By Manasije Mishra
is necessary for every individual, keeping in mind the rising medical costs and spurt of lifestyle diseases amongst Indians. A medical emergency can attack anyone, anytime and impact an individual emotionally and financially. Financial advisors therefore suggest that it is prudent if you to buy a health plan early in life. Here are the top reasons to convince you to make the purchase before turning 30.
1. Buy early for the best price: At 25, a plan with Rs 5 lakh coverage would cost you around Rs 5000, at 35 you'll have to shell out around Rs 6000 and at 45 the cost rises to Rs 8000. So buy it as early as possible to book the policy at the lowest possible premium.
2. Because your employer cover is just not sufficient: With exponential increase in healthcare costs, the need for health insurance cannot be overstated. Check the cost of a week's hospitalized for a regular illness and then compare it with your company's coverage. Most likely you'll be persuaded to buy a cover immediately. Still not sure? Think about when you grow older and might need more frequent medical attention.
3. Because incidence of lifestyle illnesses has increased: Fact is, you don't have to be 60 to need a health insurance. Sedentary lifestyle has led to increased occurrence of lifestyle disorders involving heart, cancer, lung conditions and stroke, claiming younger lives. It is therefore imperative to insure oneself timely. Moreover, health insurance policies offer annual health checks ups to encourage health awareness. Preventive services include counseling,screenings, and vaccines that help you to better manage your health.
4. Because you are a busy executive: Most of us have to travel extensive for work. A health insurance policy that covers emergency medical evacuation along with making available the best healthcare facilities around the world for some common yet critical diseases therefore makes total sense.
5. Buying it early means better financial planning: Buying it early to not only means cheap but makes better financial sense as well. Accidents occur without any warning and an adequate medical cover will ensure that you are covered for emergencies and allow you to invest your hard earned money in long-term investments. Of course you also save tax for paying the premium. Under section 80D, the current ceiling for that is Rs.15,000 annually.
6. Young buyers get a more comprehensive deal: Buying health insurance at a young age ensures there is no scope for preexisting diseases as you will be covered early, and any diseases diagnosed later will be covered automatically.
7. Buying early means you'll enjoy full benefits when you need: When you buy a health plan, you have to serve several waiting periods-for certain surgeries, special treatments, pre-existing illness coverage, etc. If you buy it now, when do not need it immediately, it would mean you would have served the requisite waiting periods and be able to claim all full benefits later.
Also, you can earn loyalty bonus. Most health insurance policies offer a loyalty or- no claim bonus if the customer continues with the same policy year on year.
8. Because it covers much more than just hospitalization: New health plan cover you for day care procedures and OPD, not just serious hospitalization. Even vector borne diseases are covered. Most plans also have maternity benefits, which may be relevant at this stage of life. Also, your new born will be covered from birth without any additional premium.
Depending on your level of cover, a health policy helps you pay for services such as ambulance, day-care procedures in addition to a number of non-hospital related services such as chiropractic, dental, physiotherapy, optical, dietary advice and some alternative therapies like Ayurveda and Homeopathy as well. In case you are looking for a bigger cover for the extended family, there are insurers who will customized the plan for that too.
(The author is the CEO of Max Bupa Health Insurance)
