Every Indian requires health insurance due to rising medical costs and lifestyle-related ailments. Medical emergencies are unpredictable and costly. Financial advisors advise early health plan purchases, like before the age of 30, for the following reasons:
- Buy early for the best prices:
The older you grow, the more the cost of purchasing the cover increases. Use a health insurance premium calculator to decide what suits your needs.*
- Because your employer’s coverage must be expanded:
The need for health insurance must be balanced in light of the exponential rise in healthcare costs. Compare the price of a one-week hospitalisation for a common illness to your company’s coverage. You may be convinced to purchase a cover immediately. Still, attempting to sort it out? Consider that as you age, you may require more frequent medical care.*
- Because of the rise in lifestyle-related ailments, you do not have to be 60 to need health insurance. A sedentary lifestyle has increased heart, cancer, lung, and stroke-related lifestyle disorders, claiming younger lives. Therefore, it can be essential to assure oneself promptly. In addition, health insurance policies include annual checkups to promote health awareness. Counselling, examinations, and vaccinations can be seen as preventive services that help you better manage your health.
- Because you may be a busy worker:
Most of us must frequently travel for business. It makes perfect sense to have a health insurance policy that covers emergency medical evacuation and provides access to the finest healthcare facilities worldwide for some common but critical diseases.
- Buying early results in better financial planning:
Buying early saves money and makes more fiscal sense. Unforeseen accidents occur, and adequate medical coverage could protect you in an emergency and allow you to invest your hard-earned money for the long term. You save on taxes by paying the premium.* ** ##
- Purchasing health insurance at a younger age eliminates the possibility of coverage for pre-existing conditions. You can be covered immediately, and any sicknesses diagnosed in the future may be automatically covered.
- When you purchase a health plan, you must serve several waiting periods for certain surgeries, unique treatments, coverage for pre-existing conditions, etc. However, if you purchase coverage in advance, you may be eligible for the full benefits when needed. If you purchase it now, even though you do not need it immediately, you may have fulfilled the required waiting periods and can claim all benefits in full later.*
- Because it encompasses much more than just hospitalisation:
New health plans cover nursery and outpatient care in addition to hospitalisation. Even diseases spread by vectors may be covered. Most plans also include maternity benefits, which may be applicable at this age. In addition, your infant could be covered at no additional cost upon birth. Thus, health insurance for individuals and families can be essential.*
Health insurance can cover ambulance, nursery, chiropractic, dental, physiotherapy, optometry, dietary counselling, and alternative therapies like Ayurveda and Homoeopathy, depending on your coverage. Some insurers customise policies for extended families.
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*Standard T&C Apply.
** Tax benefit is subject to change in prevalent tax laws
## All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.