5 Must Know Things About Individual Health Insurance Plans
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You need health insurance from individual health plans (IHP) or 'mediclaim" to protect your family finances from major health expenses. Three things you must know about them.
Individual health plans (IHP) are also known as traditional health insurance plans or by their popular name, ‘mediclaim’.
Covers most hospitalisation expenses IHP is a health insurance plan that usually covers most hospitalisation expenses of an individual. Of course, you need to be admitted in the hospital for at least 24 hours. Expenses such as hospital room rent, surgeon’s fees and charges for operation theatre are covered in this plan.
May or may not have sub-limits IHP may or may not have sub-limits in the various expense heads listed for coverage.
Typically don’t cover pre-existing diseases Pre-existing ailments are typically not covered for the first four years of buying the policy. Similarly, claims for certain ailments might not be provided during the first or second year of the policy.
Covers other family members Other family members could be added to an individual health plan. This typically includes spouse, children up to 25 years and parents. Each family member gets separate health insurance limits. You may get discounts of 10-15 per cent on adding family members to the policy.
No claim bonus For every year you don’t make a claim from the policy, most insurance companies provide an additional 5 per cent to the sum insured as coverage.
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