Introduction
Buying individual health insurance plan is more expensive than other forms of insurance plans. But there are certain advantages for them who can afford to buy one. Individual health insurance plans are admissible for tax deduction; there is more choice to select the type of coverage needed, certain specific coverage may be excluded or included as per plan, there are many other benefits also. Individual health insurance plans are always superior to group or family insurance plans but the high cost of individual insurance plans prevents individual separate coverings and compel to opt for family or group insurance policies.
Generally, buying individual health insurance plan, entitles you to receive all the covers for medical expenses for disease and illness. It is a legal contract purchased by the insured himself at a price called premium.
History
The insured can while buying individual health insurance plan decide and choose upon the coverage he wants that suits within his budget. In some cases he can alter the terms of the agreement without waiting certain period of time unlike group health insurance plan.
The individual can choose his own doctor and usually have faster access to all forms of treatment under the plan.
The another advantage of buying individual health insurance plan is that he can carry the policy with him when he changes his job to another place which is restricted to most cases under group insurance plan. Under the coverage of individual health insurance plan you do not have to worry, you are never at risk to lose insurance coverage wherever you work, because here you pay for your own insurance.
Buying individual health insurance plan is the perfect choice for self employed people or for the employee who works in a business that do not provide group insurance. They can select the right product within their budgets. It saves your money and gives you perfect peace of mind.
The individual health insurance plans are suitable for students, homemakers who are not employed anywhere or people who are sick and carrying on his regular treatment are expensive affair. If such person is covered and included under any family floater policy the insurance premium for the entire family, covering every member become enormous. Buying individual health insurance plan is most suitable for such individual.
Features
Buying individual health insurance plan is similar to buying any product for you on your own. Most of the insurance companies have their online tools where you can find enough information on individual health insurance and calculate the premium under each cover instantly. However, if you are suffering from any chronic illness or some other health conditions buying individual health insurance can be difficult. The insurer usually looks for the height and weight of the applicant. They may refuse or ask to pay higher premium if they find an applicant is overweight as per his/ her height by calculating BMI or Body Mass Index. The insurers usually refuse to insure if the BMI is around 40.
Tips and comments
An insurance company may refuse to insure on the facts of your health records but not simply on any of the following reasons:
Physically or mentally retarded
Your color, race, origin, sex, etc
Your family has a history of genetic disease or breast cancer (although you have no symptom yet)
The insurer cannot insist you on HIV test without reason.
