About Individual Health Insurance
If something untoward happens to you, like a serious illness or a car accident, hospital expenses can quickly pile up. In such an event, an individual health insurance policy can come to your rescue by taking care of the staggering expenses during medical emergencies.
Individual health insurance is the policy purchased by an individual for himself or his family members based upon his needs and budget. Such a policy covers all pre and post hospitalization expenses, including the charges for diagnostic tests, ambulance, and room rent. Apart from injury due to accidents, individual health insurance also covers pre-existing diseases and critical illnesses subject to conditions of the waiting and survival period.
Moreover, it provides a cashless facility when the treatment is done in any of the network hospitals, and even during the non-cashless treatment, the amount is easily reimbursed after a formal approval process.
All in all, individual health insurance helps you save your money on hospitalization expenses, doctor's visits, prescription drugs, and other medical services.
Other benefits of individual health insurance include:
Individual health insurance offers medical coverage for a single individual, wherein the sum insured depends on the specific healthcare needs of that individual. The premium payable depends on varied factors, including the age of the insured person, his medical history, etc.
In individual health insurance plans, the benefits are extended to an individual only, therefore the person becomes eligible for individual sum assured rather than a floating sum assured. Such a plan is best suited for individuals looking for higher protection than a family floater plan and individuals with higher health risks.
Coverage offered for pre and post hospitalization charges
Includes hospitalization expenditures and medical expenses like surgery, doctor’s consultation charges, hospital room rent, and diagnostic tests
Coverage offered for critical illnesses
Tax deductions available under Section 80D
Individual health insurance offers coverage only for the insured individual, wherein the medical costs of the insured are covered basis the premium paid. Key features of this insurance include:
Health is one of the most crucial factors that have a direct bearing on your happiness. But since everyone experiences some breakdown in health at some point or the other, it is essential to stay prepared for it. Notably, in today’s time, when all kinds of health problems like cancer, tuberculosis, heart attacks have become so common, having a health insurance plan is a must.
You spend time worrying about your family and career. However, you will only be able to do well in all your roles, if your health is well secured. Towards this, Individual Health Insurance plans are perfect as they give specific coverage for an individual’s needs. It is because you may be prone to certain illnesses more than others, which increases your risk factor and need for financial support in the future.
The various advantages offered by Individual Health Insurance plan are as follows-
Every insurer is connected to a list of network hospitals. So, whenever you, as a policyholder get admitted in any of these hospitals, then you will enjoy the benefit of cashless transaction. This means that the insurer will settle the payments on its own, as a part of its cashless health insurance.
Under this policy, you will also receive financial coverage for all expenses related to pre and post-hospitalization. This may include diagnostic tests and medication, which an individual may need, before or after hospitalization. However, the number of days, before and after admission that is included in the ambit of this coverage differ from insurer to insurer. We offer pre-hospitalization coverage of up to 60 days, which extends for up to 90 days post-discharge.
In case, you do not make any claim during the policy period; then you shall also receive a no claim bonus. You can utilize this bonus money to pay off the next premium amount.
Another great benefit of health insurance is that your premium payments towards the policy will reduce your taxable income. This shall help in reducing your tax liability, much to your benefit. Individual health insurance shall be subject to Section 80D of the Income Tax Act which allows a tax deduction up to Rs.25,000 on the premium paid towards such policy.
Under this policy, you can even go for medical tests, which will help you enjoy more tax benefits. Under section 80D, expenses incurred on health checkups will be covered up to Rs. 5,000, meaning that along with premium, even costs on medical checkups will reduce your tax liability by Rs.5,000.
Individual health insurance policy will thus, provide you a comprehensive cover that will cover everything from medicine and drug costs to cost of medical procedures. With all these benefits together, it ensures that you enjoy excellent preventive healthcare facilities along with maintaining financial stability, despite such crisis.
So, buy individual health insurance and reap all the benefits in store for you.
For individual health insurance, you need to provide a few documents, such as:
Age Proof - You will have to provide your age proof if you are getting covered with an individual health insurance policy. For this, the acceptable documents are as follows:
Identity Proof – Following are the acceptable documents as identity proof:
Address Proof – While getting covered under an individual health insurance policy, you are required submitting your permanent proof of address. Any of the following documents can be submitted for the same:
Medical Check-up: Sometimes, individual health insurance policies might require you to undergo a medical check-up. In such a case, you will be required submitting the reports having the results of the mentioned tests.
The process of applying for an individual health insurance policy involves the following steps:
If you prefer the offline buying process, you can visit the insurance company’s branch, where you can get all the information regarding the benefits, features, and the premiums of your individual health insurance policy.
The first step is to file a claim by informing the insurance company. For this, you can contact on the company’s toll-free number.
Post-hospitalization, you must submit the filled up claim form to the insurance company along with receipts and bills of medical treatments, reports, etc.
If required, submit additional documents or information as requested by the insurance company
In case of claim approval, the insurance company will reimburse you based on your eligible sum insured
Individual health insurance is best suited for:
Generally, you can file multiple numbers of claims in an individual health insurance policy. However, the claims will be covered depending upon the limit of sum insured and the scope of coverage. Simply put, during the year, unlimited number of claims are allowed, but the insured can get coverage up to the amount of sum insured only.
Premium paid on health insurance which is in your name or that of your spouse, parents or dependent children, is deductible under Section 80D of the Income Tax, 1961, up to the limit of Rs.25,000.
At the time of policy renewal, you can easily buy add-on covers to increase the scope of your coverage, over and above the base cover. Click on the renewal link provided, choose the add-on benefits you want and make payment online itself.
Under OPD treatment, your health insurance policy will cover emergency treatment arising due to accident, vaccination in case of an animal bite, and any dental emergency arising only out of an accident.
Smart Super Health Assure
UIN : BHAHLIP20108V011920