Insights on Individual Health Insurance
Nov 2, 2020

7 Key Things to Know About Individual Health Insurance Plans

Health concerns have increased tremendously over the last few years and so has the cost to avail healthcare services. If you’re new to the concept of what is health insurance , it becomes a bit difficult to pick a health plan with so many options available in the market.   As per your requirements, you can choose a health insurance plan from the following types of policies available:   Most people prefer buying an individual plan as it can be easily customized according to the needs of the policyholder. Read ahead to know more about individual plans.   Individual health insurance plans provide you with financial support in case of medical emergencies. The plans are extensive and can provide coverage as per your age and needs.   Listed below are some reasons to choose an individual health plan:  
  1. No standard policy
Certain companies provide their employees with group health insurance plans. However, this is a group health plan and, hence, cannot be customized as per your needs. Also, if you leave the company, you would no longer be eligible for coverage. This is not the case with individual health plans.  
  1. Switching insurers is possible
Many insurance companies provide you with the option of portability on health insurance plans. This means that you can switch your insurance company if you’re not satisfied with their service. Moreover, you can do this without losing out on any benefits earned with the present insurance policy, such as the cumulative bonus, if any.  
  1. Tailor-made plans
You have the advantage of selecting the extent of coverage you require based on your medical needs. While customizing your plan, make sure that you consider your budget as well. If you feel that your existing plan is not sufficient enough and you still have a good budget, you can easily upgrade your plan by opting for additional coverages (add-ons).  
  1. Fits well in budget
When compared to a group health insurance plan, individual health plans are more on the affordable side. One reason might be that individual plans are made to serve your needs whereas a family floater or group insurance plan depends on the number of members covered under the policy. A dedicated coverage traditionally costs less, however this varies according to the selected plan and its inclusions.  
  1. Sum insured will be fixed
If you purchase a family floater policy, the sum insured must be shared with other members protected under the plan. On the contrary, under an individual plan, the entire sum insured is at the disposition of the policyholder.  
  1. Health check-ups are free-of-cost
If you opt for an individual health insurance policy, you might get a free health check-up every term, if mentioned in your policy details. These are necessary as they help monitor your health.  
  1. Free look period available
This period is provided so that you can look into the inclusions and exclusions, terms and conditions, etc., of the policy and decide whether you want to continue with it. Sometimes, people cancel the coverage during this period and ask for a refund. Most insurance companies offer a free look period.   It is not a big task to buy a health insurance policy today. Thanks to the web, individuals can make the purchase sitting at home. You simply need to visit the insurer’s website and look for suitable health insurance quotes. You will have to fill in the required information based on which the website will automatically generate a quote. All you have to do then is select, pay the premium, and voila, you are covered by an individual health insurance policy!

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