Today, the growing awareness about the need for necessary investment in affordable healthcare plans for individuals, families, and groups is one of the primary reasons why you must understand the different types.
Health insurance helps secure your financial future while maintaining good health. However, there is constant debate regarding the benefits of individual health insurance over other plans.
With this detailed guide, you will get a deeper insight into individual health insurance's meaning and coverage. In addition, the various individual health insurance benefits will also be explained thoroughly.
What are Individual Health Coverage Plans?
An individual health insurance plan is a type of health insurance that is designed specifically to secure the financial well-being of a single person in case of any medical emergency. It only provides the sum insured amount to one person insured under a policy.
These are customisable health insurance plans that can be enhanced using a wide range of add-ons for specific health or coverage requirements. With this plan, you will benefit from increased peace of mind and maximum financial support in times of need.
Key Features of Individual Health Coverage Plana
The key distinctive factors that add to the overall individual health insurance benefits include the following -
Personalised health insurance policy
Low entry and eligibility criteria
Easy portability no matter where you relocate to or your job tenure
Comprehensive coverage
Wide range of add-ons to enhance base coverage
Benefits of Individual Health Insurance
Extensive Coverage
Individual health insurance plans offer a wide range of coverage within their sum insured value to extend maximum financial protection in the event of a medical emergency. Within this plan, you can avail yourself of coverage for ambulance charges, in-patient treatments, restore benefits, domiciliary treatments, pre- and post-hospitalisation expenses, and more.
This comprehensive coverage safeguards your out-of-pocket expenses during medical emergencies, easing the mental and financial burden.
Customisable Plans
One significant
difference between group and individual insurance is that individual plans are highly customisable as per an individual’s needs. With an individual health insurance plan, you have complete flexibility to combine as many add-ons as required to your policy to enhance the financial support you receive for medical expenses.
Cashless Treatments
With an individual health insurance plan, you can now avail of cashless treatments at any hospital of your choice. You no longer need to make hefty upfront payments during medical emergencies, as under this plan, an insurer will settle the bill payments directly with the hospital.
Tax Exemptions
Individuals can avail of a tax deduction of up to ₹25,000 for their premium payments in one financial year. This reduces your financial liabilities without reducing the coverage benefit available under your plan.
Lifelong Renewability
Individual health insurance offers the convenience of lifelong renewability to ensure continuous coverage as and when required. All you need to do is pay your premiums on time for renewal to enjoy uninterrupted financial support and protection.
Inclusions and Exclusions of Individual Health Coverage Plans
Common Inclusions
Common Exclusions
Self-inflicted injuries
Cosmetic procedures
Artificial body parts
Self-inflicted injuries
Hormone replacement therapy or treatments
Maternity expenses
Birth control treatments
Weight control and management treatments
Dietary supplements
Wellness or rejuvenation
Hearing aid and similar treatments
Sexually transmitted diseases
How to Choose the Best Mediclaim Policy for Individuals?
Assess your Needs and Budget
The first thing to do is to assess your coverage needs by evaluating your lifestyle habits, medical history, family medical history, and so on. This will help you compare plans based on the coverage limitations and inclusions. Moreover, you must also take into consideration a budget for monthly premiums.
Review Premiums
Cost is the primary factor to consider when determining which of the affordable healthcare plans for individuals aligns with your requirements and budget the best. Thus, you must compare different plans based on what they offer and their premiums to ensure you are only paying for your needs.
Choose Sum Insured
Different individual health coverage plans are available in the market, with varying sum insured values to help you choose according to your coverage requirements. For instance, if you have medical conditions that require hefty expenses, selecting a ₹5 lakh plan will be more beneficial than a ₹3 lakh one.
Check Insurer Reviews and Claim Settlement Ratio
You must also check online reviews of different insurers that offer individual health insurance plans, along with the insurer's claim settlement ratio. This will help you assess which insurer and health insurance plan offers the best financial support and customer-related queries, with the assurance of timely claim settlements.
Scope of Customisation
Having the convenience of customising your health insurance plans as per specific requirements allows you to optimise your coverage. Thus, when buying any of the individual health coverage plans, check for the number and types of add-ons available from the insurer to select the best plan.
Check Waiting Periods
There are waiting periods applicable to most health insurance plans, and that can greatly impact your final decision. Thus, you must check for the waiting periods beforehand to be prepared and benefit from informed decision-making.
Reliance General Insurance offers an individual health insurance plan with a 30-day initial waiting period. There is also a two-year waiting period for specific health conditions and diseases and a three-year waiting period for pre-existing conditions.
Conclusion
Investments in individual health coverage plans help improve and maintain your health without compromising on quality treatments.
Understanding the various benefits of individual health insurance, such as customisable coverage, variable sum insured packages, lifelong renewability and significant tax benefits, can help you safeguard your future.
We at Reliance General Insurance offer
Health Infinity Plan with customisable individual health insurance coverage. We also offer various
health insurance plans, as we understand the growing need for easily accessible and affordable solutions.
You can opt for our individual plans or choose family floater insurance plans to protect your entire family under the same policy.
Frequently Asked Questions
Is there any age eligibility for individual health insurance plans?
There is no specific age limit for an individual health insurance plan. However, the standard age range for these plans is 91 days to 65 years. Beyond 65 years, you must opt for a senior citizen health insurance plan, which might be more beneficial.
Do I need to visit a network hospital to file a cashless claim with my health insurance plan?
According to the Insurance Regulatory and Development Authority of India, cashless claims are not limited to the insurers' network hospitals. Instead, you can now avail of a cashless claim at any hospital of your choice across the country.