Make Your Health Insurance a Reality

Availing a health insurance policy helps people safeguard themselves from expensive health care treatment, when they fall sick and get hospitalized. Policyholders have access to quality health care whenever they require it.

You must pay the premiums in time to enjoy continuous coverage. Insurance companies set the yearly premium, after taking into account, risk.

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See Also: 4 Insurance Plans You Must Have

Make Your Health Insurance a Reality

Benefits of Buying Health Insurance Early

People across all age and income groups must have health insurance. Industry experts recommend that people buy health insurance at an early age in order to avail the following benefits:

• Health insurance is offered with an initial waiting period of 30-90 days. No claims can be made during the initial waiting period except for accidents. When you buy health insurance at an early age, you may exhaust the waiting period with no concerns. Premiums are very affordable.

• People suffering from pre-existing medical conditions may also get health insurance, but with a certain waiting period. Depending on the severity of the illness, the waiting period differs. You have a 2-4 year waiting period for pre-existing diseases.

• People who buy health insurance early get comprehensive cover vis-a-vis people who buy health insurance plan in the 40s or 50s.

• Premiums will rise in sync with age. As aged people are prone to health problems, they are charged a higher premium. To enjoy a comprehensive cover and a lower premium, buy health insurance early.

• Policyholders do not have to worry about age restrictions if they avail health insurance at a young age. People who have crossed 60 years must go for senior-citizen specific health insurance policies. They cannot avail regular health insurance because of the age constraint.

• You get tax benefits on health insurance premiums under Section 80D. This is up to Rs 25,000 a year for self, spouse and kids. It’s Rs 50,000 a year for senior citizens.

• A young policy buyer has a wide range of options to choose from vis-a-vis an aged policy buyer. The chances of claim rejections are also lower.

Why Health Insurance?

People are leading a fast life which is causing health problems. Unhealthy food, wrong eating habits and hectic work schedules are the major reasons for rising health problems.

What was the cost of cancer treatment 6 years ago? What is the cost now? There is a big rise. Health insurance helps settle the medical bills.

See Also: Family Health Insurance Plan

Which Type of Health Insurance is Suitable for me?

Health insurance is based completely on your requirements. If you are single, perhaps, an individual health insurance plan would suffice. If you are married, buy a separate insurance policy for your spouse. If you have children, reconsider your family health insurance requirements and ensure that every family member is covered. Choose a family floater health insurance plan, so that you can cover everyone in your family. Whenever required, modify the policy. Make sure that the nominee details are correct and up-to-date. Keep the policy active.

See Also: Types of Health Insurance Plans in India

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