In India, most people tend to avoid buying a health insurance policy until they turn 40 or more. But experts suggest that it is better to purchase health insurance early before you turn 30. Read on to know why.
In the purview of the rising medical cost and the increasing risk of lifestyle-related diseases, health insurance is a necessity for all. A lot of people in India tend to put off buying a health cover mainly because they believe that it is an unnecessary investment. But,medical emergency can strike anytime, and it can have a severe impact on your savings if you don’t have the necessary financial back-up to cover the treatment cost. The treatment for some of the illnesses can run into lakhs of Rupees.
To avoid this situation and get sufficient protection against all kinds of health risks, several experts suggest that people should buy a health insurance policy as soon as possible, preferably before turning 30. Here are a few key benefits of purchasing a health cover when you are young and healthy.
Get a cover at a lower premium
This is one of the most significant benefits of buying health cover early. When you are young, you are less likely to suffer from any major illness, and you may not need hospitalisation. Thus, since the insurance companies have a lower risk of payout, they offer insurance at a lower premium. This is an excellent opportunity to get coverage with high sum assured at a lesser premium as compared to paying a high premium for the same policy.
Group cover may be insufficient
If you are a salaried employee, your employer may probably cover you under a group insurance policy. But, remember, the group cover offers only basic benefits, and the sum assured may not be enough to cover the medical cost of certain diseases. Also, you get protection only until you remain employed with the company, if you quit or move to a different company, your cover ceases to exist. This means, if you get hospitalised you won’t have an insurance cover, and you must bear the expenses from your pocket. To avoid this situation, it is better to buy an individual policy early at a lower cost.
The risk of lifestyle-related disease is high
You don’t have to be old to get insurance. The modern-day sedentary lifestyle, which is a prevalent amount the youngsters has significantly increase the number of people suffering from lifestyle disorders like stroke, diabetes, cancer, and lung conditions. It is, therefore, paramount to have a health insurance policy. Additionally, some of the health insurance policies allow you to get an annual health check-up to know about your health condition and encourage health awareness. Preventive counselling and screenings can help you be a healthy and happy life.
Allows better financial planning
Buying a health insurance plan not only helps you get the cover at a lower premium but also will enable you to plan your finances well. Health risks can occur at any time and having adequate medical protection can help that you are covered for emergencies. Thus, you can use the money to invest in other long-term investments to accomplish your long-term goals. Also, you can get tax benefits for the premium you pay under Section 80D.
Health insurance covers more than hospitalization expenses
Today, health insurance companies offer a variety of plans to suit the varying needs of the people. The plan provides more comprehensive coverage, apart from covering the hospitalization expenses, it also includes the OPD charges, daycare procedures, pre and post-hospitalization expenses. Some of the plans may also offer maternity benefits, which can be useful at an essential stage of your life.
Thus, a health insurance policy has more than one benefits, so make sure that you invest in a robust policy as easy as possible and be protected against all health risks.