Individual Health Insurance FAQ

What is Individual Health Insurance?

An individual health insurance plan means health insurance which covers only one person. The costly treatments and emergency cases become tension for many individuals. Having an individual health insurance plan helps you get cashless medical treatment in a network hospital. Reimburse your hospital bills in case of non- network hospitals during the non-cashless treatment. The insurance company reimburses the amount but after an appropriate approval process. Individual health insurance is the best key to full fills the heavy hospital bills at the time of hospitalization. Individual insurance policy helps in financial emergencies.

 

What are the questions to ask before buying individual health insurance from companies?
  • What Type of Plan Is This
  • What Will My Monthly Premiums Be
  • What’s My Copayment
  • What Are My Restrictions on Pre-Existing Conditions
  • What is Claim Settlement Ratio of your company
  • What is the maximum renewal age
  • List of network hospitals
  • What is basic coverage under an Individual Health Insurance

 

What are the best health insurance companies of 2019 for individual health insurance?
S.no Insurance Company
1 Apollo Munich Health Insurance Company
2 Star Health Insurance Company
3 Max Bupa Health Insurance Company
4 National Insurance Company
5 New India Assuarnce Company
6 Max Bupa Health Insurance Company
7 National Insurance Company
8 New India Assuarnce Company
9 Oriental General Insurance Company
10 Oriental General Insurance Company
11 United India Insurance Company
12 Religare Health Insurance Company
13 Future Ggenerali Insurance Company
14 HDFC ERGO Health Insurance Company
15 Iffco Tokio General Insurance Company
16 Liberty Videocon General Insurance Company
17 Magma HDI General Insurance Company

 

What things are not covered in the individual health insurance plan?
  • Claim raised within the 30 days period of the health insurance policy (except accidental case).
  • Any sexually transmitted diseases.
  • Any treatment related to fertility issues.
  • Any treatment and expenses incurred due to routine medical check-ups.
  • Any treatment/surgery is done for gender reassignments or gender change.
  • Any treatment is undertaken abroad.
What medical expenses are covered by individual health insurance?
  • Hospitalization and medical expenses
  • Pre and post hospitalization
  • Emergency services
  • Doctors’ consultation fees
  • Tax Rebate
  • ICU chargers
  • Room rent
  • Road ambulance
  • Free health check-up
  • Day care treatment
  • Personal accidental
  • Domiciliary
  • Dental health
  • Restoration
  • No claim bonus

 

What are the things to look for while choosing individual health insurance?
  • Basic coverage under an individual health insurance plan
  • Claim Settlement Ratio of the company
  • Premium they are offering
  • Ask for the maximum renewal age
  • Ask for the sub-limits or co-pay applicable
  • Check for the list of network hospitals
  • Flexibility to increase the sum assured of a family floater health plan
  • Get hassle-free claim settlement
  • Avail seamless cashless hospitalization
  • Restoration benefit

 

What are pre-existing diseases in individual health insurance?

The policyholder is already suffering from any disease then it will be counted in pre-existing diseases that are not covered. There will be a waiting period of 2-4 years or more depending upon the type of disease & its risk if the insurer agrees to cover it. Pre-existing diseases like kidney stones, arthritis, few chronic diseases, joints treatment and more are some which could be excluded.

 

What is the procedure to get a claim in case if I get Hospitalized?

There are two options to get a claim. One is to get cashless treatment. For that, you have to show your health care in the hospital’s TPA department and they will handle all the cashless claim process for you. Another option is if you visit a non network hospital, for that you have to submit all the bills and another document in the company to get the amount to reimburse.

 

What tax benefits can you avail by having individual health insurance?

Premium paid on an individual health insurance policy is eligible for deduction under Section 80D of the Income Tax Act.

What documents required for purchasing an individual health insurance policy?
  • Age Proof: Documents like PAN Card, Voter’s ID, Driving License, Passport, School or College Certificate, etc.
  • Photo Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter’s ID, etc.
  • Address Proof: Documents like Ration Card, Telephone Bill, Electricity Bill, Passport, Voter’s ID, Bank A/C Statement, etc.
  • Medical Check-up: If the insurance company asked
  • Passport size photograph

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