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Why Should You Buy Individual Health Insurance



Health insurance comes in a number of shapes and sizes, but its fundamental objective is to provide enough financial security against rising medical inflation for policyholders. There are some distinctions between individual health insurance coverage and family health plans.
Let’s talk about how they function to see which one is best for you!

Individual Health Insurance: What Is It?

An individual health insurance plan is a policy that protects a single person from medical bills and hospitalization expenses. Individual health insurance policies can be purchased for yourself, your spouse, your children, or even your aged parents. 

The premium rate is often decided by the policyholder’s age, gender, medical history, and a number of other factors. You can get more comprehensive coverage that is tailored to your personal requirements and health issues with such policies. Furthermore, add-ons can be purchased to supplement the individual health insurance plan’s coverage.

Key Features of Individual Health Insurance 

You can get different health insurance coverage for each member of your family. If you have a family member who requires additional health coverage and his or her medical expenditures are likely to surpass your budget, it is always a smart idea to get an individual health insurance policy for them. It will be more beneficial in terms of both finances and health if you do so.
Here are some details about individual health insurance that you should be aware of:

  • Coverage-An individual health insurance policy only covers the insured person. The insurance provider pays a portion of the policyholder’s medical expenses based on the conditions of the individual health insurance policy.
  • Co-Payment-The insured must pay a price for certain healthcare services. This is known as co-payment.
  • Inclusions-Individual health insurance policies may cover both pre-and post-hospitalization charges, depending on the policy terms. Most individual health insurance policies cover the costs of operation, lodging and board, medical fees, and laboratory testing.
  • Renewability-Individual health insurance is also renewable for a lifetime, allowing you to stay insured for an extended length of time.
  • Extra Protection-Individual health insurance can also provide coverage for serious illnesses.

The Advantages Of Purchasing Individual Health Insurance

Individual health insurance policies provide several benefits. Take a look at some of the most important benefits listed below:

Medical expenses

The most important and fundamental purpose for obtaining individual health insurance is to protect against unanticipated medical bills. It keeps you from becoming bankrupt if you have a health problem by alleviating the pressure of medical bills, letting you to focus on getting better.

Cashless Claims Service

The insurance provider pays the hospital or nursing home directly in a cashless hospitalization situation. In the event of a medical emergency or if you are expecting to be hospitalized, you can use your insurance’s cashless benefit.
A cashless hospitalization facility provided by health insurance companies under an individual health insurance policy allows an individual to obtain medical care without having to pay for it at the hospital. However, this service is only available in hospitals that are part of the provider’s network.

Hospitalization Allowance Per Day

Some insurance companies pay the insured a set amount for each day spent in the hospital. This, however, only applies after the insured has been hospitalized for a few days.
The number of days spent in the hospital is always predetermined in the individual health insurance policy, and it may vary from company to company. This allowance can be useful if you are the primary breadwinner in your household.

Tax Advantages In The Policies

When you look at your annual tax benefits, you will notice that individual health insurance is included. This not only protects your financial ambitions but also your most valuable asset: your health. Individual health insurance premiums can be deducted under Section 80D of the Income Tax Act of 1961.

Individual Health Insurance vs. Family Health Insurance

There are millions of people who constantly put up this question. The question of comparison between Individual Health Insurance and Family Health Insurance. Although both individual insurance and family health plans have the same purpose of providing insurance coverage to protect your assets and meet the requirements of your family, there are significant variations between them.  You must also make sure about your requirements. There are varying demands of the people and the insurance policies must be selected accordingly.

Why Get Individual Health Insurance?

An Individual Health Insurance plan provides financial help in the event of a medical emergency for a single person. These plans are quite extensive and can be purchased to cover each individual based on the age of the plan’s admission. Individual health insurance plans can be tailored to match a person’s individual requirements.

Benefits That Are Tailored

A policyholder has the option of selecting the level of coverage that best meets his or her medical needs. The policyholder’s budget may also play a role in this. A comprehensive plan can be chosen and customized by including additional coverages (add-ons).

Insured Personal Sum

Each health insurance policy has a cap on the amount that can be paid out. In the case of group insurance, this money may have to be divided with other plan members. In contrast, an individual health insurance policy focuses on the entire sum insured to insure only the policyholder.

Cost-Efficient Policies

Individual health insurance policies are less expensive than group health insurance. This is due to the fact that the cost of a Family Floater plan, for example, is decided by the number of persons covered by the insurance. In this instance, the cost of medical insurance is restricted to the insurance company’s coverage and services. It is less expensive to have dedicated coverage.

Individual Health Insurance: Vital Documentation 

The following documents are required to acquire individual health insurance:

  • Identity Proof – Voter ID card, Driving License, PAN card, Aadhar Card, Passport, Birth
  • Certificate Address Proof – Ration Card, Driving License, Passport, Rent Agreement,
  • Utility Bills, PAN Card, Aadhar Card
  • Photographs in Passport Size
  • Medical reports, if required
  • Proposal form fully completed and signed




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