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Benefits Of Individual Health Insurance

You will find over 20 general insurance firms in India that offer medical health insurance policies. Each one of these companies offers more than one type of medical health insurance policies in India. In other words, there are various kinds of medical health insurance policies available for sale – family medical health insurance, individual medical health insurance, critical illness insurance, group health insurance, etc.

Under a family group medical health insurance plan, while almost all of the general insurance firms cover only couple and their two dependent children; you’ll also find some companies who provide complete family cover – wherein dependent parents are also included in the policy. This means that in one policy you can cover your partner, two dependent children as well as your parents. ​Visit: Careshield Life for more details

Alternatively, an individual health insurance policy, as the name suggests, covers only a person. In family medical health insurance, same insured amount covers everyone members, whereas, the sum insured in an individual medical health insurance covers only one individual – the insured.

However, you can buy an individual medical health insurance policy for every single relative, with separate sum insured amount assigned to every individua​l. In the event, you have a family member who needs extra coverage of health and chances that his/her medical expenses may exceed, it will always be recommended to buy an individual medical health insurance policy for him/her. Doing so will prove to be more beneficial from both perspective – monetary and health.

Great things about individual medical health insurance:
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There are lots of features of having individual health insurance policy. Have a look at a few of the major benefits the following:

Coverage for medical expenses:

The main and main reason why we buy medical health insurance is to stay protected against unexpected medical expenses. It protects someone to a financial crisis if you are facing a health issue in life. It relieves you if the responsibility of the medical expense to enable you to focus of recovering well.​

Cashless Claim Service:

Within a unforeseen event of medical emergency, or situation what your location is said to be hospitalized, you can avail the cashless benefit provided in your policy. Cashless hospitalization facility made available from medical health insurance companies, under a person health policy, allows an individual to avail treatment without spending money on the same to the hospital. However, this facility is available only in the hospitals empanelled with the insurance firms. Under cashless hospitalization, the insurance provider settles claim right to the hospital / nursing home.

Hospitalization Daily Allowance:

Some insurance firms pay a particular allowance to the insured for each day he/she spends in a healthcare facility. This, however, does apply only following the insured has recently spent some days in hospital. The amount of days spent in hospital is obviously pre-decided in the policy and may change from one company to other. If you’re the primary earning member in your loved ones, such an allowance proves to be very beneficial at the time of emergency.

Tax Benefits:

The premium paid over a medical health insurance policy is qualified to receive deduction under Section 80D of the TAX Act. The amount of deduction available is up to Rs 15,000 for individuals or Rs 20,000 for older persons (aged above 65 years). Additionally some Rs 20,000 is also available for exemption towards premium payed for dependant parents.

Get best individual medical health insurance at less premium?

How Can You Get a Person Health Insurance Cover at Less Premium​?

Often it’s been noted that the cost of medical health insurance premium increases with rise in age. The real reason for this is easy – the normal belief that health threats increase with the age of an individual. Thus, if you buy an individual medical health insurance at a younger age, you have an edge as the probabilities you will be charged less premium is more.

While, this factor is not really a matter of choice to lessen your health insurance premium amount, a very important factor which you are able to control is a co-payment. By deciding on co-payment, you will for sure reduce the premium amount you pay towards your wellbeing insurance coverage. Co-payment is a pre-decided amount of cash, which you (the client) promises to pay from his/her pocketat the time of claim. The higher co-payment amount you choose to pay during claim, the low will be you premium. However, along the way make sure that your co-payment amount is at your finances and can be easily borne by you during a claim.

Furthermore, if you never have filed any claim during the tenure of your health insurance policy, then during renewal, you can avail discounts on premium by means of No-Claim Bonus. No Claim Bonus (NCB) is the discount in premium enjoyed by you for devoid of made a claim in the last year(s). This discount can be accumulated over a yearly basis starting.

Things to look out for:

Although it is well accepted that I today’s fast and stressful lifestyle, each individual should benefit from the benefits of medical health insurance, yet it is vital to notice that before you get any such policy, do your homework properly. Do not buy any medical health insurance policy without knowing or understanding the intricacies of the same. If it’s important to know very well what does your wellbeing insurance coverage covers you for, it is equally important to comprehend what it generally does not covers you for. At exactly the same time, before picking your wellbeing insurance coverage, read well through the terms & conditions mentioned in its policy wording. Usually do not hesitate to ask your insurance carrier about any doubt you have in your thoughts with regards to your health insurance coverage’s and its benefits.

Things such as ‘pre-existing condition’ tend to be not covered in medical health insurance policies. The companies which do cover such conditions achieve this task after a particular period of time of shopping for the policy. Thereby, read between the lines of the merchandise details.

Shop around for best quotes and benefits available for sale. Never go by what comes first, rather make your own choice, because with the easy usage of internet just about everywhere, buying a person health insurance policy is not only easy on pocket but has also become convenient.

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