How to Navigate the Enrollment Process for Individual Health Insurance Plans

Health insurance comes in different types and offers coverage against the increasing costs of medical treatments. However, there are some differences between individual health plans and family health plans. Understanding how these plans work can help you decide which one is more suitable for you. 

When it comes to healthcare coverage, a health plan is designed to provide financial protection to a single person against medical expenses and hospitalisation costs. This type of plan can be purchased for oneself, spouse, children, or ageing parents. The premium rates for an individual health insurance plan are determined based on various factors such as age, gender, and medical history. These plans offer more comprehensive coverage that can be customised according to the policyholder's specific needs and health conditions. Additionally, policyholders can opt for add-ons to enhance the coverage of their individual insurance plan.

Some Features of Healthcare Insurance Plans for Individuals

If any of your family members require extra health coverage, it might be a good idea to purchase an individual health policy for them. This will ensure that their medical bills are covered, especially if there's a possibility of it exceeding your budget. In such cases, having the best health insurance plans for each family member can be beneficial both financially and health-wise.

• When you have an individual health policy, the coverage is only for the policyholder. The insurance provider will pay for a specific amount of medical costs according to the terms of the policy.
• In some cases, the insured person needs to pay a specified amount for certain health-care services, which is known as a co-payment.
• Individual health policies usually cover both pre- and post-hospitalisation expenses, as well as the costs of surgery, room rent, physician's fees, and laboratory tests.
• Individual health policies also offer lifetime renewability, meaning you can be covered for an extended period.
• You can also opt for additional coverage for critical illnesses insurance with individual health policies. 

Benefits of Individual Insurance Plans

• Individual health plans provides protection against unexpected medical expenses, which is the primary reason people purchase this insurance. It relieves the burden of medical costs, allowing the policyholder to focus on recovery.
• Many insurance companies offer a cashless claim facility, which pays the hospital directly, eliminating the need for the policyholder to pay upfront. This is particularly useful in the case of a medical emergency or hospitalisation. However, the facility is only available in network hospitals that have a tie-up with the insurance company.
• Individual health policy offers several benefits, including daily hospitalisation allowance, tax benefits, and more. The insured person may receive a predetermined sum for each day spent in the hospital, which may be beneficial if they are the primary breadwinner in the family. However, this allowance is only given after a specified period of hospitalisation as stated in the policy.
• Moreover, purchasing an individual health plan can also help you save on taxes. The premiums paid for an individual health policy can be deducted from your taxable income under Section 80D of the Income Tax Act, 1961. This not only helps you secure your financial plans but also your health, which is your most valuable asset.

Why Choose this Plan?

A health plan is specifically designed to provide financial assistance during a medical emergency for a single person. These plans offer comprehensive coverage and can be tailored to fit the individual's needs based on their entry age. Customisation options are also available, including the addition of extra coverage or add-ons, allowing policyholders to choose the level of coverage that suits their needs and budget.

Another advantage of this health insurance is that the sum insured is dedicated entirely to the policyholder, rather than being shared among other plan members, as is the case with group policies. Furthermore, the plan is generally more cost-effective than group policies, as the cost of a Family Floater plan is determined by the number of people included in the policy, and dedicated coverage is typically less expensive.

Conclusion

To purchase an individual health policy, there are certain documents that you will need to provide. These include age proof documents like Voter ID card, Driving License, PAN card, Aadhar Card, or Birth Certificate. You will also need to provide identity proof documents like Voter ID card, Passport, or Aadhar Card. In addition, you will need to provide address proof documents such as Ration Card, Driving License, Passport, Rent Agreement, Utility Bills, PAN Card, or Aadhar Card. You will also need to provide passport-sized photographs, and medical reports if necessary. Finally, you will need to fill out and sign a proposal form. Make sure you do a proper R&D before choosing a plan and Niva Bupa can help you with the same!