How to Find the Right Health Insurance Policy for an Individual?

Staying healthy is always a priority for all of us and while a good diet and exercise combo helps, sometimes we all need immunity shot to boost our overall health. Investing in an Individual Health Insurance plan gives us that extra immunity to keep our health and our pockets safe.

An Individual Health Insurance plan covers medical expenses borne by the individual policyholder only, in case of a medical need. Anyone of legal age (18 years and above) can get individual medical insurance. Even if you have family floater health insurance, it is wise to invest in an individual plan to have an assured individual sum at your disposal in case of a medical emergency. High health risk individuals or those with pre-existing conditions should get individual medical insurance early in life to access medical coverage.

What is included in an Individual Health Insurance Policy?

  • Emergency services
  • Hospitalization costs
  • Medical examination
  • Laboratory services
  • Room rent coverage
  • Maternity services
  • Doctor’s fee

What is not included in an Individual Health Insurance Policy?

  • Pre-existing condition/disease before waiting period (2-4 years) is over
  • AYUSH treatments
  • Cosmetic and aesthetic treatments like sex change operations
  • Dental and Naturopathy treatments
  • Some diseases like sinusitis, cataract, hernia are not covered in the first year of policy
  • Cost of prescription glasses or hearing aids

Benefits of having Individual Medical Insurance:

  • Individual sum assured in case of medical emergency
  • No Claim Bonus (NCB) accumulates for every claim-free year increasing the sum assured by 5% every year.
  • Tax deductions under section 80 D of Income Tax, Act, 1961
  • Cashless Treatment and Reimbursement service
  • Can make more than one claim in a year since the plan only covers a single person.

What is the Right Individual Health Insurance Policy for Me?

While there are various policies in the market there is no universal medical insurance policy which works for all of us. Individual medical plans are designed to suit individual needs and thus, you need to compare policies and scout out the one which covers your medical requirements at a good cost.

Here are a few things to keep in mind before buying medical insurance

  • Read up on insurance terms and compare policies online for the coverage offered against the premium.
  • Look for the maximum available sum assured at the best possible premium rate.
  • Check and compare the Incurred Claim Ratio (ICR) of various policy providers and choose one with a ratio of 70%-90%.
  • Check the cap of Sub-limits of various policies and whether there is a Co-pay
  • Inquire and understand the Claim process of insurance companies and select a quick, hassle free and customer friendly option.
  • Read customer reviews on the websites of insurance companies to gather a mass opinion on services offered.
  • Check and opt for health insurance portability to switch insurance companies without loosing No Claim Bonus.
  • Check and compare renewal processes of policy from various providers.
  • Check for Restore benefits to restore assured sum after claim.
  • Check for Multiplier Advantage to increase sum in case of no claim.

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