Why Should You Buy Individual Health Insurance

Since her birthday is a unique and important moment in our daughter Shefali’s life, we are thinking deeper than anytime before. So, here’s what we figure, the best gift for any kid would be:

• 1. Should help them in building a solid future
• 2. Should grow with time
• 3. Protects their dreams
• 4. Lasts a lifetime

Individual Health Insurance Plans for Single Child

Given the escalating costs of education, hyper-competition and a rise in entrepreneurship as the choice of young graduates, it is the only wisest choice possible. Things were different 15 years ago when we were studying and no doubt, they will be a lot different 15 years in the future.

So, for the new parents, perhaps you should give a lot more importance to your child’s future than you may be giving right now.

Though, this discovery doesn’t render all other gifts worthless, as Anu pointed out. All the gifts we gave our kids so far, had helped build their character, kept them motivated and dreamed bigger. However, now that they are very close to achieving some of their biggest and most important dreams they need more financial support.

But, you can’t simply gift a large corpus to them or even build this corpus within a couple of years. An investment plan for your child takes time, and it pays to start early

Here are some features of an individual health insurance you should know:

An individual health insurance policy provides coverage solely for the person insured. Based on the terms of the individual health insurance policy, the insurance provider pays a certain sum of the medical costs incurred by the policyholder.

For certain health-care services, the insured must pay a specified fee. This is referred to as co-payment.

Depending on the policy terms, the individual health insurance policy covers both pre- and post-hospitalization expenses. Most individual health insurance plans cover costs of operation, room rent, physician's fee, and laboratory testing.

Individual health insurance also comes with lifetime renewability so you ca stay covered for an extended period.

You can also get coverage for critical illnesses with individual health insurance.

The most significant and primary reason of purchasing individual health insurance is for protection from unforeseen medical costs. It protects you from facing serious financial trouble if you have a health problem by relieving the burden of medical expenses, allowing you to concentrate on getting better

In a cashless hospitalisation scenario, the insurance company pays the hospital or nursing home directly. You can use the cashless benefit offered by your insurance in the case of a medical emergency or a circumstance when you are expected to be hospitalised.

Under an individual health insurance policy, a cashless hospitalisation facility given by health insurance companies allows an individual to receive medical care without having to pay for it at the hospital. However, this service is only provided in hospitals that are enlisted in the network hospitals of the provider

Some insurance companies pay the insured a predetermined amount for each day he or she spends in the hospital. This, however, only applies after the insured has spent a few days in the hospital.

The number of days spent in the hospital is always pre-determined in the individual health insurance policy, and it may differ from one firm to the next. If you are the primary breadwinner in your family, this allowance can be beneficial.

When you look at your yearly tax benefits, you will see that individual health insurance is on the list. This helps you preserve not just your financial plans, but also your most valuable asset: your health. Section 80D of the Income Tax Act, 1961 allows you to deduct the premiums paid for an individual health insurance coverage.

A policyholder can choose the level of coverage that best suits his or her medical needs. This may also be determined by the policyholder's budget. A comprehensive plan can be chosen and customized with the inclusion of extra coverages (add-ons).

Each health insurance coverage has a maximum amount that can be paid out. In a group policy, this sum covered may have to be shared with other plan members. An individual health insurance plan, on the other hand, devotes the whole sum insured to covering only the policyholder.

Individual health insurance plans are less expensive than group health insurance coverage. This is because the cost of a Family Floater plan, for example, is determined by the number of people insured by the policy. In this case, the cost of medical insurance is limited to the coverage and services provided by the insurance company. Dedicated coverage is less expensive.

The amount of money insured will be the most important factor to consider when purchasing your policy. This will determine the scope of your coverage in the event of an unpleasant event. Keep in mind that the bigger the sum covered, the more expensive your health insurance policy will be.

An individual health insurance policy has two options for claim payout – cashless or reimbursement. When you have already paid your bills and want your insurer to pay you for your financial loss, you are in the latter category.

You must seek treatment exclusively at a network hospital to be eligible for a cashless claim. Because your insurer will have a network of hospitals through whom it will directly pay the bill with the authorities, this is the case.

Before a policy can give financial assistance for a specific medical condition, many policies have a waiting or cooling period. You can make claims for the coverage once the waiting period is over.

The list of exclusions is one of the most important things to look over when purchasing health insurance. These are instances in which you are unable to file a claim. The insurer usually has a set of restrictions in place, but it's crucial to know which exclusions apply to your health insurance coverage. Reading the exclusions can help you avoid any chances of claim rejection.