As the times get more uncertain, it is clearer than ever before, that medical exigencies are one of the most financially and emotionally draining ones. It is important to be armed and get ready at a moment’s notice for any situation that may arise. The most important feature that can reduce your burden is health insurance.

It is easy to buy health insurance these days because of the accessibility to the insurance Plans online. Once you have done thorough research, you can buy health insurance online. The premium is easy to calculate using the calculator and comparing policies takes seconds. You can even get customized packages based on your requirements. 

Also read – Worried About Your Health? Here are Some Ways that can help Boost your Body and Mind

Why is it important to buy health insurance as soon as possible after you turn 18? 

Till you become 18, you can be under the insurance cover for a family plan purchased by your parents or legal guardians. When you turn 18, you can buy a health insurance policy in your name. If you are unable to afford one at the time, it is advisable to get one as soon as you can afford it. 

There are numerous benefits of getting a health insurance policy. The main benefits are – 

1. Coverage of medical expenses – Health insurance policies start from the basic Arogya Sanjeevani Policy to comprehensive plans. The terms and conditions of coverage of medical expenses rely on the policy and the cost of the same. The policies can cover the cost from transportation (to a medical facility) to surgeries and other procedures. 
2. Cashless hospitalization – When an emergency occurs, it may be difficult to liquidate your assets and produce cash overnight. The cashless hospitalization provision ensures that timely treatment is given to the patient and the process of hospitalization is seamless.
3. Tax benefits – For the amount paid towards health insurance premiums, you can claim a tax benefit of up to 25,000 rupees for a financial year under section 80D of the Income Tax Act. Apart from being a good safety net, it is also a good investment opportunity.

Also read – 5 Reasons Why Health Insurance Is Essential For A Woman In Her 30s

Why is it essential to buy health insurance based on the following 

Age

• Lesser premium – Age is the dominant factor in deciding your premium. When purchasing a policy online, the age of the applicant is the only clue to the overall well-being of the person and the premium amount is decided on that. 
• Enjoy better benefits – When the age is lesser, you get better benefits and more options to choose from for a comprehensive health insurance policy. You have a longer duration to get the maximum value for money from your policy. If you buy the policy when you’re older, you might end up paying the same premium or more for lesser benefits, more restrictions, and lesser options of care.
• No claim bonus – When you don’t use the coverage of your policy for a financial year, you carry a certain percentage of your coverage amount to the next financial year. This means you pay the same amount for the same benefits next year, but you have a higher coverage. This benefit can accumulate a sizable amount and add value to your policy.

Also read – Making Healthcare Better Together

Family and dependents

• Maternity cover – Based on your family and age, you may decide to go for special health insurance like maternity cover. These generally have a waiting period and should be purchased in advance after reviewing the benefits. 
• Parents, spouse, child – There are 2 types of health insurance policies – individual cover and family cover. If you have dependents in the family, you may want to look at the family health insurance plans rather than buying individual policies for every person. If a few of the requirements are not being met in the family insurance plan, you can look at buying add-ons to make it a complete package.
• Health Insurance for Diabetic patients: One of the most common illnesses seen, irrespective of age, is diabetes. This condition makes the blood sugar level volatile and can affect your overall well-being. Diabetic patients In India might often find it difficult to find affordable plans that cover diabetes related medical costs, health insurance for diabetics takes care of special requirements that come with this condition. Access to an ICU with the room rent covered, road ambulance charges, coverage for day procedures, and check-ups along with hospitalization charges are just some of the key benefits. The charges for alternate treatments (AYUSH) are covered along with organ donor expenses and psychiatric illness cover. All the benefits are available post a minimum waiting period for Type 2 diabetes. 

Income

• Health insurance from employers – One of the basic perks of most jobs is a health insurance plan. This is usually a basic plan and if it includes family coverage then it might not be enough. Once you attain taxable income, a health insurance policy should be purchased for you and your family. 
• Added advantage of comprehensive health insurance – Basic health insurance policies may not contain coverage for day procedures, consultations, medical tests, and so on. There may be a difference in the amount of coverage as well.  
• Packages and add-ons – Better and more expensive health insurance policies can be bought when your income is higher. Each add-on is charged and the overall package which is suited to your needs might be expensive.

Pre-existing illnesses

• Special health insurance plans – Pre-existing illnesses refer to the illnesses that are detected before you purchase the health insurance policy. There are special covers for pre-existing illnesses. For example, there is health insurance for people suffering from cancer. These special health insurance policies have a much higher premium but are tailored to suit the needs of a person who is suffering from these illnesses. 
• Waiting period – These special covers have a waiting period before the validity of the insurance policy starts. You have to wait for the policy to get activated and you can utilize the benefits only post the valid date. 

Lifestyle changes – Sudden lifestyle changes result in imbalanced health. For example, a person who led an active lifestyle and is now settling into a sedentary lifestyle may experience back pain and vice versa. 

History of illnesses in the family – If you have a history of diseases in your family, it is wise to get a health insurance plan as some illnesses are said to be hereditary. 

The safety of your and your family’s future is of paramount importance. The peace of mind and stability that a health insurance policy offers is unmatched. Good health, mental and physical, pave the way for a brighter tomorrow and a health insurance policy is a guiding light. 

Also Read – 5 Reasons Why Health Insurance Is Essential For A Woman In Her 30s