“The task we set for ourselves is not to feel secure but to be able to tolerate insecurity.”
-Erich Fromm.
Health insurance is essential for every individual. A medical emergency can devastate anyone, anytime and impact an individual emotionally and financially. It is advisable if you to buy a health plan early in life. Here are the top reasons to convince you to purchase health insurance:
1. Start early
The health insurance premium is highly dependent on age, and there is a pitch in the premium slab post 30. For instance, if you purchase a health plan of Rs. 5 Lakh at the age of 25 years, then you need to pay a premium of Rs. 5000 but the same policy would cost you more at the age of 35, even with a change in your health indicators. Hence, buy a policy as early as possible to pay a lower premium.
2. Incidence of illnesses have increased
You don’t have to be 60 to buy health insurance. Inactive lifestyle has increased the occurrence of lifestyle disorders involving heart, cancer, lung conditions and stroke, stress-related hypertension is affecting young corporates who have no idea how unhealthy they are until something severe happens, and they wake up to reality. Moreover, health insurance policies offer annual health checks ups to encourage health awareness. Also, preventive services include counseling, screenings, and vaccines that help you to manage your health better.
3. Employer cover is just not sufficient
The need for health insurance cannot be overstated with the increasing costs of healthcare and its services. Check the price of a regular illness with your company’s coverage. It might not be enough to take care of your recurring medical expenses at an older stage.
4. Purchase early to avail all the benefits
Buying health insurance at a young age ensures there is no scope for pre-existing diseases as you will be covered early, and any diseases diagnosed later will be covered automatically.
5. Better financial planning
The health plan would cover your unseen medical expenses. Moreover, your hard-earned money can be utilized to invest for a better tomorrow. You can avail tax exemption on the premium you pay for health insurance policy under section 80D.
6. Covers much more than just hospitalization
New health plan covers you for daycare procedures and OPD, not only acute hospitalization. Even vector-borne diseases are included. Most policies also have maternity benefits. Also, your newborn will be covered from birth without any additional premium.
7. Accumulation of Higher Bonus
Most health insurance companies in India reward policyholders with bonuses on the cover for not making any claim. If you get health insurance early and renew your plan every year without making any claim, you can accumulate a higher bonus on your cover. You can reap this reward when in the future, when the chances of falling sick if more often.
8. No Waiting Periods
Most health insurance plans in India come with 2 – 4 years waiting period for pre-existing diseases and various specified benefits such as maternity benefits, childbirth coverage. Besides, many health insurers also cover certain conditions and treatments, such as surgery after a specified period. Buying health insurance when you are young is advantageous as you will play the waiting game when you don’t require your health cover. In contrast, if you try to buy a health cover after 60 or even after 45 years of age, you will have to put up with not only longer waiting periods but also many exclusions as well.
Depending on your cover, a health insurance policy helps you pay for services such as ambulance, day-care procedures in addition to several non-hospital related services such as chiropractic, dental, physiotherapy, optical, dietary advice and some alternative therapies like Ayurveda and Homeopathy as well. In case you are looking for a more significant cover for the extended family, some insurers will customize a plan for that too.
Individuals usually have a long wish list, which includes buying a car, a flat, or a two-wheeler. The inclusion of a personal health insurance plan with good coverage on the list would do them a world of good. Buying health insurance has become a lot easier too. You can check for a good plan on the internet.
