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Gift Your Family Health Insurance with Your First Salary This New Year

Published On Jan 01, 2020, Updated On Dec 09, 2020

A new job may bring new challenges. However, it also brings a lot of audacity to win over many challenges in your life. I wish you all the success in your new job and hope you will enjoy your work to your heart's content. After all, you have landed that dream job and started a stable career after doing hard labor. It’s a moment of joy for you and pride for your family. You are now able to shoulder financial responsibilities.

One thing that you should give priority to is the health of your family. Choosing health insurance for you and your family with your first salary could be the best gift ever! No doubt, the first salary carries a sentimental value. Covering the family members and yourself under adequate health insurance could be the best bet. It’s better than gifting a mobile phone or another gadget. Yes, you heard me right.

But the sad part is that many youngsters ignore the importance of a health insurance plan over gadgets, mobiles or other fashionable items. In reality, having a health insurance plan holds more importance than those flashy mobile phones or a designer wardrobe.

Also, read about New Year Gifts for Your Family

Health insurance offers long term benefits, unlike gadgets that soon turn outdated. Below are some basic reasons why gifting yourself and your family a health cover with your first salary this new year is a superior choice.

The incidence of diseases:

We’re living at a time when the incidence of diseases is increasing at a higher pace. Cases of infections, ailments, lifestyle diseases or illnesses due to pollution and poor lifestyle are higher. They are gripping the youth too.

People during their 20s are diagnosed with hypertension, diabetes, low/high blood pressure, obesity, heart ailments. Getting treatment or hospitalized may cost lakhs of rupees. A health insurance policy can financially help you deal with financial problems due to medical expenses. Don’t think that you don’t get any disease because you are young and healthy. You are at an equal chance of contracting any ailment because of your existing lifestyle. That’s why getting covered under a health plan is necessary - for you and your family.

Expensive medical treatment

Expensive medical treatment is another cause of gifting your family a health insurance policy with your first salary. The rising medical costs are going side by side with the chances of getting ill or hospitalised. The skyrocketing medical costs and medicines have made health insurance policy a must to have. On the flip side, a health insurance policy allows cashless treatment and meet health costs in any medical emergency.

Waiting period:

Health insurance comes with the waiting period. It means policies don’t cover certain diseases in the first few years. Also, the policy does not cover any ailment you are suffering from at the time of buying the policy. If you are young and your family members are also young, then the probability of suffering from any ailment or falling ill from pre-existing disease is very low. So, you can easily wait for the waiting period so that when the chances of any medical contingency arrive, you can get comprehensive coverage in the plan.

Low premium:

One more reason that makes health insurance a perfect gift for you and your family is low premium rates initially. In general, the age of the policyholder dictates the premium rates of health insurance. Since you are young, your spouse is young, the premium charged against the policy would be lower too. So, if the premium seems to be too high to buy a policy, it is advisable to choose a plan at a young age as the plan will come cheap. Also, the premium is paid once a year. So, there are no monthly outgoings too.

Things to keep in mind when choosing health insurance as a gift this new year.

These days, the insurance market is boasting of several beneficial options. It is, therefore, essential to make an informed decision about the kind of health cover you need. Here are various important things to keep in mind while seeking a health cover this new year.

  • Pre-existing medical conditions: When choosing a plan, make sure whether the policy will cover the ailments that you or your loved one is already suffering from. Also, check what is the waiting period to cover such illness.
  • Cashless option: Before deciding to buy the plan, check the list of network hospitals for cashless treatment.
  • The scope of coverage: Check the terms and conditions of the policy very carefully. Focus on the coverage scope, such as pre-hospitalization and post-hospitalization, AYUSH benefits if any, add-on cover, etc.
  • Co-payment clause: Make sure if there is no co-payment clause. If there is a co-payment or sub-limit clause, it means the insurer will not pay all the amount. In that case, you will have to pay some part of the hospital bills (almost 20% or 30%  of the total expense).
  • Applicable premiums: The premium of the policy must be checked duly. It is applicable in lieu of the policy coverage and additional benefits. Therefore, it is essential to match the premium amount with the offered coverage.

Also Read 

Why Choosing Health Insurance for Your Family Is the Best Christmas Gift

Now Cover Entire Family Under Critical Illness Plan by IFFCO Tokio General Insurance

The bottom line is that health insurance can be the best gift you can buy for your family with your first salary. It is best because it is helpful at times when emergencies can wipe out all your savings. To choose health insurance this new year, call InsuranceDekho at 1800-120-5698.

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