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BT Insight: Why the personal health insurance policy is important

When it comes to buying a health policy, most people can do it as a more focused form on tax benefits under the 80D section of the Income Tax Act rather than details on the policy

An individual health insurance policy is a standard health insurance product that only includes a single person (the contract holder) for the expense of medical cases. If you are hospitalized due to an abrupt illness or accident, the policy will pay for expensive medical treatment (before and after hospitalization), ambulance fees, diagnostic tests, room rents, medicines, and daily cash assistance, etc. in the policy. There may be additional limitations on some costs, though. Some medical policies also include residential treatment, which is at home treatment under medical supervision.

Personal health insurance is a must-have for young people who have not yet begun families. Insurance for other family members may be renewed in subsequent years. A family person who has a serious health risk should prioritize a personal health policy over the family-to-household because of higher coverage requirements. Individual health insurance guarantees a significant amount instead of the floating amount guaranteed in the family float plan.

When it comes to buying a health policy, most people can do it as a more focused form on tax benefits under the 80D section of the Income Tax Act rather than details on the policy. However, the main purpose of purchasing a health policy must always be to get adequate health insurance because you choose a wrong policy that has insufficient coverage.


Guaranteed Amount
A health insurance at least 3-5 rupee is a must for individuals seeking a health plan. Naval Goel, CEO & Founder of PolicyX.com said that because of the less likely you are registering a request from a childhood, you can most likely get an unrequested reward or accrual bonus. “That means your insurance amount can increase up to 200 percent annually,” he said.

All medical policies have a two to four year waiting period for pre-existing diseases and some diseases such as cataract, hernia, sinusitis may not be covered in the first year of the policy. If you buy an individual policy as a young child, it will help you pass the waiting time that you cannot afford to ask for any such disease.

Besides, if you rely solely on the company’s health policy provided by your employer, you must consider purchasing a separate program. ― “Even if you are protected in the employer’s group protection policy, you should still have their own policy because the employer-provided policy will no longer be valid when you rest and when you retire the future, ” Amit Chhabra, Head-Health Insurance, Policybazaar.com said.


How to choose a policy
You have to know that low premiums are not the only criteria in zero policy. The reputation of the insurance company and its required resolution rate is much more important because you are in it for a long time. Besides, it is important to examine the regenerative capacity of the plan. You must choose a plan that offers lifetime reproduction capability because buying a new policy in old age is harder than an existing policy extension.

Among other features, you must conduct a comparison of the health policies available on the basis of the value of insurance, include/exclude hospitals, rent limits for hospitals, non-cash establishments, waiting times, previous illness, ambulance insurance, genetic related to Varun Gera, CEO & Founder, HealthAssure, disease insurance, mental health insurance, and outpatient insurance et al.
― “OPD Insurance, hospital rents, including mental health and genetic diseases are some of the lesser-known features that insurance companies offer,” he added.

A few health insurance programs offer insurance against allergy treatments such as Ayurveda, Unani, Siddha, and Homeopathy (AYUSH), Goel’s PolicyX.com said. He added that some health insurance companies could pay you a lump to cover additional costs such as loss of income or compassion visits of family members-due to prolonged hospitalization, as defined in the policy documentation.

At the beginning of this month, the India Insurance Administration and Development Authority (IRDAI) has requested that general health insurance companies and health insurance provide a standard personal health insurance product ‘ Arogya Sanjeevani ‘ with maximum coverage of up to 5 lakh. Insurance companies are supposed to provide this service from Apr. 1, 2020.

The popular Personal health insurance Program:


Mistakes to avoid
If you are a person living in the city level II or level III, then the premium is relatively lower than a person living in the Metro city in the same policy. This is because many health insurance companies are pricing their policies according to the city area. Indraneel Chatterjee, Principal & Co-Founder, RenewBuy.com said:

― “What they must keep in mind is that some insurance companies limit insurance if a policy owner from the lower region transfers to a city area for enhanced treatment,” he warns.
Secondly, you must always reveal lifestyle habits that you may have such as smoking and alcohol intake and both the history of the disease while purchasing the policy. Not revealing existing medical conditions or lifestyle habits can lead to denial of insurance claims at the time of necessity.

Gera’s Heath

Assure recommends that non-cash claims be the best option to resolve your complaint. “For a claim, it is required to obtain all documents from the hospital and submit it to the insurer or third-party administrator. It can cause delays and requests for additional documents along with answering many questions, “he said.


How to earn discounts on health policies
There are three ways that you can earn discounts or additional benefits for the policy:
Opt for a multi-year policy: Usually, the health insurance policy is one year, but there are many insurance companies that offer health insurance coverage for a two-year policy period. “Buying a policy for longer policy deadlines will allow the insured person to take advantage of the premium discount along with being covered for a wider range “, Sekhar’s Renewbuy.com said.
Opt into the voluntary payment agreement: There is a mandatory and voluntary co-payment term under different health insurance policies. “When choosing a voluntary co-payment, the insurance company will discount the premium. The higher the payment share, the higher the discount will be offered on premium “, Sekhar said.

Health benefits: Most insurance companies now offer discounts for premium if you achieve a number of steps that are set up in a year. Some insurance companies offer an annual fixed amount of health care or fitness services as gym members. In fact, recently, Irda has launched ‘ Draft exposure on guidance on features/preventative health and benefits ‘. It says that insurance will give the policy owners the possible changes back to the Yoga center, gym membership, and even buy protein supplements.

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