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January 8, 2021

8 Reasons To Buy An Individual Health Insurance Policy

The medical inflation in the country is seen to steadily increase with each passing year. Not only the cost of treatment, but there is increased exposure and risk to many new forms of ailments at present. To add to it, the current pandemic has made it imperative to have a form of safety net for our health needs.

Health Insurance Policy

Health insurance is a financial backup plan that aids in times of unexpected medical emergencies. Health ailments are uncertain and unpredictable. You cannot plan for hospitalisation but can be prepared for such an event.

While there are various health insurance plans that you can purchase, an individual cover is a no-brainer choice. Let us look at eight such reasons that make buying an individual health insurance a necessity.

#1 Insufficient coverage by the employer

Group insurance policies are an added perk offered by your employer to ensure your health. Although these are decent health insurance plans, they do not offer customisations that you may require and at times are insufficient to take care of your healthcare requirements. Moreover, you do not have the option to modify the inclusions, diseases covered, additional riders, etc. To bypass the shortcoming of a group insurance cover, you can invest in an individual policy.

#2 Cashless treatment

During a medical emergency, there may be a sudden requirement for a large amount of money to pay for the treatment costs. At such times, a cashless facility that is available under an individual insurance cover comes handy. Here, you need not resort to dissolving your savings to pay for the treatment cost.

#3 Affordable premiums

The premiums under an individual plan are directly impacted by your age. Hence, the earlier you start, the greater is the advantage. Older individuals will notice that the premiums for the same plans are higher as compared to younger individuals. Further, when compared with health insurance for senior citizens, the premiums are affordable for individual covers.

#4 Cumulative bonus

The earlier you start, the lesser are the chances that you will need to make a claim. A young body is generally less prone to illnesses. Health insurance companies also offer enhanced coverage in the form of cumulative bonus at renewal date.

#5 Exhaustive and customisable coverage

Individual health covers can be customisable as per every individual’s needs. Be it a critical illness insurance rider or ambulance cover, they can be added to your policy. The same flexibility isn’t available with all other types of policies. So, for an exhaustive and customisable coverage, it is recommended you purchase an individual health insurance plan.

#6 Retirement planning

Retirement planning is a crucial part of your financial plan. Using an individual health insurance policy, you can ensure your limited income is not spent on availing medical treatment.

#7 Preventive health checkup

The adage, prevention is better than cure rightly justifies availing a preventive health checkup instead of spending all your hard-earned money on treatment. Similarly, most individual health insurance policies include preventive health check-up so you can seek quicker treatment for any ailment.

#8 Tax Benefits

Like other types of health insurance plans, individual policies enjoy tax benefits too. This way, not only do you get the safety net of an insurance cover, but also tax benefits.

Medical emergencies do not come with a warning. So it is always wise to be prepared considering the rising cost of treatment and our increased dependency on the same. Keep in mind these nifty tips that make selecting an individual insurance policy a prudent choice.

Janet Mason

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