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Right Time to Opt for an Optimal Health Plan for Family

19 May 2022, 12:30 PM

Over the past few decades, our life expectancy has risen outstandingly. There are constant innovations in the field of medical sciences. Thus, more and more diseases are finding a cure. This way people are learning newer ways to manage their health-related problems. But at the same time, there is no denying that there are now more diseases than ever that affect human beings. And therefore, keeping in mind the rising medical inflation, the best way to save yourself from a financial crisis is to buy a health plan for yourself and your family.

If you are an earning member of your family and have been thinking “What is the right time for buying health insurance plan”, here is your answer- The right time to opt for an optimal health plan for the family is NOW! 

If You are Wondering “Why”, Here is a List of Reasons -

  1. Because Life is Full of Surprises
    While in the prime of your life, you may be healthy and would not require hospitalisation and treatment. However, accidents are unprecedented. There is no age to define when someone would be met with an unfortunate accident. And that also requires treatment!
    Just like the Covid-19 pandemic, any other ailment can happen to anyone at any age. So, it's best to be prepared! A good health insurance plan can come in very handy during such cases.
     
  2. Because Buying Early Means a Better Deal
    Health insurance companies follow the thumb rule, the younger the buyer, the cheaper the premium. As we grow older, the chances of being unwell or suffering a disease also increase, and the coverage benefit thus decreases.
     
  3. High Medical Inflation in India
    It is estimated that in India, the rate of medical inflation is 15% annually, which is much higher than regular inflation. 
    So, you might not wish to spend a large fortune on health care expenses. Thus having a comprehensive indemnity health insurance plan would be helpful.
     
  4. Because Today You are Fitter than Tomorrow
    Even before the Covid-19 scenario, insurers had predicted a spike in cardiac diseases, respiratory diseases, accidents etc in the next five years. The rising pollution and unhealthy air quality, a sedentary lifestyle will lead to ailments and illnesses. Most health insurance companies provide a pre-existing illness cover, after a period of 2 to 4 years of buying insurance. This is again a good option, in case you haven't bought insurance yet, as after this period is over, you will be covered for the health insurance claim.
     
  5. Because It Helps You Save Tax
    Just like a smart investment, your health insurance plan can be instrumental in reducing your tax burden. A tax deduction of INR 25,000 can be claimed under section 80D of the Income Tax Act. When buying a mediclaim policy for senior citizens, there is an additional benefit that can go up to INR 50,000 per year.
     
  6. Because It is not Just Hospitalisation
    An illness may not always mean hospitalisation. An injury or disease even without being hospitalised can make a big hole in your pocket. There are so many other expenses such as medicines, follow-up visits, ambulance charges, scans, tests and investigations etc. 
    Pro Tip: A good health insurance plan comes with numerous additional benefits and gives coverage for pre and post hospitalisation, NCB, annual check-ups, cashless claims, discounts in the room rent. These combined advantages make health insurance not just a wise investment but also a basic necessity.   
     
  7. Because You are Never Too Old to Buy a Health Plan
    The time to buy insurance is always ‘right’, and never ‘wrong’. So, only because you are past a certain age doesn’t mean you any longer invest in a health cover. Yes, you would have to pay a little extra than someone who is in his/her 20’s, but not opting for a health plan is like being penny wise and pound foolish. 
    Even after 40 you can start with a basic cover and enhance it regularly after a few years. A critical disease cover can come in very handy for funding the supplementary expenses.

Adding a top-up or a super top-up to your vanilla plan can greatly help in managing the medical bills. Super top-up is a product that can enhance the cover over and above the hospitalisation cost. You can also be on the lookout for co-payment, which is your share of the claim that you need to pay from your pocket. 

Health insurance is not just for illnesses and diseases. More than anything it is important for your own mental peace. This is because, you need to know that even if an accident takes place, you and your family will not have to go through a financial crisis!

While none of us plans to get hurt or sick, being prepared for medical costs can greatly help in recovering from the financial strain hospitalisation can cause. An optimal health plan becomes all the more important when you have a family to look after. If you haven't already, invest in a health plan, Invest Today!

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