Benefits of Health Insurance Plans for Individuals

Health Insurance Plans

You require finance to meet the hospital expenses if you fall sick or meet with an accident. During this pandemic period, many people are suffering from coronavirus. But, you may not be able to pay the medical expenses instantly. If you are insured, then you need not worry about reimbursement of medical expenses. The health insurance plans for individuals are beneficial to every individual to meet medical expenses.  You should buy an insurance policy that provides several benefits and is cost-effective. After you are admitted to hospitals, you incur several expenses such as pre-hospitalization costs, post-hospitalization costs, diagnosis, treatment, medications, etc.

Individual Plans for Health Insurance

You can purchase an insurance policy that is affordable and provides benefits to the patient before and after treatment. If you are suffering from COVID problems, then you can pay the premium 15 days after the due date. If you become the policyholder, then you can also avail tax benefits such as rebates under section 80D. The policyholder can also avail of annual health checkup benefits if they purchase the policy.

You can be benefited if you are seeking modern treatment such as robotic surgery. They provide the best mediclaim plans to the customers so that they are not burdened to pay a monthly premium.

If you buy health insurance plans for individuals, then the insurance policyholders provide coverage for in-patient hospitalization, post-hospitalization, daycare, ICU charges, room rent, ambulance, etc. If you are admitted to the hospital, then you incur several types of expenses. The cost of in-patient hospitalization and treatment is higher. The insurance company pays compensation to the customers based upon the sum assured. They also cover pre-hospitalization expenses for 30 days. Some patients are recommended home treatment for some days. If they are not recovering, then the doctor insists the patient be hospitalized. So, the insurance company covers the cost of pre-hospitalization also for 30 days. After a person undergoes treatment or surgeries, they undergo post-operative treatment. Usually, a person becomes weaker if he undergoes surgeries. So, he requires post-operative care and medications. The insurance company covers the post-hospitalization cost for 60 days. He should constantly buy medicines and may require medical equipment also. For e.g. If a person is experiencing difficulty breathing, then he should use oxygen masks. The in-patients usually incur daycare expenses also. The patients who are admitted to the ICU ward require constant monitoring. So, they provide day-care services to the patients. The day-care expenses are usually higher and hence if a person is insured, then the insurance company covers the expenses. They should also pay room rent to the hospitals. The insurance company provides coverage to the patients depending upon the type of room, treatment and sum assured. They usually cover the cost of a single private room. A patient is usually admitted to the hospital via ambulance. So, the insurance company covers the cost of the ambulance also. The insurance companies also compensate the expenses of domiciliary hospitalization up to 10% of SI. After the patient is discharged from the hospitals, then they should visit the doctors for health check-ups also. So, the insurance company compensates the cost of health-check-up also. The Care Insurance also compensates for the expenses of the second opinion if the person is not successfully treated in a hospital. Some patients undergo organ transplant operations or surgeries. So, the donors donate their organs to the patients. The donor is refunded with the amount later on depending upon the sum assured.

About the Policy

It is designed to cover a single person only. The premium to be paid by the policyholder depends upon various factors such as age and sum assured. The amount of sum assured keeps on reducing as the policyholder makes a claim. Individual health insurance is suitable for people who are susceptible to health risks. The persons with unhealthy lifestyles apply for the policy. It is usually suitable for aging parents with specific medical conditions. Only a person can apply for a policy. It is a suitable option if you are living with the family and are not insured. You should apply for the insurance policy earlier because the amount is premium is lesser. The Care Insurance also provides treatment to an individual who is not insured earlier.

You can renew the policy lifelong or may apply to the nearest substitute approved by IRDAI. If you are suffering from any illness then you are provided with a 30-days grace period. You can also renew the policy once it expires after 30 days. The policy provides 3 benefits to the policyholders. They meet the expenses of attendant charges, masks, gloves, etc. if the total claim amount is less than 25%, of the sum assured, then the no-claim bonus is applicable. The sum assured of the policyholder increases on the basis of the inflation rate in the previous year.

After undergoing surgeries, the patient should also undergo OPD treatment. They provide coverage to the patient for OPD treatment also. They include the charges of consultation, investigative tests, and pharmacy charges also.

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Nirupama Verma is a self passionate blogger, managing a bunch of informational blogs. She has written a lot of informational content for several popular blogs.

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