When and why should you buy health insurance

We all have heard the saying, "health is wealth." That holds so true in today's age. Sadly, hectic lifestyles, erratic food habits, and an increase in pollution have contributed to a drastic rise in lifestyle diseases among Indians. Whether you're 40 or 70, falling ill and requiring extensive medical care can hit anyone.

Why should you buy health insurance?

Let's look at the top reasons why investing in a healthcare plan is an absolute must for everyone.

• Protect yourself from Medical Inflation

Medical costs are on a steep increase in India. Today, even minor surgery costs tens of thousands of rupees. A health plan takes care of all associated costs – hospitalisation expenses, ambulance charges, diagnosis tests, consultation, inpatient and outpatient treatments, surgery costs, medicines, etc. By just paying a nominal premium every year, you can protect yourself and your family from medical inflation.

• Protect your Savings

An unforeseen illness in the family not only causes mental stress, but there are also financial implications to consider. Without health insurance coverage, you may end up emptying your life's savings or, worse, fall into debt to provide timely medical care for your family members.

With a cashless treatment plan, the insurer pays your medical bills directly to the hospital. This way, you don't have to worry about raising the money for treatment and focus on taking care of your loved ones.

• Protect your Family

One of the biggest advantages of a health plan is that it can cover your entire family – spouse, children, and even ageing parents under a single policy. You can rest easy knowing that the medical needs of your family are taken care of.

When should you buy health insurance?

Individuals often put off purchasing a health insurance plan, thinking that they can buy it when the need arises – preferably after hitting their 50s and 60s. This is the wrong approach. The earlier you purchase the plan, the better it is for your pocket. Premiums for health insurance plans increase with age, as the associated health risks increase. So, when you purchase a health insurance plan in your 20s or 30s, you will get a better deal.

Also, remember that most health plans come with a waiting period. You can make claims only after the completion of the waiting period. Another advantage of purchasing early is that there are no health check-ups. As you grow old, you have to undergo a comprehensive health check before becoming eligible for a health plan.

It's highly recommended that you purchase a health plan while you're fit and healthy. This way, you can claim it when the need arises and save on premiums. Make sure to do your research and choose the right health plan that best fits your family's needs.