Reasons to Get Health Insurance Now Rather than Later
Updated On Nov 12, 2020
With a rise in lifestyle-related diseases among people, it has become very important for everyone to have adequate health insurance cover irrespective of age or income. It is always better to be covered under a health insurance policy as early as possible so that you are able to avail of maximum benefits under it.
Here are several other reasons why it is better to purchase a reliable health insurance plan now rather than later.
Reasons to Buy Health Insurance Now
1. Expensive if Purchased Later
One of the factors that determine health insurance premium is age. Generally, the older you are, the higher premium you will be charged under a health insurance policy. This is because it is believed that with increasing age, the chances of falling ill also increase. With age, people develop several illnesses such as heart diseases, dental issues, cataracts, etc. So, if you had planned to purchase a health insurance policy after a few years and not now, it is time to rethink your decision as you might end up paying a higher premium then.
Also Read Here: Importance of Health Insurance Plans
2. Coverage May Not Be Sufficient
Most health insurance policies come with a waiting period for pre-existing illnesses. This means, if you have an illness or a disease before buying a health insurance policy, then you will be required to complete a waiting period before being eligible to avail of policy benefits. This period may range between weeks and years. So, if you were thinking of buying a health insurance policy in the later years, then you must think of this interim period. What if you fall sick during this period? you might not get any coverage in this case. So, the right time to buy a policy is now, when you are healthy today, as the future is uncertain.
3. Medical Check-up Might Be Necessary Later
If a person in his 40s applies for a health insurance policy, then he/she is required to undergo a health check-upm which may or may not be covered under the health insurance policy. But if you purchase health insurance when young, then there would not be any hassle of undergoing a medical test. This will help you save thousands of rupees. So, get health insurance as soon as possible.
Benefits of Health Insurance
A health insurance policy with adequate cover offers you the following coverage and other benefits:
1. In-Patient Hospitalisation Expenses: A health insurance policy covers you for medical expenses incurred during treatment requiring at least 24 hours of hospitalisation. These may arise due to an illness, sickness, disease, or accident.
2. Pre-Hospitalisation And Post-Hospitalisation Expenses: Generally, health insurance companies cover the insured for pre-hospitalisation and post-hospitalisation for 30 days and 60 days respectively. The duration, however, may vary from one insurance company to another.
3. Daycare Procedures: Health insurance plans also cover you against daycare procedures. These are procedures that require less than 24 hours of hospitalisation. For instance, cataract treatment, dialysis, lithotripsy, radiation, etc.
4. Cashless Treatment: You can avail of cashless treatment at any network hospital under a health insurance policy. Also, if you choose a non-network hospital, then you can pay at the hospital from your own pocket and the insurance company will reimburse you for the same later.
5. Tax Benefits: Premiums paid for all health insurance plans are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
Buying health insurance is an essential part of financial planning and hence you should pick one timely for yourself and your family.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
