7 Reasons You Need to Buy a Health Insurance Right Now

You must be frequented with the saying, that goes, ‘better late than never,’ however, we always wait for the right time to come, missing all the available opportunities and end up having nothing. This context clearly relates to buying a health insurance policy. People are shy to buy health insurance policy, as they think this is not the right time, as they have plenty of other priorities and expenses.

For example, a man of age 25-30, when asked to opt for a health insurance policy, would hesitate to buy one, as they believe it’s the time to enjoy life and prioritize buying things that they want. But if you ask the same to a middle-aged man, he will complain of having only limited options in the plan, and would regret for not having it at his early age. So which is the ideal time to buy a health insurance plan?

Today we all are going through the most vulnerable days of the COVID-19 pandemic, where you can see a limited number of slots for vaccines and lack of availability of beds, with skyrocketing hospital bills. That being said, if you aren’t financially secured for a health insurance plan, it would be an added burden on your family and loved ones, burning your pocket.

So buying a suitable health insurance plan at an early age, can benefit you in the later age, with full coverage for your medical expenses and treatment that financially secures your family and financial planning as well.

Common Features Of A Health Insurance Plan:

  • Annual medical checkup till 45 years
  • Pre and post hospitalization charges
  • Cashless treatment and settlement
  • Coverage for an existing health condition
  • Financial security for your family

Advantages of health insurance plans:

Coverage For Hospitalization Expenses

From hospital room rent to illness-related treatment, you get everything covered under a health insurance policy. You will also get covered for any cost incurred while seeking treatment due to unforeseen accidents.

Get Steady Income During Your Resting Days

The best health insurance plan is one that provides coverage for your daily expenses. For example, suppose you met with an accident and had to take rest, leaving your office for a while, you might face a cash shortage, which can be resolved by a good health insurance plan. During these times, your health insurance provider will meet your daily expenses.

Get Increased Sum Assured For Not Claiming

Not necessary that every policyholder will make a claim during their policy tenure. If you are healthy and fit, until the exhaustion of the policy tenure, you can get the increased sum assured, which might range between 10 to 20% of the amount.

Get Increased Sum Assured For Not Claiming

Updated Health Awareness

Term insurance benefits for health include annual health checkups to ensure that you are healthy and good. These annual checkups are covered under a health insurance plan offered at the time of renewal of the policy.

Get Add-On Critical Riders

Apart from the regular health plan, you can choose to add critical riders for getting coverage for other health conditions like heart disease, kidney failure, or any other severe injury caused by an accident. This is because a policyholder might have selected a health plan to cover his diabetes disease.

But if in between he feels that diabetes can result in weakened heart disease, he can then choose to buy a critical illness rider so that he gets covered for both diseases.

Tax Benefits

Another striking feature of buying a health plan is that you get tax deductions for the premium payable and the coverage benefit. This is applicable under the Income Tax Act 1961, under various Sections.

Bottom Line

To ensure that you get the best term insurance benefits, you need to buy a health insurance plan from a trusted and genuine insurance provider who has been in this industry for quite a long with a good number of satisfied customers. Before finalizing amongst the best health insurance plan, you can compare different health insurance plans available from different insurers and choose the one that meets your financial and health requirements.

While you are at it, remember that amongst the many insurance companies, you should only explore options from reputable ones, who have been in the insurance industry for a long time. Besides, you could also look for the claim settlement ratio of the insurance provider to get an idea about the number of claims that the company has closed against the number of claims made by policyholders. This would ensure you make an informed decision about the best health insurance plan, one that ensures your and your family’s protection.