Last Updated on May 13, 2023 by asifa
Personal health insurance is an insurance plan that provides coverage to only one person against any health-related issues. This can be beneficial for a person in various ways such as providing health coverage against various diseases, medical expenses, etc. With the people not able to follow a healthy routine due to their hectic lifestyle, health-related problems are on a rise. Did you know that health issues are occurring more frequently in the younger generation as compared to that of the older generations?
Types of Personal Health Insurance:
Personal health insurance can be of two types according to their claim process:
- Reimbursement Claim: In this type of health insurance policy, the person insured has to pay all the hospitalization charges and medical expenses, etc. from their pocket. All the medical bills are to be kept safe. These bills are then submitted to the office of the insurance company along with a claim settlement form. The amount is then transferred to the bank account of the person after verification of the document.
- Cashless Claims: Cashless claims are hassle-free as they are less time-consuming. The most important benefit of a cashless claim is that you don’t have to pay any amount from your side. All the expenses incurred during the treatment, including ambulance charges, are settled cashlessly by the insurer in the hospital itself, depending upon the coverage provided by your policy. Care Health Insurance provides one of the best individual health insurance plans with various customization options.
How does a Personal Health Insurance Policy Help You?
A health insurance policy helps an individual in various ways. It can be anything from providing better hospitals for the treatment of a disease or procedures and equipment that are otherwise not available.
- It covers all the medical expenses, pre and post-hospitalization, and the charges for the ambulance, etc.
- It provides coverage for critical illnesses such as strokes, cancer, kidney failure, etc. Without critical illness insurance for an individual, the cost of the treatment of such diseases can consume the entire savings of a middle-class family.
- It provides coverage against daycare treatments such as dialysis, chemotherapy, etc.
- Any pre-existing illness can also be covered under a health insurance plan for an individual. These diseases can be lifestyle diseases or any other critical illnesses.
- Insurance companies also provide health insurance policies with a copay clause, so that the affordability of the policy increases for a person. But the drawback is that the person has to pay some percentage of the insured amount from his pocket.
- It provides a sense of relief to the insured person as he has to worry less about his health-related issues, especially if he is the breadwinner of the family.
The points above might be able to provide a sense of the importance of a personal health insurance plan, the benefits it provides, and how much it can be helpful for a person to overcome the sky-high charges for the treatment of a disease in a better hospital.