Moneycontrol
May 25, 2017 12:05 PM IST | Source: Moneycontrol.com

Health insurance: Why taking a policy at the earliest helps

It is a protection cover to fight your unwanted and untimed enemies which can affect your health and pocket adversely.

Dhruv Sarin

Time and tide wait for none! No one plans on falling sick and getting hurt but at some point or the other, everyone needs medical care. Our lifestyle has increased the chances of critical disorders like cancer, heart ailments, respiratory disease, tumor, permanent paralysis etc. and hence endangered our life. You don’t have to be above 50 to get health insurance, our lifestyle changes have triggered many disorders which make us susceptible to physical ailments even when you least expect them. The right time to buy your health insurance policy is as soon.

After all, it’s a protection cover to fight your unwanted and untimed enemies which can affect your health and pocket adversely. If you think that at the age of 60, you will be more prone to disease and hence will buy an insurance policy near and around your 40s, then you are wrong! The older section gets less coverage as they fall into a risk prone entity. Health insurance mostly gets attached with apprehensions, like, it should be taken after a certain age, especially when you are financially stable. This certain age generally means the later stages of life. But what we forget is that the life is unpredictable and in today’s time, we cannot calculate the expectancy of a healthy life due to change in lifestyle, hectic schedule and increase in the number of life-threatening diseases. Therefore, it is always safe to be prepared beforehand.

Here, we will try and find out why buying a policy at early stages of life is beneficial.

Better planning for emergencies

Buying a policy at the earlier stage of life means that you are safeguarding your life from an untimed major setback that may befall you. Human life is liable to change rapidly and hence we cannot predict the next moment of life. In a scenario like this, buying a health insurance plan can ensure that you are covered for medical emergencies. With the provision of lifelong renewal under health insurance, you don’t have to worry about the health care benefits for your whole life. This means that a policy can be taken at earlier stages of life and can be fruitful as long as you live.

Even if you are covered by employer-provided health insurance, it may not be sufficient. The market changes rapidly and this can be proved from the various instances. The prices never go down they only increase. With the rampant increase in health care cost, the need for health insurance cannot be underestimated. Pick up any good hospitals’ medical bills and then compare it with your company’s medical coverage. You would be surprised to see the gradual shift in prices and the percentage you are getting covered with; hence it is always better to get health insurance of your own other than relying on the group mediclaim coverage to plan well for medical emergencies.

Exhaustion of waiting period

Generally, health insurance policy has a minimum waiting period of 30 days and in some cases, it is 90 days. Under this waiting period, you are not allowed to make any claim even in the case of any emergency. Hence, when a policy is bought at earlier stages of life, your waiting period would have been exhausted by the time you might need it to come into action and you can avail all the benefits of your policy. For example, diseases like cataract, diabetes, knee replacement, heart diseases, and respiratory diseases can trigger when you are moving towards an old age. For such conditions, you should stay prepared beforehand and if you take health insurance at a younger age, it will prove to be more beneficial and work as a financial safeguard against all these ailments. When you are young, you also get comprehensive deals linked to life events such as maternity benefits, pre-existing illness coverage, dental benefits and sometimes most companies even offer no claim bonus. Therefore, buying a health insurance early is the best and the most cost-effective way to protect your future.

You can’t sit back and wait for something bad to happen to you or to your dear ones; a quick action now might save or cover you in the coming future. You all must have heard of the saying, “Health is wealth” and it sure is. In today’s life draining schedule, we do very little for ourselves. Hectic schedules, polluted environment both directly contradicts healthy living. What you can do is take out some precious time of yours to protect more precious moments to come in your life. Health insurance when bought early can extend your chances at a better and merrier future. Be like an early bird in your actions and stay protected for life.

(The writer is head of health insurance of Policybazaar.com)
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