There are several kinds of general insurance companies in India that helps in providing people with proper access to health insurance policies. Each of the companies comes with several kinds of advantages for the people and there are multiple types of policies available in the market for example individual health insurance, family health insurance, critical illness insurance, group insurance and several other kinds of things. Under the family health insurance plan normally the companies cover only the couple and their two dependent children as well as the dependent parents. This will mean that in a single policy one can cover the spouse, two dependent children and the parents very easily.
But on the other hand, going with the option of individual health insurance policy as the name will suggest is a good idea as it will cover only one individual and the expenditures associated with that particular individual. In such policies the sum insured and amount assigned will always be present differently for every individual and it is very much advisable for the people to go with the option of purchasing such plans for all the people who need extra health coverage and have chances of medical expenditures in the long run. This particular concept will be very much beneficial for that particular person from the perspective of money as well as health.
Following are the most important advantages of individual health insurance:
- One of the most important reasons for going with the option of purchasing health insurance is that people will always remain protected against unexpected medical expenses which will further help in protecting the people in the cases of financial crisis whenever they are facing health issues in life. It will also help in relieving the people In terms of the burden associated with the whole process.
- In the cases of unforeseen circumstances of medical-related problems, people need to be hospitalised and cashless claim service is considered to be a very good rescue and all these kinds of cases which is possible if people go with the option of purchasing the individual health insurance policy. This will allow the people to avail of the medical treatment without any kind of payments to the hospital in this particular facility will only be available in the case of network hospitals. So, being clear about this concept is very much important so that the company will directly settle the claim with the hospital.
- There are several kinds of insurance companies that are paying specific allowance to the insured for every day which he or she will spend in the hospital and this is only applicable if the people spend some of the days in the hospital. The number of days spent in the hospital will be pre-decided in the policy and will also vary from one company to another company. So, if the people are primary earning members of the family then allowance will prove to be a very beneficial concept for the dependent people in the cases of emergencies.
- The premium which has been paid by the insured on these kinds of insurance policies will be eligible for deduction under the section 80 D of the income tax act in India in this particular reduction will be available up to Rs.15,000 for the individuals for 20,000 for the senior citizens who are above 65 years of age. Additionally, an amount of 20,000 will also be available for the exemption towards the premium paid for the dependent parents. So, this particular point will also help in saving the tax liability of the people and will ensure that they can have a good amount of financial freedom.
The cost of health insurance will always be directly linked with the age of the person who is getting this particular type of insurance and the reason behind this is very much simple that health will get it is clear as the age of individual will increase. So, it is very much important for people to have a clear-cut idea about the plans at a younger age so that they avail the advantages of less amount of premium very easily. The age factor is not a matter of choice to lessen the premium amount but one very important factor which the people can control is the co-payment. By going with the option of co-payment people can efficiently reduce their premium amount towards the health insurance policy because this will be a pre-decided sum of money that will be a promise to be paid by the insured at the time of filing the claim. The higher copayment people will choose less amount of the premium they will be able to enjoy.
Also in the cases of no claims during the tenure of the health insurance policy people will be able to avail different kinds of discounts in premium at the time of redoing it because of the no claim bonus which is considered to be a very good discount in premium. Hence, being clear about all these kinds of reasons associated with individual health insurance will always allow people to make perfect choices from the house of Care insurance very easily.
