Why Having an Individual Health Insurance Policy Matters?

• Written by Care Health Insurance

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Youth is a crucial phase of life when an individual has so much to deal with, workload, peer pressure, family responsibilities, etc. In the process, health is often neglected. A stressful lifestyle is a factor due to which a majority of the young population in India is prone to various lifestyle-related health issues. Getting personal health insurance cover is a vital investment these days. The insurance cover will help a person manage any medical emergency-related expenses, thus lessening the burden on savings. An individual health cover is an ideal option if a person is single and is not planning to start a family soon.

So, what is individual health insurance?

It is a type of health insurance that covers one individual, wherein the entire sum insured and health insurance premium applies to one person insured under the policy. One can also buy individual health plans for family members, including spouse, children, and dependant parents.

5 Reasons a Personal Health Insurance Cover Is Beneficial

Let us understand the various reasons you must consider opting for personal health insurance:

1. Ideal Health Cover for Young Professionals 

The awareness about medical insurance is not widespread. It is clear from the fact that many working professionals continue solely relying either on their savings or employer-provided mediclaim to meet their medical expenses. Sadly, one begins to face financial hardships when there are unexpected medical bills. Besides, group mediclaim policies do not provide coverage when an employee leaves the company. Here, the importance of personal health insurance comes into the picture.

In contrast to mediclaim plans, individual health plans offer many policy benefits like lifelong renewability and enable the insured to customize it. They provide comprehensive coverage for in-patient care, modern day care procedures, robotic surgeries, daily allowance, and cover for pre and post hospitalization medical expenses. Nowadays, it also covers coronavirus treatment, thus protecting a person against uncertainties.

Many young individuals, these days, are battling lifestyle-related illnesses. With a personal health insurance plan, one also gets coverage for pre-existing diseases and specific ailments after the defined waiting period. It is advisable to spend time reading the policy documents carefully.

2. Healthcare is Getting Costlier 

Medical science is seeing significant developments, but the costs of surgeries and treatments are skyrocketing. Illnesses, accidents, or injuries strike when we least expect them. Coping with a sudden rise in medical expenses can create a financial problem. With the support of a personal health insurance cover, a person can deal with such a situation when one inevitably incurs medical bills.

More importantly, an individual can access the cashless treatment facility at a network hospital empanelled with us. It saves time and effort of arranging money to pay for hospital expenses. So, there is less stress when one has to face any planned or emergency medical treatment.

3. Secures a Person After Retirement

Investing in a separate health insurance cover will keep your post-retirement years less stressful, especially in dealing with age-related illnesses and costly medical treatments. With increasing age, getting a health cover becomes challenging and leads to an increase in premium. The lower the age of a person is, the easier it is to get health insurance online with no pre-policy medical check-ups. Thanks to the lifelong renewability feature, an individual will continue getting coverage under the same health insurance policy. Besides, the accumulated benefit under no claim bonus proves beneficial.

Talking about our elderly family members at home, you can consider securing their health by opting for a separate health policy. Why should you do that? Firstly, a customized health policy is required since their health needs are unique, and it will give them adequate protection. Besides, adding them to a regular health insurance plan will lead to a higher premium. Your senior citizen parents can avail annual health check-up, day care treatments, and alternative treatment, among other benefits.

4. Provides Tax Saving Opportunity

Saving tax is one of the goals every person focuses on achieving. Those who seek ways to save money will find that health insurance also offers the dual benefit of securing health and saving tax. An individual is eligible to get a tax deduction under Section 80D of the Income Tax Act on the health insurance premium. The maximum deduction is Rs 25,000 per year for an individual. If the individual is a senior citizen, there is a higher deduction of up to Rs 50,000. The maximum total deduction is up to Rs 1 lakh if the proposer and the insured person covered in a plan are senior citizens.

>>Also Read: Reasons to Opt for Individual Health Insurance along with Corporate Health Insurance

To Sum Up

Get individual health insurance cover to secure your health. And, with so many benefits and optional covers available, you get the flexibility to customize your policy. Make sure to check the policy wordings, the exclusions, co-payments, and deductibles. Also, find out the claims procedures to avoid facing any hassles later.

Choose ‘Care’ by Care Health Insurance, a comprehensive health insurance plan with lifelong renewability. You can get an affordable health cover online and choose to pay the premium digitally.

Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.