Given the rising cost of medical treatments, if you want to prevent your savings from being wiped out due to any medical emergency, you should opt for a health insurance plan. A health insurance plan pays for medical treatments availed if you face a medical contingency and thus safeguards your finances. A health plan can be taken for self or for your family. Individual health insurance plans are designed for an individual. The plan covers medical contingencies faced by the individual during the term of the plan.
When it comes to coverage features, different health insurance plans offer a different set of features. However, there are some standard coverage features which are universal in all health insurance plans. Here are such standard features:
Pre hospitalization - this covers the expenses incurred before you are actually hospitalized. Such expenses should be incurred in relation to the ailment for which you are eventually hospitalized. Moreover, the expenses are covered for a specified tenure which usually ranges from 30 days to 60 days.
In-patient hospitalization - the actual costs of hospitalization like room rent, boarding and nursing expenses, surgeon’s fees, etc. are covered under this head. There is no limiting tenure. However, there might be sub-limits on room rent. Moreover, in-patient hospitalization is covered up to a maximum of the Sum Insured.
Post hospitalization - after being discharged from the hospital the expenses incurred in monitoring the recovery and any subsequent expenses pertaining to the ailment are covered under this head. Post-hospitalization expenses are covered for a limited duration ranging from 60 days to 90 days.
Ambulance expenses - the costs incurred in transporting you to the hospital through an ambulance is covered under this category up to a maximum limit.
Day care treatments - treatments which do not require a continuous hospitalization of 24 hours due to technological advancement are called Day Care Treatments and these treatments are also covered under the plan.
Health check-ups - health insurance plans also provide free health check-ups up to a certain limit and after a specified period of claim-free policy years.
Other salient features of an individual health insurance plan include the following:
There is a minimum and maximum entry age and individuals within the allowed age limits can buy the plan.
Health plans have now become lifelong renewable. You can renew health insurance plan for as long as you live without there being a maximum maturity age.
The policy is issued either with or without medical tests depending on the Sum Insured and entry age of insured.
Claims can be settled either through cashless facility or through reimbursement. To avail cashless claim settlement you have to get treatment in a network hospital.
Online health insurance plans are available where you can buy the plan online easily. Buying online health insurance is better as you can compare best medical insurance policies online. Online platforms list all available plans and you can buy one after comparing between them. Paybima is also an online platform where you can compare best insurance policies and then buy one for your needs. An individual health plan is essential so buy one for yourself without fail.