Individual health insurance is for individual customers needing health insurance to pay for medical expenses. An individual pays monthly premiums in order to cover themselves when it comes to high or unexpected health care costs. These health care costs are specified in advance as part of an individual health insurance plan in the form of a booklet or member contract.
Basically the individual and the insurance company enter into a little “bet” together where the company will bet that they will take more money from a person through monthly premiums than they will have to pay out on health and medical expenses. You pay the monthly premium just in case an accident or something happens to you. A contract is signed between you and the health insurers which states that the insurance company agree to pay a part of any medical costs if you get injured or fall sick and need to pay a doctor or hospital expenses.
The original name for this type of insurance was accident insurance where you usually paid a monthly amount of money to cover yourself in the event of an accident, much like the disability insurance available today.
This type of cover is readily available through insurers and medical aid companies in South Africa and abroad and quotes can be compared among the various online insurance companies. Most good medical aid companies will have websites from which you can fill out and submit online application forms for you to be able to compare health insurance prices and policies side by side. Do your research and look diligently around the websites on the Internet and before long you will discover cheap individual health insurance care to suit your requirements.