Advantages of Individual Health Insurance
Individual health insurance is the insurance package that an individual buys for themselves. It is also possible to get individual health insurance for 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. It is convenient to use this insurance, and you are also more in control. You do not have to worry that you will lose the insurance when you change jobs. You will have claim bonuses and low cost of insurance. The paragraphs below will discuss the benefits of this kind of insurance in detail.
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. If you receive medication form a doctor that is not included in the network, in some instances, you might have to cater for the medical expenses on your own. When the networks are changed, you also need to ensure that your doctor is included in the plan before you renew your insurance.
The individual health insurance allows you to choose the level of coverage 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. Your employer is not the one providing the insurance and you do not to worry about the insurance when you lose your job.
No claim bonuses are available for people who have individual health insurance. If you do not make any claims throughout the tenure, will get this bonus. You get the reward because you were healthy during the period. The no claim benefit is not available for other forms of insurance. If the hospital that will be giving you medication is impaneled with the insurance company, you can get cashless hospitalization.
With individual health insurance, you can benefit from hospitalization daily allowance. Different companies will have different types of policies concerning the hospitalization allowance, and you need to understand this policy when you choose a company. You can appreciate the daily allowance when you are in an emergency. You will save on cost because the cost of this insurance is generally lower. You will not only save on cost, but also have the allowance given to you when you get hospitalization. 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.