WHAT IS THE RIGHT TIME TO BUY HEALTH INSURANCE?

The majority of the population in India finds it useless to invest in a health insurance plan since they believe they are healthy and do not need any medical attention and care. Even the numbers says the same story According to a National Sample Survey Organisation (NSSO) survey published in The Times of India, 86% of the rural population and 82% of the urban population still do not have a health insurance to cover their medical expenditure.

There is a big change in the pattern of occurrence of medical problems due to lifestyle changes, especially in the younger generation and the inflation in the medical cost is also high. So, to ensure that any medical emergency does not cause any financial disability, it has become essential to own a health insurance. With medical insurance companies like Apollo Munich, offering policies that gives discount on premium for staying active, buying a health plan and adopting a healthy lifestyle seems to be a happy combo.

Right Time to buy a health insurance:

The earlier is the better…

The one mantra that defines the right time to buy a health insurance is “as early as possible.” There is no defined age or time when you can be hit by any medical emergency in life. Assuming you have a good health and you can postpone buying a health insurance by few years to save money on premium is not going to serve you well in a long run.

You need to understand that a health insurance plan is more than a tax saving tool. And It secures you from the risk of paying medical expenses and hospitalization charges due to a sudden medical emergency, from your savings, which might take a hard hit on your budget.

Benefits of buying a health insurance at a young age:

• Lower Insurance Premiums: The factor that works here is age of an individual. Younger you are, lesser will be the sum of premium that you’ll have to pay to buy a health insurance policy.
• As a Backup Plan: The health insurance cover provided by the employer is generally not sufficient in a long run. In case you decide to go for a job change and resign, then your health cover also goes away with the job. Moreover, medical benefits of a new job may take some time to get activated. So, for sufficient coverage and to keep a backup, you must buy a health insurance personally.
• Get Over the Waiting Period Early: There is a waiting period in many health insurance policies before certain diseases are covered. This means medical expenses incurred for treating these diseases during the waiting period are not covered by the policy. So, earlier the health plan is purchased, earlier the waiting period gets over to provide comprehensive coverage.
• Instant Coverage for Illnesses Developing Later: The medical insurance companies keep on increasing the premium amount with age since the chances of falling sick also increases as we age. If any medical condition is diagnosed at the later stage, it gets automatically covered under the policy. So, buying the health insurance policy at a young age provides you with better coverages at a low price.
• No-Claim Bonus: Also, if an insured person does not make any claim in a particular year, then a 5% no-claim bonus (up to 50% of the total sum insured) is credited to his/her policy.
• Critical Illnesses Propping up at Younger Age: Nowadays, people have hectic schedules that make them work 8 to 10 hours in the office and travel extensively. This makes them highly prone to lifestyle diseases. Taking this into consideration, the health insurance policy that covers the medical emergency and provides the best healthcare facility around the world for common and critical illness, makes it worth subscribing for.

You need not wait for an accident or medical condition to happen and prompt you to buy a health insurance cover. Insurance should be a part of your contingency plan, something you put in place before going about your life. It is like buying a fire extinguisher, if you buy it after the fire has ignited, probably it’ll be of no use. But if you have it handy when the fire breaks down, you might prevent an unfortunate event.

Life is full of uncertainties, and one may never know when even a small medical issue may put your life upside down. So, irrespective of the age you are at and good health that you may own, “now” is the best time to get a health insurance plan to protect yourself and your family.