Tips to find the best individual health insurance plan

 

Diseases do not discriminate and may happen to anyone. Therefore, whether you are single or have a family that is dependent on you, buying a health insurance plan is very important. With the COVID-19 waves coming every six months, we must take all the precautionary measures. Since we have seen many people getting admitted to the hospitals in the past two years, we need to make sure that we have enough funds to get the right treatment in the best possible hospital. What if we do not have the necessary funds at that moment? Well, this is where a health insurance policy helps. 

If you are single, you can opt for an individual health insurance policy. An individual health insurance policy is a kind of health insurance plan that provides coverage for the health care costs of the policyholder. Up to a certain limit of sum assured, the insurance company takes care of the expenses for the hospitalization as well as surgery. Along with a health insurance policy sponsored by the company, you can also buy an individual health insurance plan to get extended coverage. This helps since the policies sponsored by the companies do not always provide sufficient coverage. One of the biggest advantages of buying an individual health insurance policy is that it is very customizable and you will be able to choose from a wide range of coverage features. Mostly, an individual health insurance plan comes with lifetime renewability and you can also enjoy tax benefits under Section 80D for the premiums that you pay under the plan.

Factors that you should consider while purchasing an individual health insurance plan

When you decide to buy a health insurance policy and check out the plans, you will come across many of them in the market.  This may even leave you completely confused. Well, in one such situation, you can consider the following tips to find the right health insurance policy.

  • Sum insured: One of the foremost things to keep in mind is the sum insured. You should opt for a sum insured amount that is adequate. If you do not pay heed to this factor while buying a health insurance policy, you may end up paying the hospital bills from your pocket when it is about making the claim.
  • Inclusions and exclusions: Before you purchase a health insurance plan, you must check the inclusions as well as exclusions properly. As a policy buyer, you must know everything that the policy you are going to buy is offering. This will further help you to avoid any kind of discrepancy while claiming the sum insured.
  • Network hospitals: While you are going for a health insurance policy, you should choose one that has a wide network of hospitals. This will enable you to get cashless treatment without wasting any of your time.
  • Additional benefits: You can come across many individual health insurance policies that will offer you additional benefits such as sum insured reinstatement, convalescence benefit, daily hospital cash benefit, organ donor expenses, etc. You should always opt for an individual health insurance policy that will offer you the maximum benefits.
  • Premium: It may look very nice to purchase an individual health insurance plan that comes with a low premium. Will it offer extensive coverage to the policyholder? Well, not necessary! Therefore, you should go for a health insurance policy for which you have to pay an affordable premium, and at the same time, you can all the required benefits.

Keeping these factors into consideration will help you to find the best individual health insurance plan in India. To take a look at the various individual health insurance policies, you can visit the website of IIFL.

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