Good heath is the greatest wealth. And being healthy does not require many efforts; you just need to follow a healthy lifestyle. But, the paradigm shift in our lifestyle habits, including eating habits, lack of sleep, no time for exercise, etc. has affected our health and made us prone to a number of health disorders and diseases.

Health insurance is one of the most neglected general insurance policies in India as people find it really hard to come to terms with the fact that getting sick is not something you cannot control. When you are young and healthy, you feel totally fit and fine, and also believe that you won’t require any medical attention, at least in the near future. But, due to change in our lifestyle, things are not the same as they used to be a decade ago. It is important to be cognizant about the fact that your health is at risk! Hence, ensuring your health with a comprehensive health insurance policy is very important. If you are too busy to visit an insurance provider, you can simply buy health insurance online. Buying health insurance online is easy, and there are numerous benefits of it as well, from lower premiums to easy comparison of health insurance plans.

Health Insurance

Why buy health insurance?

In spite of being an important part of the general insurance portfolio, a mediclaim policy isn’t something that every Indian purchases. I fact, less than 10 percent people in India have health insurance, and approximately 72 percent of the Indians are spending out-of-pocket for the health care costs, according to national surveys.

Hectic work schedules, adulteration in food, rising pollution levels and lack of sleep and exercise, have made us prone to a range of health problems. Additionally, the escalating health care costs further highlight the need for having a health plan in place. There are innumerable reasons to have a health insurance plan. Furthermore, if you have a family to support, you can buy family health insurance that takes care of the medical needs of your family.

When to buy a health insurance policy?

People often want to know the ‘right age’ to start with health insurance, but one thing to understand here is that ‘there is no right age’. The sooner you buy the better.

Financial security is a thing that every individual wants to achieve at a certain age, and how can you achieve it if you are not secured? Obviously, together with saving money for your future requirements, buying insurance is also an essential part of financial security. Why? What happens if you get sick and do not have a health policy to pay for it? You end up paying it out of your pocket. Ideally, no one would want to wipe off their savings in case of a sudden health problem, but in instances where the need of having a health insurance policy is overlooked, they aren’t left with much option. So, explore the health insurance plans, and get one before it is too late!

Benefits of buying health insurance early

1. Better premiums

The earlier you buy a health insurance policy, the lesser you have to pay. Premiums for a health policy increase as you age. The logic behind this increase is that the risk percentage increases with age. Premiums of health insurance plan are determined by the age, medical history, city of residence, etc. of the insured. So, if you are looking to get your health insured at a lower cost, buy a health plan as early as you can.

2. Financial freedom

When you buy insurance, it pays for your medical requirements thereby securing your savings. In case of a medical emergency, if you do not have a mediclaim policy to pay for your medical treatments, you will inadvertently end up paying out of your pocket. In that sense, a health plan secures your medical requirements so that your savings can be utilized in a better manner. Plus, the cherry on the cake is the tax exemptions you get on the premiums you pay for your health insurance policy under section 80D.

3. Lifestyle changes

Our lifestyle has undergone a drastic change in the recent times. People have to travel long distances for work, sit for a long time in office, work for long hours, don’t have time to eat property and there’s a lot of stress to handle. As we are busy, we ignore early signs and symptoms of diseases which later aggravate and lead to a serious medical problem. If you are an individual, you can buy an individual health insurance policy, and if you want to secure your whole family then buying a family health insurance is recommended. Health policies cover regular medical tests and treatments, and offer services at the best health care facilities.

4. Early incidence of diseases

People commonly believe that they don’t require regular health checkups, unless they are old. But, this is a completely false notion. Changing lifestyle habits have affected our lives negatively, and have led to a concerning increase in early incidences of several critical health disorders such as cancer, heart disease, lung diseases, and kidney and liver problems. In that respect, to encourage a healthy lifestyle, health insurance policies offer annual health checks ups.

5. Assorted benefits of buying early

When you buy a health plan, there are certain requirements that you will have to meet to enjoy all the benefits it offers. You will have to pass through the waiting period in order to get coverage for the pre-existing diseases that you have, while at a younger age you might not require these benefits immediately. But, if you buy late, your pre-existing illnesses will only be covered after a few years (waiting period). However, at an older age, you might need them urgently, but you won’t be able to access the features because of the waiting period. Therefore, when you buy a policy early, you stand to avail better benefits to help make full use of the policy.

As you can very well gauge by now, the right time of buying a health insurance plan is now. Stop procrastinating on it, and purchase a cover that is suited to your health and anticipated health care needs. At the same time, make sure you review the policy every single term before you go ahead and renew it. Reading the fine print of the policy will do you a world of good.

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March 2021