Any expense, especially one that has to do with investing, is evaluated numerous times in an Indian household. As a result, many individuals are unsure whether purchasing health insurance is worthwhile.
In the event of an emergency, health insurance protects individuals or families from unanticipated medical costs. In the post-pandemic world, medical issues and expenses are on the rise. This only informs us of the present requirement for medical insurance.
Why don’t people have my medical insurance?
There are many reasons people don’t buy medical insurance:
- There are a lot of people who think their employer’s medical coverage is sufficient to meet their needs. However, they forget medical attention is most important after retirement.
- People believe they don’t need it because they live a healthy lifestyle. Many people still end up requiring medical attention even if they look healthy on the outside. Some health issues are genetic more than lifestyle related.
- Instead of getting insured, people rely on savings for an emergency.
- Many people say they’ll buy health insurance when it’s cheaper, so there’s been a delay. This claim is absolutely false because health insurance is always going to be more expensive by the day. With age, health coverage also becomes more and more expensive.
What is the best time to buy a cover?
It’s best to get health insurance as soon as possible. Insurance is more affordable and offers more benefits when purchased at a younger age.
There are numerous advantages to purchasing health insurance when you are younger:
- Lower Premium: buying health insurance in your 20s or 30s is more advantageous compared to 45-50s. Buying a premium in the early years for a fixed time duration may increase your commitment time for the premium payment longer, hence the amount to be paid gets reduced by a large sum.
- No Need For A Pre-Medical Check: younger people are less likely to get ill faster and raise claims, therefore health insurance companies don’t require the applicant to fill up a premedical form or state need for a health certificate.
- No Restriction For Pre-Existing Ailments: The insurance companies do not place any restrictions on pre-existing medical conditions for younger applicants. This is due to the fact that pre-existing health conditions like diabetes and high blood pressure are less likely to affect younger people.
- Cover Hospitalisation Expenses: for people in their 30s or younger, insurance gives many added benefits including a covered stay at the hospital.
- Advantages Of The No-Claim Bonus, Or Ncb: Insurance companies give you a free increase in coverage if you do not file any claims during the policy period. Over 40% of those who receive the NCB are in their early thirties.
- Easier To Get Through The Wait: When you buy health insurance, you can’t make a claim for a certain amount of time. These waiting periods are easier to get around for people who buy the coverage as a precaution.
Conclusion:
Everyone can achieve financial independence with health insurance. It is not wasteful to invest in peaceful living. You can have unlimited financial freedom and mental peace by purchasing health insurance for yourself and your family, and the sooner you do so, the better.