Customized health insurance, such as Healthplan, is a tailored contract between an insurance company and an individual, family, or business, wherein the former party agrees to pay for medical expenditures in case of illness, accident, or hospitalization on terms agreed by both sides.
The insurance companies may also hold a partnership with hospitals to provide cashless healthcare to patients. In case there is no partnership, the insured is reimbursed for their expenditures. Health insurance is encouraged by governments also in the form reduction in income tax.
Opting for a health insurance plan is critical because health care can be costly, particularly in the private sector. This can prove even tougher if the family’s income earner is hospitalized. These medical emergency concerns can be dealt with through an insurance plan that would provide features like the doctor’s consultation charges, medical screening charges, hospitalization fees, paramedic expenses, and recovery fees in some cases.
What Customization Does and Who It Benefits
A customized health insurance solution offers personalization control in the hands of the individual, family, or business. Many customers’ and providers’ demands are fulfilled, and industrial efficiencies are tested due to choice and control.
In most cases, businesses may receive better insurance prices than individuals. The higher the number of persons in a collective health insurance plan, the cheaper the cost of health insurance for all. Costs are distributed out over a wider number of individuals, keeping prices cheap.
No one knows when they might need health insurance – in this context, framing the insurance plan according to one’s lifestyle, finances, and requirements. Below we see the benefits customized health insurance offers to individuals, families, and businesses.
For the Individual
Backup: Customized health insurance ensures the individual has tailored the plan according to his lifestyle and requirements. The most fundamental and primary reason to get customized health insurance is to protect oneself from unforeseen medical costs by providing medical backup in case of a financial crisis. It relieves the individual of the financial burden of medical expenses, allowing them to concentrate on getting better.
Cashless: You can use the cashless benefit offered by your customized insurance in the case of a medical emergency or a scenario when you are expected to be hospitalized. However, this service is only offered in hospitals that insurance carriers have approved. In a cashless hospitalization scenario, the insurance company pays the hospital or nursing home directly.
Pre-determined: Many insurance companies will pay the patient a specified amount for every day they stay in the medical facility. The amount of time hospital stays is always pre-determined in the customized policy, and it may differ from one organization to the next.
For Families
A customized family health plan combines health insurance for all family members into one policy. One of the biggest benefits is that you don’t have to make different plans for each family member., which saves time and effort.
Peace of mind: The health and financial stability of one’s family is a major goal for anybody. A customized family health insurance plan protects your loved ones financially in the event of a medical emergency.
Financial backup: Furthermore, with rising medical prices worldwide, accessing high-quality healthcare has become too expensive. Having a decent and customized family health plan helps you get these treatments at a reasonable cost and according to your set conditions without draining your bank account.
For Businesses
According to 2019 data by KFF.org, 158,000,000 individuals were receiving health insurance coverage from their employers. Apart from increasing productivity and morale, there are various reasons why offering customized insurance coverage to employees and their families is a good business move.
Candidate recruitments: Businesses that provide health insurance as part of their staff benefits package get more suitable candidates than those not. This is particularly the case when similar-sized industrial competitors in the same geographic area provide healthcare benefits.
Reduced operating expenses: It’s a method to keep operational expenses down since people are more likely to accept a lower-paying job when customized health insurance coverage is included. Obtaining an individual or family health insurance policy costs more than obtaining employer-sponsored coverage, making the difference in income debatable.
Taxes: Businesses that provide health insurance to their employees can deduct their part of the payment as a business expenditure, resulting in a tax benefit. The company owner’s insurance and the coverage provided for workers are discounted if the company is incorporated.
What’s Next?
The coronavirus pandemic has brought forward the importance of health insurance more than ever. The WHO Triple Billion targets is an initiative that aims to provide one billion more individuals in different countries with accessible health care coverage by 2023.
