Benefits of Individual Health Insurance
Unlike health insurance provided by an employee, individual insurance is the cover you buy for yourself. You can choose to use individual insurance to cover your family members. You can buy the insurance policy form a licensed agent and is valid even when you switch jobs, unlike employer health insurance. There are many benefits to this type of insurance. The individual insurance gives the individual more convenience and control. The coverage is available even when you need to find a different job. There are numerous benefits of this insurance including bonus claims and low cost of insurance. The advantages of this insurance are a listed below.
You have the freedom to choose the network of your preferred doctor. Your preferred doctor and hospital; need to be in your network so that you do not have to face the challenge of finding doctors outside your network. Getting covered for medication form a doctor who is not in the network can be a bit challenging. If the networks change, you need to ensure that your doctor is always included before you re-enroll for the insurance.
You decide the level of insurance that you need. You will decide what you want to be deducted as well as the type of coverage that you will afford. The coverage will also be available even if you choose to change your employer. You have the freedom because the plan is not provided by the employer.
There is also the benefit of no claim bonus. If you do not make any claims throughout the tenure, will get this bonus. It is like a reward for not getting ill. Other types of insurance do not have this type of claim. If the hospital that will be giving you medication is impaneled with the insurance company, you can get cashless hospitalization.
You can get a daily allowance when you get hospitalized. Different companies will have different types of policies concerning the hospitalization allowance, and you need to understand this policy when you choose a company. The daily allowance can come handy when you are in an emergency. You will incur fewer costs because this type of insurance is generally cheaper. It is also more economical when compared to the insurance that employers give. The cost of the individual insurance however is expected to increase with age, and you need to find out how much you will be charged according to your age. You should be able to choose your insurance well, now that you have to know the benefits of having individual health benefits.