Benefits of the Individual Health Insurance Policy

Benefits of the Individual Health Insurance Policy
Photo by Mikhail Nilov from Pexels

If you suddenly fall ill, undergo huge financial loss, or meet with an accident.  You require finance to meet your expenses.  If you are admitted in a hospital, then you should pay fees to the doctor for availing treatment and medications. During the hours of emergency, you may not be able to pay a lump sum amount. So, an insurance policy can save your life and meet your expenses instantly.  An individual health insurance policy can secure your life and meet your expenses anytime. Today, many people are suffering from COVID and are undergoing treatment in hospitals. Many people in our country are unable to meet medical expenses and are losing their lives. The health care insurance policy can meet your expenses. The poor people of our nation can buy a low-cost care insurance policy to meet medical expenses. Anybody can become prone to diseases such as coronavirus today.

About the health insurance policy

You can purchase the individual health care policy because it is cost-effective. The amount of premium to be paid is relatively lesser. You can instantly undergo treatment for COVID in a hospital. If you purchase the policy, you can also avail tax benefits such as tax rebate u/s 80D. Annually, you can also undergo a health check-up. They provide coverage for modern treatment such as robotic surgery also.

They are provided patronized services to the patients who suffer from various illnesses. The mediclaim plans are not burdensome to the customers.

Some of the policy terms

They provide coverage to people up to 91 years. This policy can be renewed lifelong or you can choose the nearest substitute of this product. For the first time, when the policy is to be purchased, the eldest member insured should be below 61 years. Co-payment is not applicable. If the eldest member is above 61, then the claim amount of the policy should be borne by you. If the person is ill or injured, then they provide grace for 30 days. After the individual health insurance policy expires, and then you are provided with a grace period of 30 days to renew the policy.

Benefits of the insurance policy

This policy covers various costs such as pre-hospitalization, in-patient hospitalization, day care, room rent, post-hospitalization expenses etc. The amount that they compensate is equivalent to the sum assured. They can pay the pre-hospitalization costs of 30 days. Many people undergo treatment at home initially and then are admitted to hospital if they severely suffer from disease. They also meet the post-hospitalization expenses for 60 days. Some people who have undergone surgery should undergo post-hospitalization treatment. So, the insurance company provides finance to the patients to meet post-hospitalization expenses. The hospitals demand day-care charges from the patients. The patients should also pay room rent. So, depending upon the sum assured, they provide finance to the patients. They usually provide finance to the patients living in a single private room in a hospital. The insurance company even meets the expenses of the patients who are admitted to ICU. The Care Health Insurance covers the expenses of hiring an ambulance also. The patient should be admitted to the hospital instantly via ambulance. They provide finance to meet the expenses of domiciliary hospitalization up to 10% of SI. After the patient is discharged from the hospital, then he should frequently meet the doctor for health-check up. He should pay fees to the doctor every time. But, if he is secured with the individual health care policy, then he need not pay expenses everytime. The insurance company provides health check-up expenses also.

The patients should undergo surgeries and the donors donate organs to the patients. If the patient is insured under the health insurance cover, then a certain amount is refunded.

The patients should incur expenses for diagnosis, undergoing treatment, hiring an ambulance, buying medications, post-hospitalization expenses such as annual check-up, post-operative care etc. So, the health care policy can provide treatment to the patients within the specified time. When the patient is immediately admitted to the ward, then he should pay some fees at the counter.

The Care Health Insurance aims to provide COVID care to the patients also.

If you are seriously suffering from COVID problem, then you should be admitted to a hospital and require treatment for 24 hours or more. The insurance companies also indemnify the medical expenses for day-care treatment also up to the sum assured. They provide treatment incurred during the period of 24 hours. You are provided with coverage for quarantining also. The insurance companies indemnify expenses up to 1% per day. They provide pre-hospitalization costs for a period of 30 days also prior to the admission of a hospital. The insurance companies also provide cover for post-hospitalization expenses for a period of 60 days. Some people require postoperative treatment for 2 months since they are weak.

So, you should adhere to the terms of the policies, so you are benefited from the policy.



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