Individual health insurance is a contract between the provider and the insured party offering coverage for medical expenses against the premium paid. This policy only covers one individual. So, buying Individual health insurance plans for a family means getting it individually for each member. In this article, we focus on understanding why one should buy this plan over other options. So, if you are exploring different health insurance plans, you must keep reading. This article covers the gist of Individual Health Insurance.
Top Reasons to Choose Individual Health Insurance Coverage
1. Tailored Coverage to Suit Your Needs
The best thing about an individual health insurance plan is that you can choose the extent of coverage you want. That means, depending on your individual medical needs and budget, you can buy your health insurance policy. Such policies allow you to choose the extent of coverage you need and customise and add coverage accordingly. For instance, if your spouse or parent has a certain condition, then you can create an individual policy for them based on their medical condition and needs.
2. Faster Claims Processing
When it comes to the best health insurance plan that covers individuals, these policies offer faster claim processing, comparatively. That is because, unlike family plans, these plans don’t cover multiple members. They avoid any complications related to others and focus only on you. That simplifies the whole experience, ensuring your claim is processed independently and ensuring quicker approval.
3. Dedicated Sum Insured
One of the biggest benefits of an Individual health insurance plan is that you enjoy a dedicated sum insured for yourself. That means the entire coverage is solely reserved for individual medical needs and not shared, as you see with a floater. This ensures better financial security, and there are no worries about other family members eating up your limits. Further, if you are insured with NCB, your sum insured can grow to benefit you alone.
4. Tax Benefits Under Income Tax
An individual health insurance plan offers double benefits, first with health and the other with tax savings. When you buy individual health insurance, you are eligible to avail yourself of a deduction under Section 80d on the health insurance premium you pay. The deduction an individual can receive by buying individual health insurance is up to Rs 25000 yearly.
In the case of a senior citizen, you enjoy a higher deduction of up to Rs 50,000 yearly. Further, you can claim a deduction of Rs 1,00,00 if both you and the person for whom you are buying this mediclaim policy are senior citizens.
5. Free Health Checkup
Most insurance providers offer free health checkups with individual health insurance plans. This not only helps to monitor your health for free but also ensures you get adequate coverage if required. So, this is quite a healthy practice that you enjoy with an individual health insurance plan.
6. Ideal Health Cover for Young Professionals
Many working professionals simply rely on the group insurance policy offered by the provider. They are unaware that all coverage goes away once the individual leaves the company, and buying health insurance as one grows older can be expensive. Therefore, the best time to buy individual health insurance is as early as possible. That ensures that you buy it at low rates and enjoy lifelong renewability with customisation.
Wrapping up
When you buy individual health insurance plans, you enjoy tailored coverage, a dedicated sum insured, tax benefits, free health checkups, etc. Such policies are a full-fledged package if designed smartly to meet personal healthcare needs without any compromise. So get ready to enjoy the dual benefits of individual health insurance, which saves on health and taxes as well. Start exploring and getting the best health insurance plans today.
Hello, I’m Kapil Kumar, a seasoned SEO expert and blogger at WinnersList.in. My mission is to spotlight exceptional individuals and organizations across various domains. Through curated lists, profiles, and inspiring stories, I aim to celebrate outstanding achievements and inspire the next generation of champions. Join me in this journey.