Taking care of one’s health has never been easy. Health being compared to wealth is an accurate assessment of how much you need to care about it. However, with technology escalating, the kind of diseases we see also escalate. And the more sophisticated the technology, the more expensive the treatment for illnesses. This is why individual health insurance emerged. Today, insurance is the primary way for people to take care of themselves during a medical emergency. It ensures financial stability in otherwise completely unstable times.
So, what was the need for individual health plans?
Cover 360 brings you the ideal individual plans that meet your needs. We compare and contrast them, giving you the policy you deserve!
Individual Health Insurance is a favourite of a large segment of the Indian population. With a rising population, climate change, and other such anxieties, health concerns also spike. The problem is that healthcare is very expensive. Although necessary, the sophistication of treatments takes a significant toll on the individual. Therefore, having a way of covering the costs matters. And this is where individual health plans come in. So, why should you buy an individual plan?
You never know when a medical emergency will strike. That's why it is called a crisis, after all. Imagine if you carefully plan your finances for the next ten years and then tragedy strikes? That would be terrible. It completely throws your planning out of the window. With individual insurance, you cover your losses. Not completely but at least partially. Therefore, it is an effective tool in countering such financially challenging times.
The number of new diseases doctors discover rises every year. You are always susceptible to a whole host of diseases. You may never have even heard of some of these diseases. But your insurer has, and they provide cover for it.
Getting better technology and learning finer techniques takes money. So hospitals raise treatment costs in response. There has been an upward trend in treatment prices. You need to mitigate these costs, and insurance allows you to do this.
While tax benefits are required by law, there are several other policy benefits you get from choosing individual insurance. The sooner you start looking at individual health plans, the better you are covered. You get more financial benefits.
Cover 360 is here to ensure you are buying the right individual health insurance for your needs, so you get the maximum benefits!
Individual health insurance is one of the major backbones of the economy. With healthcare prices skyrocketing, losing all your savings in a single medical emergency is a major possibility. Individual health plans prevent such financial ruin. Especially if the individual is the only person with an income or is continuously in a high-risk environment, in such cases, having individual healthcare makes sense. You never know when tragedy will strike. Therefore, you should always be prepared.
There are also different types of individual insurance. And you need to choose one based on your needs.
The standard one with basic coverage is individual insurance. This is what you should ideally get if you are in a high-stress job or a similar environment. Or if you are likely to have smaller problems like failing eyesight. In such cases, your insurance would presumably cover hospitalisation or ENT clinic visits. This is, therefore, a good way of keeping yourself covered as an individual.
Senior citizens are often at a higher risk of falling sick. And their treatments may also cost more due to their age. If you have a parent or grandparent who would benefit from such an insurance policy, get this one. It typically covers individuals of 60 and above, ensuring that they can avail the best care for a lower price.
When buying insurance, always look at family history. If your family has a history of critical illnesses, i.e. terminal illnesses, you may want this policy instead. Critical illness insurance covers a single person by offering a lump-sum payout at the time of diagnosis. Critical illness treatments are typically more expensive than regular treatments so getting cover specifically for that makes sense. Additionally, these policies often do not cover pre-existing illnesses. This means you need to account for the waiting period and get your insurance accordingly.
Maternity insurance is quite popular and is usually offered as a benefit along with a pre-existing policy. It covers the mother’s hospitalisation during childbirth and sometimes also covers newborn expenses for a few weeks. It is quite expensive due to the nearly 100% claim rate but greatly lowers the financial burden of new parenthood once purchased.
This is a unique cover that ensures you or your family are financially secure in the case of an accident. Accidents can cause disabilities or even death. This policy accounts for that and covers hospitalisation charges. It may also offer a fixed monetary benefit in some cases.
Choosing the right plan from the immense number of individual health plans is difficult. You need a clear idea of what you need. And that’s what our specialists at Cover 360 help you with! We ensure you get exactly what you need by analysing and comparing various plans!
Individual health insurance gained massive popularity with good reason. Acting as a financial cover during uncertain times, it ensures that you do not go bankrupt. And with hospitalisation costs, ambulance charges and treatment prices continually rising, its popularity makes sense. Several people opt for individual health plans because they better cater to their needs. An individual plan offers greater coverage, therefore being better than a group plan. It is recommended for people at high risk or sole breadwinners of families.
There are obviously a lot of benefits to buying individual insurance. So let’s see what they are!
Depending on your insurer, you can avail cashless treatment or hospitalisation. This means that you do not pay for anything. Instead, your insurer directly transfers the amount for your treatment to the hospital. All you need to do is give them your bills. Cashless treatment is considered a great benefit since you do not have to wait for reimbursements or anything of that sort.
A lot of times, pre and post-hospitalisation charges are the most financially draining. They require coverage too. Any expenses related to the covered disease may be covered under this clause.
Suppose you buy individual health insurance and then do not claim it. So then your insurer increases your base sum assured as a bonus. This is called the no-claim bonus. It is a huge benefit which ensures that you are covered by an even higher sum when you do claim insurance.
Sub-limits are a clause present in nearly all individual health plans. These limits indicate the extent to which you are financially covered. The room rent sub-limit also indicates this. For example, if your sub-limit is Rs. 3000 and you incur a daily room rent of Rs. 5000, you cover the remaining Rs. 2000 from your own pocket. But this is still a considerable saving, making this a great benefit.
Ambulance charges are also quite expensive. Some people skip ambulances because of the expenses. But if your ambulance ride is covered under your plan, there is no reason you should skip this benefit.
Co-payments take the concept of sub-limits and apply it to the entire policy. This lowers the cost of your insurance since you and your insurer share the cost of treatment. If co-payment is not availed, then you pay much more for your insurance.
A lot of policies include annual health check-ups for free. This means you can ensure that you are healthy and, therefore, can avail your no claim bonus, too.
TPAs are a godsend in today’s world. Insurers and hospitals outsource some of the insurance work to them. This includes claim validations, premium collections etc. Having a TPA makes the entire insurance process faster and more efficient. This means your claim request is judged faster and your settlement is quicker.
Like other health insurances, individual health insurance also offers tax benefits. Under Section 80D of the Income Tax Act, all premiums are tax-deductible. Therefore, you save more money in the long run!
Cover 360 keeps all these benefits in mind when choosing the ideal policy for you. We ensure that you are truly satisfied with your policy by giving you the maximum benefits at the minimum limitations!
Individual health insurance is a type of insurance that only covers one person. It is quite extensive and prevents your savings from drying up in case of a medical emergency. Due to this, it is massively popular. Some people even choose individual health plans despite being under a group plan. These are typically high-risk individuals who need extra cover.
Individual plans offer extensive cover. But this kind of cover comes at a cost. Since the insurer needs to pay for your medical needs, they cannot cover everything. Even with a co-payment scheme, complete coverage for everything is not possible. Therefore, in order to provide maximum coverage, they need to exclude certain illnesses.
While the exclusions differ from policy to policy, these are some standard exclusions. We recommend that you look at the list of inclusions and exclusions carefully before making your decision.
We at Cover 360 also follow these rules so that we can ensure maximum coverage for you with minimum limitations!
Individual health insurance is meant for people who are at high risk. This may be based on several factors, and individual insurance often gives the right amount of cover. Individual health plans come in many forms such as senior citizen insurance, critical illness insurance etc. You need to choose the one you think would best benefit you.
So how do you know which insurance policy to buy? What should you consider before buying individual health insurance?
Checking your family history is of the utmost importance when deciding which insurance policy to buy. Your family history will give you an idea of what kind of coverage you need. Genetics plays a huge role in what diseases you could get. So you need to be prepared.
Your environment can also affect your health. For example, if you are in a high-pressure job, the chances of contracting a stress-related illness are higher. You need to account for that and choose your policy accordingly.
Even if you do not have the chance of contracting an illness, coverage is important. Choose a plan with the maximum possible coverage and the minimum limitations. Or ensure that the list of exclusions will not be overwhelming.
Every policy has clauses, and a lot have sub-limits. Sub-limits are how much the insurance covers—the remaining amount you have to cover. Based on your financial situation and the kind of situation you foresee in case of a medical emergency, choose a plan.
Most policies have a waiting period. Waiting periods can range from 30 days to a few years. They also differ based on the illnesses. For example, the waiting period for pre-existing illness cover or maternity cover might be longer than for the illnesses covered in your insurance. Therefore, you need to look at all the waiting periods for the individual health plans you are considering.
Getting insurance does not matter if your insurer never settles their claims. Especially in the case of reimbursement-based policies, you need a dependable insurer. A sure sign of dependability is if your insurer has a separate internal claim settlement team or relies on third-party administrators. This is generally a sign that the process will be faster. The bottom line is, choose someone with a high claim settlement ratio - someone you can trust.
Premium loading is a feature of some policies where the premium is increased if the individual is considered to be at a higher risk. In this case, the premium increases by a certain percentage with each claim settlement. Premium loading is usually in the fine print so ensure you always read that. While it may seem reasonable right now, it often becomes a point of upset later.
Checking the age limits on a policy is important. Also, checking your policy term is important. These two features have a close relationship. They determine how long and when you can renew your policy. Renewal is typically when the premium is paid. Usually, if the policy term is longer than a year, you get additional benefits. These are all in the fine print and, therefore, need to be closely examined before purchasing your individual health insurance.
Many times, you may choose an insurance policy and then want to switch to a different policy. Earlier, switching this way was not allowed. Now, as switching becomes more prevalent, health insurance providers allow you to change companies without losing the waiting period. To make this process easier, certain policy providers also have a free-look period of about 15 days. During this time, you are covered by the policy and can decide whether it fits your needs. If it does not, you can leave the policy for a different company without losing your money.
The final thing you need to keep in mind is the kind of coverage you get. Is it a reimbursement process or a cashless treatment process? In a reimbursement process, you bear the costs and the insurance company reimburses you. In a cashless treatment scheme, your insurance provider directly pays the hospital. You only bear the costs as per the co-payment or sub-limit clauses.
Cover 360 ensures you account for all these things before you choose from the many individual health plans out there. Part of trusting us with your history and your needs is that we ensure you are well-covered and we promise nothing less!
Individual health insurance was introduced so that individuals could feel more secure in terms of medical expenses. Medical inflation is rising prices all over the world. The costs for treatments and medications are sky-high. If you are not wealthy, one medical emergency could put a huge dent in your savings. All that financial planning you did for years can completely go to waste! This is why individual health plans came up. Today, they cover a vast range of ailments. Therefore, you are well-covered all the time.
So what are the advantages of choosing individual health insurance?
These are just some of the advantages that individual plans generally give you. Your specific plan will be better. Especially with Cover 360 by your side, you will get the greatest advantages and benefits from your individual insurance plan with the fewest possible limitations!
Individual health insurance is a plan which only covers an individual. Today, it is probably the most popular form of insurance. Individual health plans offer a specific sum if a medical emergency strikes. This sum ensures that you do not fall into a financial crisis during health issues.
This puts individual health insurance in high demand. Insurers have responded to these demands by introducing a variety of plans. This makes choosing the perfect plan difficult. Well, not to worry, because we have put together some of the best available individual health plans. With these as a starting point, you know exactly what to look for!
While these are only some examples of individual health plans, they provide a good starting point for comparisons. They cover some things you need to look for when choosing your policy.
Cover 360 uses these parameters to compare various plans before choosing the ideal one for you!
Individual health insurance has gained massive popularity due to its appeal during financial crises. Individual plans can literally save you from draining your savings during a health crisis. This is because they cover your medical expenses. Therefore, in times of emergency, they are an excellent fallback option. They become a financial safety net. Due to this, more and more individual health plans are emerging all over the place.
With the growing demand for them, the obvious next step is wondering if you are eligible. Like any other insurance, there must be some criteria. Well, the good news is that meeting the requirements is very easy.
At Cover 360, we help you meet the eligibility criteria of the individual health insurance policy of your choice. Or you can give us your requirements, and we match you with the policy that would bring you the most benefits. Either way, we ensure you remain well-covered through and through!
Individual health insurance protects the insured during a medical emergency. Since medical emergencies can completely wipe out a person's savings, coverage is essential. It prevents complete financial ruin. This is why most insurers offer individual health plans today. These comprehensive plans cover a range of illnesses and medical services. This way, you have nothing to worry about!
You can also call us directly to get all the right insurance advice you need.
Cover 360’s experts know every individual plan on the market and can connect you with the one most suited to you.
Individual health insurance may be one of the most popular types of health insurance. However, it is far from the only type. Another incredibly popular health insurance is family health insurance. Often, when someone is deciding about health insurance, they wonder if individual health plans are worth it. While the answer is usually yes, you also need to understand why you should choose individual plans.
So, how do individual plans and family plans differ?
Cover 360's insurance specialists understand these differences. Therefore, it is our job to guide you in the right direction, so you get the policy which is best suited to yours and your family's needs!
Individual health insurance is well-known for its ability to curb financial distress. It acts as a safety net when a medical emergency strikes. Due to this, there are a huge number of individual health plans on the market today. This can be exceedingly intimidating.
How do you choose the right plan?
How do you know whether or not a plan is right?
What do you do if your individual health insurance is bad?
Not to worry, Cover 360 is on the case!
Reach out to us with any query at any point, and we are here to help. After all, we care about your health. We are not just getting you covered and then leaving you. You deserve security, and we ensure that it is what you get. The maximum-security at the minimum limitations!