Importance of Buying Health Insurance Early In Life

COVID 19 has made people more aware of their health and immunity. The sedentary lifestyle and the stress of heavy workload can prove to be the cause of various health issues at a very young age. Even if you are under 30, you can be at risk from heart problems, obesity, and immunity issues, further leading to serious illnesses.

Undergoing treatment can be expensive and can burn a hole in your savings. However, there is a simple solution for this - be prepared and buy health insurance.

Health insurance covers medical treatment and bills, not only in case of diseases but also in case of accidents. It offers features like cashless facilities during emergencies. Some insurance companies tie-ups with hospitals so that in case of emergency, hospitals can treat the insured without any payment as they can recover the same from the insurance company.

What you need to keep in mind about health insurance:

Sum assured

Before buying health insurance, you must ascertain the sum assured and the premium paid against the same. The earlier you buy insurance, the higher sum assured you get with low premiums. Also, people under 45 are not liable for mandatory health checkups.

No claim bonus

No claim bonus is the benefit you get in monetary terms of the sum assured every year where there is no claim on the insurance. It is a kind of gratitude expressed by the insurance company for not claiming insurance.

Minimum age to buy health insurance 

There is no age limit to buy health insurance, but you benefit more when you buy it at an early age.

Inclusions and exclusions in health insurance 

It is important to know that some things are not included in your health insurance. 

They are:

• Pregnancy - Pregnancy expenses are not covered in health insurance as it is not a medical illness. Even abortion or any treatment related to pregnancy is not covered.

• Cosmetic surgery - Cosmetic surgery is the enhancement of features, which is done to change features and therefore cannot be termed as illness. This makes cosmetic surgery excluded from the coverage of health insurance. However, in case of accident or injury, the need for cosmetic surgery becomes a medical condition. It then falls under the purview of health insurance.

• Dental, hearing and vision - ENT and Ophthalmology are not covered in health insurance as it does not require hospitalisation. However, if hospitalisation is required, it can get covered by health insurance. Also, if needed, you can add it as additional coverage in the health insurance.

• Existing conditions - Existing medical conditions are not covered in your insurance. They can only be covered after a waiting period of two to four years, depending on the critical aspect and risk of the illness.

Health insurance is best taken at an early stage in life, possibly before 30, as the premiums are lower and there's more coverage. You can compare health insurance policies as per the requirement to choose the best option. Also, there are tax benefits that you can take advantage of. 

So, what are the other benefits if you buy health insurance:

Today, the work from home culture has worsened the sedentary lifestyle and the hectic pace of things. This leaves no room for exercise and thus leads to diseases like obesity, heart problems, digestion problems, stress, and mental health. All these diseases can lead to bigger issues, and the medical expenses of the same can prove to be a burden.

But if you buy health insurance, you can get coverage of Rs 5 Lakhs by paying a bare minimum premium of Rs 5000. The earlier you buy health insurance, the lesser premium you need to pay.

Health insurance not only covers the medical expenses and treatment but also covers health checkups and post and pre-medical expenses.

If you work in an MNC and your company provides health insurance, you may not realise that the insurance from the company may not cover all the aspects of the health insurance. You must select health insurance that covers your family and dependents.

You can avail of the tax benefits under Section 80D. You can claim a deduction of Rs 15,000 annually for insurance premiums and health checkups. 

Having health insurance also protects your savings. If you are not covered by health insurance and have to undergo health checkups, treatment costs, medical room costs, medical expenses, they will eat into your savings.

Buying early health insurance also has an additional benefit. If you are diagnosed with a disease after you have bought insurance, it will be covered by the insurance company.

As they say, "Prevention is better than cure". It is better to have insurance cover than worry about how to pay for expensive treatments if the need arises. It is wise to buy health insurance at the earliest to save your money and protect your family from stress and diseases. You also have the provision of adding additional covers to your health insurance plan.