It is a common phenomenon when the current family health insurance plan does not fulfill all criteria. In such circumstances, an individual health insurance plan can prove to be quite beneficial.
While the option of a single premium to cover all the family members look enticing, most family health insurance plans decide upon the premium on the age of the eldest member of the family and the sum is covered for all the members of the family. In the case of individual plans, the premiums and amount deposited are separated for each member and hence the coverage’s are specific too. Though the premium to be paid in a family floater plan is almost twenty percent less than that of the premium of an individual plan, the issue arises when the children covered in the family floater plan have reached the adult age or are no longer dependent, then they have to invest in Individual Health Insurance policy. While this might not seem much of an issue, the individual plan is advised if any one of the family member suffers from a chronic illness and would need frequent hospitalization or checkups.
Tips When Buying Individual Medical Health Insurance
Nowadays, there are many insurance companies who offer individual insurance plans and it gets overwhelming even with an exhausting internet searching. While most plans boasts of lifelong renewal facility, tax exemptions, and better coverage for the policy holder which includes stay charges, diagnostic procedure charges, and medical costs, which sometimes becomes more of a cost burden than a lifesaver, etc. the best health insurance policy will provide all of the above with added features like cashless facility since they will have tie-ups with a medical network and the paper works will be managed by them, will cover pre and post hospitalization costs, and giving no – claim bonuses in case of no claims made by the insurer during a certain period. But to avail these, you need to be thorough with a few pointers:
- In case of a pre-existing illness you have to be aware of the waiting periods that a policy demands before your claims get sanctioned and it usually is between 2 to 4 years. Choose the Health Insurance for individual who offers less waiting period and more coverage of pre-existing illness.
- There are different policy covers when it comes to pre and post hospitalization expenses. The whole procedure from getting checked, visiting the doctors and going through tests, before you are admitted to a hospital and after you are discharges, you may need time before you are fit to rejoin work. Choose a plan which will give you maximum cover on the range of days.
- There are plans which offer co-payment where you bear a nominal percentage of the total amount incurred while the insurance agency bears the rest. But keep in mind as to whether you will be able to bear the expenses at time of emergency. Here you should also make note that you are required to bear a part of the room rent which is either 2% fixed or the amount is not set which allows more flexibility.
- Individual Health Insurance policy often have list of hospital networks who offers you hassle free and cashless treatment. Always choose the insurance which has the hospital who specializes in treatment of your chronic illness and which have a more extensive list.
- While lower premiums are often the deal sealer, do not settle for just a lower amount, rather check for the limits and the sub-limits, the claim settlement ratio and the maximum renewal limit before settling on one.
- Lastly, read the asterisk closely as that is where the loopholes lie. Do not exclude any term of the policy and ask questions to the insurance company regarding the benefits you will reap and what each and every term imply.
Health Insurance is a growing concern for the present generation given the constant rush and the stress of the lifestyle but a proper insurance plan reduces the worry.