1. Home
2. Blogs

What are the Benefits of Individual Health Insurance?

• 
• 
• 
• 0
• 0

We all are aware of the rising cost of healthcare facilities. We also know that being covered by a health insurance policy is one of the best ways to avoid huge bills during medical emergencies. However, when it comes to buying a health plan, people rely on the policy provided by their employer or opt for a family floater plan simply because it is pocket-friendly. What you need to understand is that health plans should be customised as per the policyholder’s needs and budget. That’s why an individual health plan is important.

What is Individual Health Insurance?

Individual health insurance is a type of healthcare policy that covers the medical expenses of a single person. It is meant for an individual, and the sum insured is dedicated to that individual policyholder, unlike a family health insurance in which the sum insured is shared among all family members. If you have bought individual health insurance for yourself, the policy will cover only your hospitalisation expenses; it cannot be availed by any other person. You can also customise the plan as per your specific health requirements.

Benefits of Individual Health Insurance

Some key benefits of Individual health insurance are –

• Financial security:

The most significant benefit of an individual health plan is financial security against medical costs. Whether it is an emergency hospitalisation due to an accident or illness or planned medical treatment like surgeries, health insurance will cover the hospital bills up to the sum insured. Insurance takes away your financial burden and lets you focus on your recovery.

• Comprehensive coverage:

Individual health insurance offers comprehensive coverage, ensuring you are financially prepared for any emergencies. The costs incurred on hospitalisation, pre- and post-hospitalisation, daycare procedures, domiciliary care, emergency ambulance, organ donor expenses, and alternative treatments are covered by individual health insurance.

• Customisable:

An individual health insurance allows you to customise the plan based on age, medical conditions, family history, etc. For instance, if you are young and have no health issues, you can opt for a basic cover. If there’s a family history of critical illnesses like cancer, stroke, or kidney failure, you can consider adding a critical illness plan to your existing policy.

• Tax benefits:

The premium you pay for a health plan entitles you to avail of tax benefits of up to Rs 25,000 in a financial year; if you are over 60, you can claim a tax rebate of Rs 50,000.

• No Claim Bonus:

For not raising any claims during a policy year, the insurer will reward you with a no-claim bonus (NCB), which is a discount on your premium or increase in the sum insured at no extra cost. This is given at the time of renewal. The discount can go up to a maximum of 50% after five consecutive claim-free years.

• Cashless hospitalisation:

When you are already in emotional turmoil due to a medical emergency, an individual health insurance policy provides you relief from financial burden. If the treatment is done in a network hospital, you can avail of cashless treatments, wherein the hospital coordinates with the insurer directly for the settlement of medical bills. You don’t have to pay anything upfront for the treatments.

FAQs

1. When should I buy individual health insurance?

The earlier you buy individual health insurance, the better. The reason is that when you are young and healthy, you are less likely to file claims, so the insurer will charge a lower premium. After the age of 18, you can buy individual health insurance for yourself. You will also be able to complete the associated waiting periods for certain health issues.

2. Can I include my spouse in my individual health insurance plan?

No, you cannot because an individual health insurance plan is meant for a single person. You have to buy a separate individual plan for your spouse or a family health plan that will cover both of you under one plan.

3. Can an individual have more than one health insurance policy?

Yes, you can have multiple health insurance plans as per your needs.

Conclusion

Are you financially prepared for a medical emergency without exhausting your savings? If your answer is no, then it’s time you bought an individual health insurance policy to safeguard yourself against rising medical expenses. In addition to the many benefits of individual health insurance, you can also get the policy customised as per your unique needs to avail maximum coverage.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

RELATED ARTICLES

List of Critical Illnesses Covered in Health Insurance

Why Health Insurance with OPD Cover Gaining Popularity?

What is the Right Time to Buy a Senior Citizen Health Plan?

IRDAI Guidelines for Health Insurance Claim Settlement

Top Reasons to Purchase High-Value Health Insurance

---

• 
• 
• 
•