Individual Health Insurance is a type of insurance that reimburses the cost of medical expenses incurred by the policy holder either due to illness OR accident and thereby provides financial security for the medical expenses incurred by the policyholder. Based on the chosen health insurance plan, the policyholder gets coverage for hospitalisation, day-care facility, treatment costs for specified diseases, surgical expenses along with reimbursement of the total expenses.
Why an Individual Health plan is essential?
- Provides financial security against rising medical bills
- It’s the best possible solution for individuals to plan for quality treatment in case of unexpected medical emergencies.
Features of Individual Health Policy
- Individual Health covers all pre- and post-hospitalization expenses incurred from 30-60 days prior to hospitalization and 30-60 days post the hospitalization.
- It provides cashless facility wherein the cost of hospitalization and treatment is paid directly by the insurance company to the hospital. This facility is available only in case the treatment is done in a hospital approved by the insurance company. In case of treatments done in non-approved hospitals, the insured has to make the payment to the hospital and subsequently claim the reimbursement from the insurance company.
- Pre existing diseases are covered after initial waiting hospital of 3-4 years.
- The premiums paid under the policy is eligible for tax deduction under Sec 80D of Income Tax Act.