Health insurance is a crucial aspect of our lives, providing a safety net in case of unexpected medical expenses. However, not all insurance plans are created equal, and for many people, the best option is an individual policy. This article will delve into the advantages of individual medical insurance as opposed to the family floater and corporate insurance policies. It will also provide a guide on how to buy health insurance confidently.
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Reasons for Purchasing Individual Health Insurance Plans
Individual medical insurance provides coverage for a single person rather than a group of people, such as employees of a company. It has the following advantages which make a strong case in its favour:
Personalised Coverage
The policyholder has complete control over the level of coverage and the type of benefits they want to include. They can customise the plan according to their medical needs and budget as opposed to family floater plans, where the demands of all family members are to be taken into account.
Cost-effective
Buying individual insurance costs less than group health insurance policies as the entire insured amount is only dedicated to one person’s treatment. The amount is not to be shared with, say, family members, and this saves money in the long run.
Improved Access
Policyholders with individual plans have access to a wider range of healthcare providers without the limitations of a limited network that the employer has opted for under the corporate insurance plans.
No-claim Bonus
Under corporate plans, policyholders are not rewarded for claim-free years. However, under individual plans, they receive a no-claim bonus of up to a specified percentage of the insured amount.
Flexibility
The policyholder can change their coverage as their needs change over time, for example, by subscribing to a critical illness rider if they find themselves vulnerable to such diseases.
Portability
The individual medical policy can be taken from one job to another, which is helpful for those who change jobs frequently or are self-employed. Moreover, policyholders continue to enjoy protection even after retirement.
Steps for Purchasing Individual Health Insurance Plans
Whether you are self-employed, between jobs, or simply seeking more control over your healthcare coverage, individual medical insurance is a valuable option to consider. But what are the steps one should take to obtain such insurance? They are discussed below:
Check Eligibility
Familiarise yourself with the minimum and maximum entry age for different plans. Some plans may have medical history restrictions or require pre-insurance medical screening. Learn about any subsidies or financial assistance programs that are available to lower the cost of coverage. Make a list of the plans you are eligible for and can afford.
Compare Plans
Then compare the plans included in the list to find the best one for you. You must analyse the plans based on parameters like coverage, cost, renewability, claim-settlement ratio, flexibility, network, the insurer’s reputation, etc. You can also use the online premium calculators to facilitate the comparison.
Apply for Coverage
Once you have selected a plan, complete the application process and pay the first premium to start your coverage. Before enrolling, be sure to read the policy details, including benefits, copays, deductibles, and limitations.
Maintain Documentation
Keep records of all correspondence, payments, and other relevant information related to your insurance policy. This will come in handy at the time of claim filing and will reduce the chances of any future conflict.
Review
As your needs change, be sure to review your coverage and make updates as needed to ensure you have the right level of protection.
Conclusion
Purchasing an individual health insurance policy is a proactive and responsible step towards securing your health and financial future. While it may require a bit of research and effort, the benefits of having personalised, flexible coverage at a reasonable cost far outweigh the temporary inconvenience. With the right plan, policyholders can rest easy knowing they have the support to address their health needs. So, do not hesitate and take control of your health today by investing in individual medical insurance.
