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All about Individual Health Insurance Plans

The proverb ‘Health is Wealth’ holds true. Nothing in the world matters if you’re not healthy. Protecting one’s health can be an expensive proposition. The healthcare costs have increased exponentially and they will continue to go up. It is necessary to get your health insured as health insurance covers the cost of all, if not, most of your medical treatments so that you can focus on your recovery.

As the name suggests, individual health insurance is health coverage that covers a single person. You are the only one that is protected under this plan. Medical expenses related to your treatment are reimbursed or settled by the insurer.

What is covered under such plans? 

The plans are designed in a way that covers all of your basic medical expenses. It covers pre-hospitalization and post-hospitalization expenses that are incurred 30 to 60 days prior and 90 days post-hospitalization. Most of the plans have the option of cashless claims where the hospital bills are settled amongst the insurer and the hospital as long as the hospital is a part of the insurer’s network of authorised medical institutions. Expenses related to medicines, lab works, and other tests, ambulance costs,surgery, etc are also covered under this plan.

Advantages of Individual health insurance plan

  1. You have the benefit of availing individual sum assumed rather than floater sum assured. You get the full benefit of what you pay for and are not affected by the medical expenses incurred by anyone else.
  2. This plan is best suited for you if you're an individual with high risk. There is a chance that you frequent the doctors more number of times compared to an individual whose health is better. Hence, the costs you incur will also be higher.
  3. You have the option of adding your parents and immediate family members under the policy if the need arises any time in the future.
  4. There is no bar on the number of times you can file a claim as the policy amount caters to only an individual.
  5. You will also get a higher level of financial protection than you would get under a family floater plan. Family floater plan protects your entire family but under individual health plan only you are protected.

Exclusions under this plan

There are some situations which are not covered under this plan and if those situations come up then you would be liable to pay those expenses on your own. It is important that you are aware of these before purchasing a plan so as to be aware of what your plan allows. 

Some of the common exclusions are-

  1. Pre-existing medical conditions- If you suffer from any pre-existing medical condition that causes you to get hospitalised then such expenses will not be covered under this policy.
  2. Alternative treatments- If you wish to get treated under the AYUSH treatments, then the policy may not cover the costs of such treatments. You might have to pay for those from your pocket.
  3. Expenses related to cosmetic treatment to enhance your looks are not covered under such plans unless the procedure is done to treat an accident or an injury.

Now you know all about individual health insurance plans that are at your disposal. You have to collect all the information you need about the policy before you make the decision. The decision of getting your health insured is an important one and should not be taken without full knowledge.

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