Understanding Individual Health Insurance
In India, financial difficulties are direct outcome of unexpected health costs in the case of many families. This is why it is considered financially prudent to have a good health insurance policy. It is no longer an option but an important aspect of one’s financial portfolio, to mitigate the downside risk and financial instability that unexpected health expenses can bring upon us. In this context, let us understand thoroughly the position of an Individual health insurance plan.
An individual health insurance plan follows the principle of protection of an individual’s health expenses in the event of being ill or hospitalized or needing healthcare. It encompasses nearly all forms of medical care, procedures, and hospitalizations. In case of adequate coverage, the advantage is that the person can get the required treatment without having to spend a lot of money out of pocket as the insurance plan covers the same to the extent of purchased coverage. As one reads the various product options, you will understand that there are add-ons, benefits and plan variants – allowing one to make a personalized/customized to suit that particular individual’s needs and affordability.
Factors to Consider When Choosing an Individual Health Insurance Plan
When selecting the best individual health insurance plan, several crucial factors need to be taken into account:
Coverage: It means that the plan should be able to cater for the medical bills you expect. As a patient, one should consider the treatments, procedures, and diseases that the insurance policy covers and those that the insurance policy does not cover or has restrictions.
Sum Insured: The sum insured is simply the total which shows the maximum that an insurance company will contribute towards the payment of your bills. Select the sum insured wisely. This should factor in all the potential costs that may be incurred on your future healthcare services.
Network Hospitals: As a reputed insurance company, there will be a vast and extensive network of hospitals that enable cashless treatment. This is an added advantage to getting quality healthcare services all over the country.
Pre-existing Conditions: This especially applies to those people who are suffering from some pre-existing medical conditions and would like to know whether these conditions are supported by the particular plan. There could also be waiting periods or exclusions made by the insurer with regards to a pre-existing condition.
Add-ons and Riders: These refer to the extra features that one might want in their policies that help in improving the policy’s coverage. You can even opt for such features as maternity benefits, critical illness cover, or personal accident cover depending on your individual requirement.
Premium: Compare the premiums of different plans so as to find a plan that you can afford. But on the other hand, do not sacrifice on the coverage amount while in the process of mindlessly reducing the insurance cost.
Claim Settlement Process: Quick and seamless shall be the trademark of this business of claim settlement. Check ahead to understand how claims are handled so you have the peace of mind knowing if your need arises, you will know how to go about making a claim.
Best Individual Health Insurance Plans from Chola MS
Here are some of the best health insurance plans offered by Chola MS:
Chola MS Arogya Sanjeevani: This is a comprehensive health insurance plan that offers coverage for hospitalization, surgery, and other medical expenses. It also includes features like pre-hospitalization and post-hospitalization expenses, along with an ambulance charge.
A few advantages of choosing this policy are:
1. No pre-policy health checkup before 50 years of age.
2. Ayush coverage is available: Coverage for Ayurveda, Yoga, Naturopathy, Siddha, and Homeopathy.
Read here to know more.
Flexi Health: This is a popular and best health insurance plan for individuals seeking comprehensive coverage. It offers benefits like hospitalization expenses (pre and post), daycare procedures, AYUSH treatments (alternate therapies), ambulance services, and more. You can customize your plan by choosing the sum insured (coverage amount) and deductible (amount you pay before insurance kicks in).
Few advantages of choosing this policy are:
1. Bonus of 10% for every claim-free year up to 50% of sum insured
2. You can also get a free health checkup once in every 2 claim free years.
For further details please follow this link.
Chola Healthline: This plan caters to those seeking a fixed daily cash benefit during hospitalization. It’s a cost-effective option that provides financial support for daily expenses incurred during hospital stays.
Few advantages of choosing this policy are:
1. Unlimited claims until the sum insured is exhausted.
2. There a lot of healthline plans where you can choose based on the sum insured amount.
For additional details, please follow this link.
Conclusion
Each one of us may require a health insurance plan to protect ourselves and our family from huge expenses that come with illnesses and accidents. Chola MS has varieties of individual health insurance policies that make it easier to select the best health insurance policy to suit one’s needs. Check out particular options, compare the options and the features they provide and make a choice that provides the best coverage for your budget. Just consider, that health insurance is one of the wisest investments which will help you protect not only your health but also your wallet.
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