Individual Health Insurance, Individual Medical Insurance, Personal Health Insurance, Personal Medical Insurance
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An individual health insurance plan is intended for those persons who are not covered under a group healthcare policy. Unemployed or self-employed people usually opt for a personal health insurance policy. People covered under the public healthcare policy can also choose to buy an individual medical insurance plan for extended cover. A short-term individual health insurance plan is ideal for those who have just ended a group insurance policy due to termination of employment.
Personal medical health insurance cover is expensive and lacks the benefits of a group health insurance plan. On the other hand, the lack of insurance cover can mean the financial burden of paying huge medical bills in the event of an illness or accident.
What does an Individual Health Insurance Plan Cover?
Unlike group healthcare plan, a personal health insurance policy offers greater choices for the individual. This gives the policyholder the flexibility to opt for extended medical cover in proportion to his or her medical budget.
The first step to getting individual medical insurance cover is to prepare a list of existing and possible medical threats. Remember to mention all major diseases common to the family when preparing the list. The next step is to look for an individual health insurance plan that covers basic healthcare facilities plus all the listed diseases. A personal health insurance policy can also be tailored to cover specific needs, such as cosmetic surgery or cancer insurance.
Essential Tips for Buying Individual Health Insurance Policies:
The following tips might come in handy while making up one’s mind about an individual health insurance policy:
Unlike a group plan, individual health insurance cover entails regular premium payments within the stipulated time.