Best health insurance for 1 Adult
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Securing one's health requires careful assessment of present and future needs due to India's steadily rising medical costs. This is where creating a financial back-up makes sense. At ACKO, you get comprehensive coverage at affordable premiums. This provides complete peace of mind against any uncertain out-of-pocket medical costs. The best individual plan thereby securely shields finances and allows focus on one’s health.
The need for health insurance for 1 adult
As people get older, the risk of lifestyle diseases like diabetes and heart problems may increase. A good health insurance plan can help pay for expensive treatment costs. Health Insurance ensures these costs don't burden finances.
Certain hereditary conditions have symptoms starting at young ages. Insurance provides protection should any underlying family health risks emerge. While single now, most adults will have families later. Having better health insurance ensures funds are available for family medical expenses in the future without having to forego coverage or pay higher premiums later.
Tax benefits make insurance more affordable: Up to Rs. 25,000 premiums paid annually are eligible for tax deductions under Section 80D, reducing overall health insurance costs/tax outgo.
Which is the ideal plan for covering 1 adult under health insurance?
When it comes to health insurance in India, there are several types of plans available, including:
Critical Illness Insurance
Critical Illness Insurance plan Provides coverage for specified critical illnesses such as cancer, heart attack, kidney failure, etc.
Individual Health Insurance
individual health insurance plan covers a single individual for hospitalisation expenses, pre- and post-hospitalisation, daycare procedures, etc.
Senior Citizen Health Insurance
Senior Citizen Health Insurance plan Provides coverage for age-related medical conditions and hospitalisation expenses.
Family Floater Health Insurance
Family Floater Health Insurance plan Covers the entire family (self, spouse, dependent children, parents) under a single policy.
Group Health Insurance
Group Health Insurance plan Covers a group of people under a single policy, usually at lower premiums compared to individual plans.
Super Top-up Health Insurance
Super Top-up Health Insurance plan is An additional health insurance policy that provides coverage over and above the existing health insurance plan.
An individual health insurance plan is often the ideal solution for an individual adult looking to get covered under health insurance. Individual plans allow you to select the coverage amount, benefits, and premium that best fit your healthcare needs and budget. You can cover expenses like hospitalisation, pre and post-hospitalization, daycare procedures, doctor consultations, health check-ups, etc.
What benefits do I get for choosing ACKO?
ACKO's Platinum Health Insurance Plan
Our most robust plan provides maximum coverage:
No Co-Pay or Sub-Limits - Pays 100% of expenses for room rent, treatments, etc., without any out-of-pocket costs. Ensures complete cost protection.
Covers Pre-Existing Diseases - Provides coverage for existing illnesses from day 1 without wait periods. Critical for long-term health needs.
Flexible Sum Insured - Allows unlimited restoration of the sum insured within the policy year. Increases coverage utilisation.
ACKO Standard Health Insurance Plan
Our affordable plan balances coverage scope and premiums:
Cashless Hospital Access - Extensive network of over 14,300 partner hospitals across India for hassle-free claims.
Inpatient and Day Care Cover - In addition to hospitalisation, it also covers modern day-care treatments.
Value-Added Options - Critical illness coverage is available at a marginal extra cost for extra financial security.
ACKO Platinum Super Top-up
Enhances existing health plans cost-effectively:
Augments Base Health Policy - Functions as an independent insurance while covering the main policy's deductibles. Maximises coverage value.
With over 14,300+ network hospitals across India ensuring zero paperwork cashless claims settlement, ACKO policyholders are assured of swift healthcare access whenever and wherever needed. ACKO also offers distinct benefits like zero co-pay requirements on room rents, lifelong renewability with no change in pricing or coverage, and industry-first propositions for day 1 coverage of pre-existing conditions - features not seen together in other insurance products. The future-focused approach has created a differentiated value proposition for customers.
| Enhance your health insurance by exploring these unique benefits | ||||
How much sum assured in health insurance is needed for 1 Adult?
Here are some tips to select your ideal sum insured under health insurance for an adult.
Estimate your regular treatment costs.
Factor in costs for potential hospitalisation expenses and surgeries you may require 5-10 years down the line as health risks increase with age. Even a basic surgery could cost several lakhs.
Add a buffer amount for inflation as medical costs rise 10-15% annually on average. What may cost Rs. 5 lakh now could double in a decade.
For younger individuals, a sum of Rs. 10-15 lakh provides adequate protection for present needs. However, opting for a higher sum like Rs. 50 lakh ensures coverage throughout one's lifetime without changes.
Always make sure to review and increase your sum insured amount periodically, to ensure adequate inflation-adjusted protection.
Choosing a sum insured aligned to both current and long-term healthcare expenditure enables customising an optimal health insurance plan best suited to protecting yourself holistically
How much do I have to pay to buy my ideal sum insured?
The ideal sum insured for health insurance varies based on factors such as age, lifestyle, medical history, and income. Here's an example of the ideal sum insured for a single adult, along with a cost breakup:
Single Adult:
Ideal Sum Insured: ₹10-15 lakhs
Age: 30-35 years
Premium: Approximately ₹8,000-12,000 per year
Cost Breakup:
Base coverage of ₹10 lakhs: ₹6,000-8,000
Critical Illness rider (₹5 lakhs): ₹2,000-3,000
Hospital Cash Benefit: ₹1,000-1,500
calculate your health insurance needs with health insurance premium calculator
Investing in a higher coverage plan can be a strategic decision for long-term health and financial well-being because:
Medical inflation: Healthcare costs are rising at a faster rate than general inflation. A higher sum insured ensures that you are adequately covered in the future. For instance, a treatment that costs ₹5 lakhs today may cost ₹15-20 lakhs after 10-15 years due to medical inflation.
Lifestyle diseases: Sedentary lifestyles and changing dietary habits have led to an increased risk of lifestyle diseases such as diabetes, hypertension, and cardiovascular disorders, even among younger adults. These conditions often require prolonged and expensive treatment, which can be financially draining without adequate insurance coverage.
Protecting savings: A higher sum insured helps protect your hard-earned savings and investments from being drained due to unexpected medical emergencies. It ensures that your long-term financial goals, such as buying a house, saving for retirement, or starting a business, are not compromised due to a medical crisis.
Wider coverage: Higher sum insured plans often come with additional benefits such as room rent waivers, no sub-limits on specific treatments, and coverage for alternative treatments like AYUSH. These benefits provide more comprehensive coverage and flexibility in treatment options.
Tax benefits: Health insurance premiums paid towards a higher coverage plan are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. For self, spouse, and dependent children, the maximum deduction allowed is ₹25,000 per year (₹50,000 for senior citizens).
| check out how much sum insured is needed based on your profession | ||||
Factors to Consider While Getting a Health Insurance For 1 Adult
Declaration of pre-existing conditions: Any existing medical ailments or illnesses should be disclosed upfront. This ensures full transparency and accurate assessment of premium amounts based on actual health risks.
Sum insured amount:
Evaluate your current and projected medical expenses over the next few years to determine the appropriate sum insured.
Factor in potential costs for chronic treatment, surgery, ICU stays, etc.
Choose an amount, especially for an individual, that provides comprehensive coverage without stretching the budget.
Policy type: Consider options for individual health plans based on your specific structure and changing needs. Group insurance policies may also be available via employer.
Scope of coverage: Scrutinise inclusions like hospital room rent, medical practitioner fees, treatments related to, newborn care, OPD, dental, vision, etc., to assess suitability as per your requirements.
Waiting periods: Carefully understand any limits on periods before claims can be filed for pre-existing diseases and other ailments. This helps set accurate expectations.
Exclusions: Check the permanent non-medical items like cosmetic procedures excluded to avoid payment hassles on uninsurable elements.
Which type of claim is better? Cashless or reimbursement claim?
When it comes to health insurance claims, there are two main types: cashless claims and reimbursement claims. Let's explore each of these and understand why cashless claims might be more beneficial for many policyholders.
Cashless Claims:
In a cashless claim, the policyholder receives treatment at a network hospital without paying any money upfront (except for non-medical expenses and deductibles, if any).
The insurance company directly settles the bill with the hospital.
Network hospitals are healthcare providers that have a tie-up with the insurance company to offer cashless treatment to policyholders.
Reimbursement Claims:
In a reimbursement claim, the policyholder pays for the medical expenses out of their own pocket and then submits the bills and required documents to the insurance company for reimbursement.
The insurance company then verifies the claim and reimburses the policyholder for the eligible amount.
Cashless claims can be more beneficial for policyholders for the following reasons:
Immediate Medical Attention: In case of a medical emergency, a cashless claim ensures that the policyholder receives immediate treatment without worrying about arranging funds. This is especially crucial when dealing with critical illnesses or accidents where timely medical intervention is essential.
Financial Relief: Cashless claims provide significant financial relief to policyholders, especially those who follow a monthly budget or may not have access to substantial savings or instant cash. With cashless claims, policyholders can focus on recovery without the added stress of arranging money for treatment.
Simplified Process: Cashless claims involve a simpler process compared to reimbursement claims. The policyholder only needs to inform the insurance company and present their health card at the network hospital. The insurance company then takes care of the rest, reducing paperwork and follow-ups for the policyholder.
Time-saving: With cashless claims, policyholders save time that would otherwise be spent on collecting bills, submitting documents, and following up with the insurance company for reimbursement. This allows them to focus on their recovery and well-being.
Suitable for Planned Treatments: Cashless claims are particularly beneficial for planned treatments or surgeries, as policyholders can obtain pre-authorization from the insurance company and avoid the hassle of arranging funds or waiting for reimbursement post-treatment.
Why is raising claims easier with ACKO policies?
ACKO, as a new-age digital insurer, relies on integrated mobile apps and data-led automated approvals that make policy issuance, claims processing, and renewals hassle-free for individuals, too, without tedious paperwork. This makes financial protection highly convenient anytime, anywhere for individuals, minus struggles.
Wrap it Up!
Rising lifestyle diseases and advancing healthcare costs make purchasing adequate health plans the only prudent way ahead for individuals too to remain financially protected. Quality policies with sufficient coverage and reliable cashless services ensure individuals remain supported through life's uncertainties.
Frequently Asked Questions (FAQs)
Here are some common questions about Best health insurance for 1 Adult
What are the main types of health insurance plans offered by ACKO?
ACKO offers three main health insurance plans: ACKO Platinum Plan (comprehensive coverage with a wide range of benefits), ACKO Standard Health Plan (affordable coverage for essentials), and ACKO Platinum Super Top-up Plan (additional coverage on top of an existing health insurance policy).
How does ACKO ensure hassle-free claims processing?
ACKO relies on integrated mobile apps and data-led automated approvals, making policy issuance, claims processing, and renewals convenient and paperwork-free for individuals.
Can pre-existing conditions be covered under ACKO's health insurance plans?
Yes, ACKO's health insurance plans, such as the Premium Health Insurance Plan, provide coverage for pre-existing conditions from day 1, without any waiting periods.
How does ACKO's Standard Health Insurance Plan balance coverage and affordability?
ACKO's Standard Health Insurance Plan offers cashless hospital access through an extensive network, covers inpatient and day-care treatments, and adds critical illness coverage at a marginal cost.
Are there any benefits of choosing ACKO Platinum Super Top-up Plan?
ACKO's Platinum Super Top-up Plan functions as independent insurance while covering the deductibles of the base health policy. It eliminates non-medical expenses applicable under the primary insurance, lowering out-of-pocket costs and maximising coverage value.
Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.
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