A health insurance policy is a contract between a person and an insurance company in which the former promises to cover a portion of the latter’s medical expenses in exchange for a premium payment. Some plans provide individual health insurance, while others provide family and group health insurance.
The policyholder, who will benefit from the health insurance for his investment, is the only person covered by the Individual Health Insurance plan.
Key Features Godigit Individual Health Insurance
- This type of personal health insurance covers only the insured person.
- The insurance provider pays for some of the insured’s medical expenses based on the premium paid.
- Hospitalization: Hospitalization costs are covered by insurance.
- Perpetual renewal
- Tax deductions are allowed by Income Tax Act Section 80D.
- Includes operation fees, rent for the room, a doctor’s charge, and lab test costs.
- Certain medical services require the insured to pay a fixed sum. The term for this is co-payment.
- The plan includes pre- and post-hospitalization charges.
- Offers protection against serious sickness.
Advantages of Individual Health Insurance Plan
- The insured alone receives all benefits under an individual health insurance plan.
- Instead of receiving the advantage of the variable sum promised, the individual will receive the individual sum assured.
- Ideal for those with greater health concerns.
- The plan can include parents and members of the close family.
- There are no restrictions on the members’ maximum age for renewing the policy.
- Since the plan only covers one individual, there is no need to be concerned about filing more than one claim in a calendar year.
Who should buy this plan?
- The plan is most appropriate for people with greater health risks.
- Unmarried people with already-insured family members.
- A person who prefers the fixed sum provided to the reward of earning money assured.
- Those who desire to renew the policy without being constrained by an age limit.
- The cashless claim settlement option in this plan is available to anyone who needs more protection than what is provided by a family floater plan.
Benefits of Buying Personal Health Insurance Policy Online
In comparison to the contemporary internet method, purchasing insurance coverage offline or through the conventional method takes more time. The advantages of purchasing individual health insurance coverage online are listed below.
- Compare Policies: The main advantage of purchasing an individual health insurance policy online is comparing policies from different insurers that provide comparable insurance plans.
- Convenient: Almost anywhere in the globe allows you to purchase an insurance plan online. An active internet connection is all you need.
- Say Goodbye to Paperwork: No paperwork is involved when purchasing insurance products online. This entails that you may easily purchase, renew, and even file claims online.
Tax Benefits of Individual Health Insurance
Under section 80D of the Income Tax Act, some tax advantages are available. According to the current year’s guidelines, a benefit of Rs. 25,000 may be obtained when submitting income tax. This is for a private medical insurance plan.
For those who purchased Family Floater plans with coverage for their parents, an additional Rs. 25,000 (Rs. 50,000 if the parents are over 60) may be claimed for tax exemption. Section 80D of the Income Tax Act’s tax savings and exemptions are subject to legislative modifications.
Difference Between Group and Individual Health Insurance
Group health insurance, as opposed to individual medical insurance, covers a number of people who are typically not related to one another.
You have control over the policy and can modify it to meet your specific medical care needs with individual health insurance coverage. However, you have little control over the policy scope under group health insurance, which your employer normally decides.
Types of Individual Health Insurance Claims
Both Cashless Claim Settlement Process and Reimbursement Claim Settlement Process are different sorts of claim settlement procedures.
- Cashless Claims Process: You are not required to pay the majority of the hospital bill in cash up front under the Cashless Process. Simply pay the deductibles in accordance with the insurance. For instance, GoDigit and the network hospital resolve it amicably.
- Reimbursement Claims Process: In the reimbursement process, you must pay the hospital cost in full, compile your receipts, submit a claim, and then wait for GoDigit to refund you. This procedure could take a lot of time and effort.
How to File an Individual Health Insurance Claim?
Many consumers find it difficult to submit an individual health insurance claim. Online insurers like GoDigit can streamline, making the claim settlement procedure clear, convenient, and speedy in this situation. You must also choose between a Reimbursement Claim Process and a Cashless Claim Process. Here is a description of the claim procedure.
Step 1: Present your Health Card or provide your policy number and details when you go to a hospital that is a part of GoDigit’s network for Cashless Claims. If you decide against using cashless claims, go to any hospital of your choosing and let us know either directly or through a third-party administrator.
Step 2: A Third-party Administrator (TPA) who serves as a liaison between the policyholder and GoDigit can be found at the hospital.
Step 3: Execute the therapy. Pay the full amount due in the event of a reimbursement claim, make sure to save all relevant hospital invoices and receipts, and submit a claim. You will be responsible for paying any deductibles or other additional fees in a cashless process, and we will cover the rest.
Step 4: Once you pay the remaining balance, the Cashless Process will be finished, and the Reimbursement Process will be finished once GoDigits deposits the settlement money into your bank account.
Exclusions in Individual Health Insurance
Although most medical costs are covered by private health insurance, there are a few exceptions:
- Pre-existing conditions are covered by individual health insurance after a 2- to the 4-year waiting period, which may be a drawback for some.
- This plan does not cover the cost of prescription eyeglasses, lenses, or hearing aids.
- Dentist services.
- Treatment with naturopathy.
- The first year of the policy will not provide coverage for certain conditions, including cataracts, hernia, sinusitis, etc.
Things to Keep in Mind While Buying an Individual Health Insurance Policy
The following considerations must be made when purchasing an individual health insurance policy:
- Review your health needs: Consider Your Health Needs Before you start the process of purchasing an individual health policy, consider your health needs. Make a list of the service perks and coverage you desire from your policy. In order to select the appropriate sum insured, you should also evaluate the suitable coverage amount.
- Check the List of Network Hospitals: When choosing a policy, don’t forget to look at the insurance provider’s list of network hospitals. See if there are any network hospitals close to your place of business and residence. If not, choose coverage from a different insurance provider.
- Plan affordability: You should get a personal health insurance plan with reasonable premiums. Avoid choosing a pricey policy to receive more coverage because it could put an extra financial load on you. Instead, pick a policy that best meets your coverage needs while staying within your price range.
- Verify Any Sub-Limits: Most health insurance policies may have a sub-limit for specific coverage. This would guarantee that you receive enough coverage under various covers in accordance with your expectations and are not taken by surprise when filing claims. Before selecting a policy, you must review the appropriate sub-limits under each cover.
- Go Through the Claim Process – You must go through the insurance company’s claim process before choosing a health insurance plan. Verify whether the claim process is simple or difficult. Find out how many days it takes the insurance company to resolve the claim as well. Avoid choosing a plan with a drawn-out and challenging claims process.
- Examine the Claim Settlement Ratio – Prior to purchasing a personal health insurance policy, you should examine the claim settlement ratio of the insurance companies. A corporation with a higher claim settlement ratio than one with a lower ratio is more likely to approve your claim.
Individual Health Insurance Premium Calculator
Meaning: The straightforward online tool known as the Premium Calculator makes it easy to estimate the cost of purchasing a health insurance policy.
Purpose: This tool can be found on any website that sells health insurance. You can use it to find out the general cost of an individual health insurance coverage by entering your information and choosing the kind of plan.
GoDigit Health Insurance for Individual
The GoDigit Health Plus Policy offers complete protection for you and your family. The policy can be purchased on an individual or family floater sum insured basis, taking care of all your medical needs at a reasonable premium. The policy can pay for all medical costs regardless of the reason you end up in the hospital—an accident, illness, pregnancy, or even a serious illness. You, your spouse, any dependent children, your parents, and others are all covered by Digit Health Plus under a single plan.
- The policy’s minimum amount of insurance is 2 Lakh. A 5% No-Claim discount in the premium during a year with no claims
- A perpetual renewal of the policy
- India’s network hospitals offer cashless services.
- Up to the policy’s maximums, the cost of a health checkup a clause allowing a second medical opinion
- To move to compare health insurance coverage, use the portability option.
Scope of Coverage
- Pre- and post-hospitalization expenses are covered
- Inpatient care, including room rental, physician fees, medication costs, and other expenses.
- Hospitalization for pregnancy or childbirth
- Daycare practices, as well as in-home care
- Newborn infant, as well as coverage for air and road ambulances
- Critical conditions and costs associated with organ transplants
- Surgery or dental care as long as the condition is related to an accident
The lowest entry age for the Digit Health Plus policy is one year, and the maximum entry age is sixty years.
- Hospitalization due to a condition that does not correspond to the treatment plan prescribed by the doctor
- The cost of a life support system or other artificial life support device
- Medical costs related to taking part in an unlawful or criminal act
- Until the waiting period has passed, pre-existing conditions
- Attempted suicide as a result of drug use, mental illness, alcoholism, or drug addiction
- A coverage like Digit Health Plus may be the answer if you’re searching for individual health insurance.
People who have their own health difficulties must obtain individual health insurance plans. You do not need to split your total insured amount with your family members on a floater basis; it is offered exclusively to you.
Q1. Who is covered by an individual health insurance plan?
Ans – The individual health insurance plan covers only the policyholder.
Q2. What distinguishes family floater health insurance from individual health insurance?
Ans – Each member of a family is entitled to a set level of health coverage under individual health insurance plans. Still, under family floater health insurance plans, the same amount of coverage is shared by all the family members covered by the plan.
Q3. What is covered by a personal health insurance policy?
Ans – The following is a list of the expenses that individual health insurance covers.
Newborn and maternity care
Room and board costs
Q4. Is there any minimum age requirement to purchase individual health insurance?
Ans – No, anybody can purchase personal health insurance.
Q5. Does the insurance provide tax deductions?
Ans – Section 80D of the Income Tax Act permits individual health insurance plans tax deductions.
Q6. Are there any additional fees in addition to the standard premiums?
Ans – In addition to normal premiums, there are a few more expenses that one must cover:
Q7. Can my relatives participate in the plan?
Ans – Individual health insurance’s primary goal is to protect just the insured completely. However, the plan may also cover parents and in-laws in some circumstances.