5 Reasons an Individual Health Insurance Cover is Beneficial

When a person has so much to contend with—workload, peer pressure, family duties, etc.- youth is often ignored. Health is frequently disregarded in the process. Most of India’s young population is susceptible to different lifestyle-related health disorders due to a stressful lifestyle. Nowadays, purchasing personal health insurance is a crucial investment. A person’s funds will not be as exhausted by medical emergency costs thanks to insurance coverage. If a person is unmarried and has no immediate plans to start a family, an individual health insurance cover plan is the best choice.

So, what is individual health insurance?

It is a health insurance policy that only covers the insured person individually, and that person also bears the premium cost. Additionally, one can get individual health insurance cover for their spouse, kids, and dependent parents if they find it convenient.

5 Reasons an Individual Health Insurance Cover is Beneficial

Importance of Having an Individual Health Insurance Cover

Let’s find the reasons for choosing individual health insurance:

Ideal Health Cover for Young Professionals 

There is a lack of understanding about medical insurance. Many working professionals rely primarily on their savings or employer-provided mediclaim to cover their medical bills. Unfortunately, when unexpected medical bills arrive, one may encounter financial scarcity. 

Instead of mediclaim plans, individual health plans provide several policy benefits such as lifelong renewability and allow the insured to customise it. They cover in-patient treatment, modern-day care procedures, robotic surgeries, daily allowances, pre and post-hospitalization medical expenses etc. It now also includes covid-19 coverage to safeguard you from the cost of hospitalisation due to covid-19.

Healthcare is Getting Costlier 

Although there have been constant advancements in medical research, the price of procedures and treatments is soaring. Accidents, illnesses, or injuries can occur when we least expect them. The ever-rising medical inflation may cause huge financial hardship, where a single hospitalisation can drain all the savings. When medical expenses occur suddenly, a person can manage the finances with the help of an individual health insurance plan.

Moreover, a person can use the cashless treatment facility at a network hospital that comes under their insurance provider’s list of networks. The process of finding money to cover hospital costs saves time and effort. As a result, receiving either scheduled or emergency medical care is less stressful.

Secures a Person After Retirement

Your post-retirement years will be less stressful if you invest in an individual health insurance plan, especially while dealing with age-related ailments and expensive medical procedures. Obtaining health insurance gets more difficult as you age, which raises the premium. It is simpler to obtain health insurance online without a pre-policy medical exam the younger the applicant. An individual will continue to receive coverage under the same health insurance policy because of the lifelong renewability feature. Additionally, the cumulative bonus from the no-claim bonus is useful.

Provides Tax Saving Opportunity

One of the objectives everyone strives to accomplish is saving tax. Health insurance provides the added benefit of protecting one’s health and reducing taxes, which appeals to those looking for methods to save money. Under Section 80D of the Income Tax Act, a person may be able to deduct the cost of their health insurance. For an individual, the maximum deduction is Rs 25,000 per year. Senior citizens are eligible for a larger deduction of up to Rs 50,000. If the proposer and the insured individual covered by a plan are senior citizens, the total maximum tax benefits one can avail of is up to Rs 1 lakh.

To Sum Up

Purchase individual health insurance to protect your health during unforeseen medical emergencies. Additionally, you can customise your policy thanks to the abundance of advantages and add-on covers accessible. Verify the exclusions, co-payments, and deductibles in the policy’s terms. Additionally, learn about the claims processes to prevent future difficulties.

Being one of the leading health insurers, Care Health Insurance has been serving the industry for a long with its comprehensive plans. One of the appealing products by the insurer is ‘Care’ – a comprehensive health plan that serves the needs of an individual with unique features such as lifetime renewability, daycare treatment etc. Select ‘Care’ today and keep your future secured with safe hands. 

Disclaimer: Policy terms and conditions will apply to the features, benefits, coverage, and underwriting of claims under the plan. Please carefully read the policy documents, sales prospectus, and brochure.