The Best Time to Buy Health Insurance: Right Now!

Life is full of uncertainties and we all plan fallback mechanisms so that when those uncertainties show up, we are fully prepared. A medical emergency is one such situation where if you don’t have a contingency plan, you will face sudden and major expenses that are bound to hurt your savings. A good health insurance plan, is therefore, absolutely necessary if you’re to successfully go through the frustrations and stress of a medical emergency.The importance of a health insurance plan is not really lost on most people, but even then, many of us are hesitant to buy health insurance. Many are of the opinion that a health insurance policy really comes into the picture when one crosses a certain age.But this cannot be farther from the truth. Life is unpredictable, and calamity does not strike by first asking your age. A medical situation can arise even when you’re young and hearty. That is why, the answer to the question of when is the best time to buy health insurance is: right now!

Millions of people are of the opinion that they do not really need health insurance because they feel they’re healthy and have a false sense of security when it comes to their health. But all that usually changes when they’re 50 years or older, and the propensity for illnesses starts increasing.When they’re diagnosed with a sudden onset of an illness, they see the reality of high medical costs and regret not buying a health policy earlier. A decision to then buy health insurance at that age will mean higher premiums and difficulty of getting health insurance because insurer’s want to limit their risks when providing insurance to people with existing illnesses.The takeaway from this is that a delay in getting health insurance could eventually lead to you not getting a good policy that covers most illnesses, or getting a very limited policy with higher premiums, effectively putting your health at risk.

Buying a health insurance policy when you’re young is quite advantageous over buying it late. Since you are young and healthy and mostly without any existing illnesses, the premiums on your health insurance would be quite low. The health cover on the other hand would be significant for such a low premium. This ensures that your finances are protected and in case a medical emergency arises, your insurance will take care of it.Even if your employer is providing a group employee insurance, it is always better to purchase a separate, individual health plan so that you have all bases covered. An employee insurance may not cover all illnesses and the premiums and coverage are not customised to suit your needs. An individual health plan will let you choose your premiums and coverage according to your needs.

• A good health plan is designed according to the buyer’s needs and the terms of the plan are uniform across all regions.
• All good health insurance policies usually provide the best available healthcare services and facilities.
• You must choose a health plan that allows for lifelong renewability, that is you can renew it every time it expires for as long as you live.
• The health insurance buying procedure itself must be simple and convenient for the buyer.
• A good policy must also provide a cashless hospitalization feature.
• Network hospitals must have experienced and well-qualified doctors.
• The terms and conditions of a good health insurance policy must be clear and easy to understand for the policyholder.
• A health plan must also not have any sub limits when it comes to coverage.
• A good policy also must have coverage for both Outpatient and Inpatient services.
• A health insurance plan must also cover alternative forms of medicine like Ayurveda, Homeopathy and Unani.

Thus, it is quite evident that if ever there is a good time to buy health insurance, it is now. The pros of buying health insurance early far outweigh the cons. The one very neglected factor in this is the mental peace that you have when you have active health insurance. After purchasing a health insurance policy, you can rest assured that if any medical situation were to befall upon you, you would be totally covered and wouldn’t have to worry about the expenses.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.