If you want to lead a happy life, you need to focus on your health and wellbeing. Staying conscious about your lifestyle choices will help you stay fit and keep your health on track. However, illnesses have a way of creeping into our lives, even when we are careful. Moreover, the rising cost of healthcare in India has made it necessary for one to invest in individual health insurance, even if you think you are in perfect health.
With an individual health insurance plan in your investment portfolio, you will be able to get access to a lumpsum amount at the time of your illness so that you can focus on recovery rather than worry about medical bills. These plans are designed so that it allows you to get quality treatment to help you fully recover and get back on your feet.
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A health insurance plan is a contract between you and an insurance provider that guarantees you financial assistance at the time of a medical emergency, based on your investment. Here, we will discuss individual health insurance plan to help you understand their benefits and features.
Benefits of Individual Health Insurance
The individual health insurance plan covers only one person, the policyholder, who will gain the following benefits from their investment. Let’s take a look at some benefits that you will get with individual health insurance:
- Get Full Benefits As An Individual
When you invest in this policy, you get all the benefits under this plan as an individual, including the full sum insured rather than the floating sum insured applicable in a group policy. It is best suited for people who have a high health risk. Moreover, since the plan caters to only one person, you don’t have to worry about making only one claim a year. You can make multiple claims as per your policy terms.
- Prepare Yourself Financially to Deal With Sudden Medical Expenses
Medical conditions can arise at any time. You may think you are hale and hearty until you are diagnosed with a lifestyle disorder that requires long-term treatment. In the absence of individual health insurance, you will have to bear the costs of treatment yourself that can quickly eat up your savings. But with a health plan on your side, you can rest assured that your insurance provider will duly protect your health and finances.
- Overcome the Rising Costs Of Healthcare
With medical costs rising exponentially, you need to have a health insurance plan to pay for expenses related to your treatment. An individual insurance plan will take care of these bills and also cover pre and post hospitalization costs.
- Tax Benefits
Besides saving you money on your medical expenses, individual health insurance is also eligible for tax savings under section 80D of the Income Tax Act. The premium that you pay towards your insurance can be used to claim tax benefits.
Features of Individual Health Insurance
Here are some of the key features of individual health insurance that make them a must-have for your investment portfolio.
- Individual Protection
This type of health insurance plan covers only the insured person. The insurance provider will pay the cost of treatment for the policyholder based on the premium they paid.
- Hospitalization
It covers hospitalization expenses for the insured person, including surgery costs, room rent, consultation charges, lab fees, etc. Pre and post hospitalization costs are also covered in this policy.
- Lifetime Renewal
There is no maximum age clause in the individual health insurance plan that allows you to renew your policy for a lifetime.
- Co-payment Clause
With some individual health insurance policies, the insurance provider pays a certain amount of the medical bills, and the remaining amount is to be paid by the insured person.
- Critical Illness Cover
You can get extended coverage for critical illnesses.
Investing in an individual health insurance plan has become increasingly crucial in today’s time. According to reputed insurance providers, such as Care Health Insurance, a prospective policyholder must consider buying health insurance as early as possible to enjoy numerous advantages with investing at a young age. Understand the importance of comparing policies and their premiums online before making an investment. Various online tools can help you make an objective decision.
