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5 Reasons You Need A Health Insurance Before Turning 30

Marketing Team | October 12, 2021

The current COVID-19 pandemic has made the entire world sit up and realize that medical exigencies are unpredictable and can cause a financial upheaval that is tough to handle. With a high infection rate and no successful vaccine yet, people have started to understand the importance of having a good health insurance plan. Besides, with the rising cost of medical expenses, access to good medical facilities and hospitalization costs can be financially strenuous.

Therefore, getting a health insurance cover for yourself and your family can provide the added protection you need in times like these. Apart from the obvious benefit of having the financial confidence to take care of your loved ones, a health insurance plan is extremely useful when it comes to beating medical treatment inflation.

Why Do You Need A Health Insurance? Well, There Are Many Reasons

1615961132 Health Insurance Image Shutterstock

1. To fight lifestyle diseases

Lifestyle diseases are on the rise, especially among people under the age of 45. Illnesses like diabetes, obesity, respiratory problems, heart disease, all of which are prevalent among the older generation, are now rampant in younger people too. Some contributing factors that lead to these diseases include a sedentary lifestyle, stress, pollution, unhealthy eating habits, gadget addiction, and undisciplined lives.

2. To safeguard your family

When scouting for an ideal health insurance plan, you can choose to secure your entire family under the same policy rather than buying separate policies. Consider your aging parents, who are likely to be vulnerable to illnesses, as well as dependent children. Ensuring they get the best medical treatment, should anything happen to them, is something you would not have to stress about if you have a suitable health cover. Research thoroughly, talk to experts for an unbiased opinion and make sure you get a plan that provides all-around coverage.

3. To deal with medical inflation

As medical technology improves and diseases increase, the cost of treatment rises as well. And it is important to understand that medical expenses are not limited to only hospitals. The costs for doctor’s consultation, diagnosis tests, ambulance charges, operation theatre costs, medicines, room rent, etc. are also continually increasing. All of these could put a considerable strain on your finances if you are not adequately prepared. By paying a relatively affordable health insurance premium each year, you can beat the burden of medical inflation while opting for quality treatment, without worrying about how much it will cost you.

4. To protect your savings

While an unforeseen illness can lead to mental anguish and stress, there is another side to dealing with health conditions that can leave you drained – the expenses. By buying a suitable health insurance policy, you can better manage your medical expenditure without dipping into your savings. In fact, some insurance providers offer cashless treatment, so you don’t have to worry about reimbursements either. Your savings can be used for their intended plans, such as buying a home, your child’s education, and retirement. Additionally, health insurance lets you avail of tax benefits, which further increases your savings.

5. Ensure early to stay secured

Opting for health insurance early in life has numerous benefits. Since you are young and healthier, you can avail of plans at lower rates and the advantage will continue even as you grow older. Additionally, you will be offered more extensive coverage options. Most policies have a pre-existing waiting period which excludes coverage of pre-existing illnesses. This period will end while you are still young and healthy, thus giving you the advantage of exhaustive coverage that will prove useful if you fall ill later in life.

How To Select The Right Insurance Policy

Insuranceee (1)(3)

It’s difficult to select the best insurance policies as all insurance company provides a similar type of insurance plan. Hence some of the important points that any Person should look at before purchasing any plans are:

1. Sum Assured

2. Minimum Entry Age and renewability clause

3. Room Rent Capping

4. Inclusion and Exclusion

5. No Claim Bonus

6. Other Benefits

Types Of Health Insurance

2 4

1. Individual health insurance

This policy covers the health expenses and hospitalization expenses of individual who has taken the policy. Premium under this policy is determined as per the age of the insured.

2. Family health insurance plan

Under this policy, an individual can include all the family members against multiple diseases under a single cover.  A family health plan offers a fixed sum assured for the family members, which can be availed by all members of the family or by anyone individual in the family.

3. Senior citizen health insurance plan

This policy is designed for senior citizens or individuals over 60 years of age offering protection from health issues during old age.

4. Surgery and critical illness insurance plan

This plan is suitable for the insured that requires treatment against critical illness, such as kidney failure, paralysis, cancer, heart attack etc. As the medical expenses of these treatments are very high, the premium applicable to these types of policies is also high.

5. Maternity health insurance plan

This policy covers costs, including pre and postnatal care, child delivery expenses of newborn babies. This policy is also covered for the newborn up to a certain period of time as mentioned in the plan. Ambulance costs are also covered.

6. Personal accident plan

This policy covers hospitalization expenses in the event of an accident. Premium amount is depending upon the amount of cover taken.

7. Unit linked health plan

These plans offer a unique combination of insurance and savings at the same time. This policy helps in building a corpus that can be used to meet those expenditures which are not covered by the insurance policy.

Some Of The Health Insurance Policies In India

How Is Health Insurance Different From Mediclaim

1. L&T Health Insurance

2. HDFC Ergo Health Insurance

3. National Health Insurance

4. SBI Health Insurance

5. Max Bupa Health Insurance

6. Bajaj Allianz Health Insurance

7. Apollo Munich Health Insurance

8. Bharti Axa Health Insurance

A health insurance policy is an essential requirement in today’s fast-paced lifestyle. Protecting yourself and your loved ones from any eventuality that could leave you financially handicapped is a must.

Original Source: ClearTax

Marketing Team

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