Taking Control of Your Health: A Guide to Individual Insurance

The necessity of having a healthcare plan cannot be stressed enough. It is no longer an option, it is a basic need. A health policy ensures financial security and aids all your medical needs in the future. With a premium that is to be paid annually, you can avail of medical services easily in your time of need. You wouldn’t have to bear the burden of finances.

 

Health policies are of various types, which are curated carefully to fulfil the needs of every individual. This blog will serve as a guide for any individual trying to opt for individual health insurance. This guide will not only tell you the basics of individual mediclaim policy but also help you choose the best individual health insurance.

 

What are the Different Types Of Healthcare Insurance?

With advancing technology, healthcare insurance provided by companies is getting more inclusive and flexible for individuals. Here are a few types of health policies and who are they applicable for:

 

Types	Beneficial for
Individual Healthcare Insurance	Suitable for self-employed individuals, senior citizens, nuclear families
Family Health Policy	Usually beneficial for an entire family, spouses, children, and parents
Critical Illness Insurance	Suitable for individuals who suffer from critical illnesses or are more prone to the same (like senior citizens)
Senior Citizen Healthcare plan	Beneficial for people who are of 65 or above years of age and are more susceptible to diseases.
Personal Accident Insurance	In the unfortunate case of an accident, personal accident insurance is the most beneficial to cover complete or partial disability as well as death.

 

What is an Individual Health Policy?

Individual healthcare policy provides coverage for a single individual, i.e., it works on an individual sum-insured basis. If you avail individual insurance, then the sum insured paid for every member of the family will be separate. Each individual can avail full benefits of the insurance, unlike a family floater plan which floats among the individuals of the family.

 

What are the Key Features and Benefits of Individual Health Policy?

• It provides coverage solely focused on one person ensuring complete safety.
• Often the individual health plan offered by the insurance company ensures wider coverage than other types of health policies.
• The individual mediclaim policy comes with lifetime renewability.
• Add-on covers are available so that the individual can have a plan that caters to their specific needs.
• It also offers tax benefits under Section 80D of the Income Tax Act.

 

What does an Individual Health Policy Cover?

An individual health insurance policy covers a list of different things and hence is one of the most comprehensive types of healthcare plans.

 

• Day-care services 
• Pre and post-hospitalisation cover
• Health check-ups
• Organ donor expenses
• In-patient hospitalisation expenses
• Coverage for treatment from other sources
• Coverage of expenses for in-house treatment (domiciliary hospitalisation)
• Ambulance service

 

How is an Individual Health Policy Different From a Family Floater Health Policy?

To choose the best individual health insurance, you need to be aware of all the aspects so that you know what works best for you and your family. Here is a comparison between an individual health plan and a family floater plan.

 

Criteria	Individual Healthcare policy	Family Floater Health Policy
Basic definition	This plan is beneficial for individuals in case of any medical emergency and is not floated or transferable.	Under this, the health plan is shared by all the members of the family.
Coverage of expenses	This provides coverage to a single individual. For instance, if the plan has a sum insured of 10 lakhs, then only you individually can avail the benefits of the plan.	This provides coverage to all the members commonly. This implies the sum insured can be floated or transferred among the individuals of the family in case of a medical emergency.
Major pros	Since the coverage is for a single person, it is much more comprehensive and inclusive, ensuring complete financial security.	This plan is affordable and pocket friendly. As the premium paid annually applies to all the members.
Major cons	Since it is insurance for individuals, it often costs higher. If a family opts for an individual health plan, then they would have to pay the premium for every member, which is not a very affordable option.	In a family floater plan, it often happens that the sum insured may not be sufficient for all the members.

 

Individual health policy is one of the most extensive health plans out there and, indeed, makes you feel like you are in control of your life. This guide explained, in a nutshell, the outline of individual insurance. So the next time you are out there to get your health policy, you know how to choose thehealth insurance

 

Niva Bupa offers many types of health plans and a very comprehensive individual healthcare policy as well. The salient features of the individual plan offered by Niva Bupa are;

 

• Cashless claim processing within 30 mins
• 24x7 services available
• Coverage ranging from 3 Lakhs - 1 crore
• Network of more than 8500 hospitals

 

Niva Bupa offers various plans with its reassurance plan premiums starting from ₹24 per day. Get your insurance today.