A human being's biggest wealth is health. Investing in a health insurance is the path to lead a stress-free life in one's old age. While you must save and invest, it is equally important to protect the savings you will ultimately earn.
Health insurance as a protection measure improves not only the ability to treat disease, but also saves your hard-earned money from depletion. Protecting the savings, in turn, will give an immense sense of security in the autumn years.
Employer provided cover is insufficient
It is unwise to completely rely on the employer cover because health care costs have increased exponentially in the last few years. This makes the employer cover insufficient for an individual. Moreover, as age advances, frequent medical attention is needed. The medical expense at old age can be a reason of huge stress for a retired person if he doesn't have a health insurance cover. There have been instances where an old person has no other choice other than helplessly borrowing money from relatives for his medical bills. And such instances are pretty much avoidable.
Buy health insurance before turning 30
Lifestyle illnesses have increased to a huge extent since the last decade. Today, a person does not have to be old in order to need a health insurance. Due to the sedentary lifestyle, excessive stress, and consumption of junk food, younger people are getting afflicted by lifestyle disorders such as cardiovascular diseases, stroke, cancer, and diabetes. A good health insurance policy will not only cover a person's medical costs, but will also make the best healthcare facilities available to him wherever he goes. Buying a health insurance early implies better financial planning because accidents can occur at any time. If a person has a health insurance cover, it will cover such emergencies and save his money in the long run.
In order to get the maximum benefits, it is recommended to buy a health insurance when a person is young and healthy. According to industry experts, a health insurance should be purchased before turning 30. You can buy a good health insurance plan at the lowest possible premium when you are young and healthy.
Comprehensive deal for young buyers
Young buyers get a comprehensive deal when they buy a health insurance. Any disease that will be diagnosed after buying the insurance will be automatically covered. A person will be able to enjoy complete benefits of the cover whenever he needs. When a person purchases a health insurance plan, he has to undergo several waiting periods for special treatments, certain surgeries, and pre-existing illness coverage. If a person buys it at a young age when he does not need any surgery or treatment, it would imply that he had already served the waiting period that was required by the company and is eligible to claim all the benefits.
The latest health plans cover the costs of not only hospitalisation, but also day care procedures and vector-borne diseases. If a person purchases a good health insurance cover, it will take care of the cost of the ambulance, day care procedures, physiotherapy, dental, and optical treatment. He doesn't have to stress about high medical bills at an old age.
EARLY GAINS
- Ideally, buy health insurance before turning 30
- You can get lowest premium when you are young
The writer is CEO, Aditya Birla Health Insurance
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