, the insurance provider will pay you back using the eligible sum insured.