A medical emergency can knock on your door anytime. With the changing lifestyle, the kinds of diseases have also changed and evolved. Imagine if someone gets a medical bill of Rs 10 lakhs in a matter of no time. And what if that person has no money to pay for the same? It’s a huge problem!
The cost of treatments and medicines have increased drastically over the years. Experts have always recommended going for a health plan from a health insurance company. So, the question is, when to get a health insurance plan? My view- ‘The earlier, the better’. So, before you turn thirty, get yourself insured through a comprehensive health insurance policy. Here are some of the benefits of getting yourself insured before you turn thirty:
1. Lesser age equals to best benefits
The price of your insurance coverage increases as your age increases. The coverage for Rs 5 lakh insurance cover can cost you Rs 5,000 when you are 25 years old, but the same coverage can go above Rs. 10,000 when you are 35 years old. This price cumulatively increases with your age.
2. Employer coverage is not enough these days
You may have your employer coverage plans, but are they enough? These plans may not suffice your medical needs in case of larger hospitalization bills. As the proverb goes, “Prevention is better than cure”. Likewise, it is better to be covered by a health insurance plan rather than paying higher bills.
3. Lifestyle illnesses spare no age
Gone are those days when a person had to worry about his health after the age of 50-60 years. With the prudent rise in lifestyles diseases like cancer, diabetes, heart-related illness, etc.; it’s better to get yourself covered from an early age from a health insurance company. These diseases do not see your age. The sad part is that they can similarly attack a two-month-old child as they attack a 70-year-old man.
4. Kick-start your financial planning
Having a health insurance plan will prepare you for any emergency situation. These plans are cheap, and you can buy them to secure your money which you can invest towards securing your future financially.
5. Buying early means getting a comprehensive deal
Majority of the youngsters do not show signs of any pre-existing diseases at an early stage. These diseases mostly crawl at the later stage of life. Hence, buying a plan early from your health insurance company means that you will be covered for all the comprehensive diseases if diagnosed later in your life.
6. No waiting period required
If you buy health plans early, it means that your waiting periods for certain surgeries, special treatments, pre-existing illness coverage are automatically served. Yes, you have to serve the waiting periods for certain treatments when you buy a health insurance plan. Hence buying a plan before you turn thirty serves this purpose.
7. Get benefits of other coverages
Some health policies provide you coverages that may be relevant to you at an early stage of life. Some provide maternity benefits, which are indeed relevant while you are in this stage of life. Your day-care and OPD consultations are also covered by some plans.
8. Benefit from the best treatments
Abundant hospitals have sprung up, even in the smaller cities in India. These hospitals offer the best treatments, even in tier 3 cities. Latest operative techniques like stitch-less surgery, pinhole surgeries, have increased the cost of treatment exorbitantly. To avail these world-class treatments with the best of facilities, everyone belonging to the middle and upper class should take health insurance.
9. Get the benefit of alternative therapies
Your health insurance company may offer you Ayurveda and Homeopathy treatment at OPD level. However, to avail these alternative treatments, you may need to look at your insurance policy documents carefully. With newer insurance plans, these expenses are also taken care off.
10. Get tax saving benefits
Everyone looks for the tax saving alternatives. They help you to avoid paying heavy taxes if you are in higher income slabs. You can get a rebate on your premium under section 80D of the Income Tax Act. So, if you are buying a plan before you turn thirty, you are planning your tax saving at an early stage.
Some points to remember
Getting a plan from a health insurance company while you are young means that you pass all the medical examinations easily without hassles. You also avail the benefits from your plan like, maternity benefits, dental benefits etc.
Even if you do not claim anything from the insurance company, no worries! You can get the “no claim bonus”. This bonus can either decrease your premium or increase the cover.
Also depending on your insurance plan cover, you will get the benefits of services such as ambulance, day-care procedures, chiropractic services, dental, physiotherapy, optical, dietary advice etc. So, what are you waiting for? Get yourself insured and be secure.