8 Powerful Reasons to Buy Your Own Health Insurance Coverage Right Now
wealth protection is an area often neglected rather than wealth creation. Without an iota of doubt, wealth creation making smart investments is definitely important. But what good is it if there is an imminent risk of losing everything you have created throughout your life, within, say, a few months?
Health insurance is one of those aspects of wealth protection – where most of us feel that we are already sufficiently protected by our company’s group insurance policy, or God will always be too kind to us and nothing will happen to us while we are in our prime. Can we be further from the truth? And we all see and hear enough examples around us every day that contradict this basic assumption of ours. Simply closing your eyes will not make the risk go away. A smart wealth creator, like a smart project manager, manages health risk by ‘appropriately’ hedging this associated risk. He covers his risk before it’s too late.
It was a severe heart attack. He was lucky to have survived. He is 31 years old, my former colleague, he works in a multinational in Gurgaon and he is very successful, or apparently. He has a beautiful daughter and a very loving wife. All 3 of his arteries were more than 70% blocked. Bypass was the only option. When he got home, his corpus had been reduced by 25%, despite having a group insurance policy from his employer. In addition to the emotional setback and lifelong limitations in his lifestyle habits, it will take another 4 years of hard work just to get his wallet back to where he was before this incident. It can be said that he was unlucky. No. He wasn’t a smart portfolio manager. A smart manager will always cover the risks of his portfolio.
And if after reading this you have been thinking that it may have happened to you due to your work stress, and that in your workplace you cannot handle so much stress, let me tell you that the food you eat, the air you breathe, and the water you drink are it has become toxic enough to cause such and many more dangerous diseases, even if you lead an absolutely stress-free life. It is unfortunate, but true, that we are living with and consuming such toxicity. Who will be next, it’s just a matter of luck.
Hope for the best, but prepare for the worst – This is how we used to plan our projects. this is exactly how you should deal with your life. I sincerely hope that you lead a healthy and prosperous life, but I strongly urge you to be prepared in the event of such an eventuality, as it is a definite reality in our calling. developed world.
Here are 8 powerful reasons why you should buy your own health insurance policy as soon as possible, regardless of your age or your existing coverage:
1) Avoid hard tests
If you think you’ll save some money and take health insurance coverage only when you cross the age of 50, keep in mind that after age 50, almost all health insurance companies put buyers through a lot of medical tests before selling them health insurance. plan. And once he undergoes a battery of tests at that age, there’s a good chance he’ll be found with some minor, if not serious, abnormality. Each anomaly of this type will carry its premium, in addition to the physical pain of undergoing all the tests. You can avoid all these tests if you buy your health insurance policy beforehand. Any pre-existing illness is automatically covered in such a case. Any illness diagnosed later will be covered, with no additional premiums.
2) Pay a lower premium
Health insurance premiums are quite low when the age is younger. The lower the age group, the lower the premium. And premiums increase only if you change your age group. At 25 a plan with coverage of Rs 5 lakh would cost you around Rs 8000, at 35 you will have to shell out around Rs 11000 and at 45 the cost rises to Rs 18000. So buy it as soon as possible to book the policy. with the lowest possible premium.
3) Accumulate no claim Benefits
Even if you stay healthy – which we should all hope – with each of those no claim year, the scope of your medical coverage increases. Buying early means you likely have more claim-free years, allowing you to accumulate benefits over time.
4) Get access to cheaper and hassle-free online shopping
At a young age, you can buy a decent enough health insurance policy online. Online policies are cheaper. Many insurers are not willing to sell online if the buyer is over the age of 50. You won’t be able to take advantage of the ease of online shopping if you wait too long.
5) Your Employer Coverage Just Isn’t Enough
With the exponential rise in health care costs, the need for health insurance cannot be overstated. Check the cost of a week of hospitalization for a common illness and then compare it with your company’s coverage. Chances are, you’ll be talked into buying a cover right away. I’m not sure yet? Think about when you will get older and need more frequent medical care. What if you are asked to leave the company, a harsh reality today? What about the period between two jobs? You must cover all of these risks to protect your portfolio.
6) Take advantage of Section 80D tax benefits in addition to Section 80C benefits
Buying your health insurance early also means better financial planning. You save taxes by paying the premium. Under section 80D, you can potentially save tax up to Rs 40,000 a year. When you take these tax benefits into account, the cost of a health insurance policy is not prohibitive considering the protection you enjoy.
7) Overcome Waiting period
When I resigned from IBM and became financially free, I bought a private health insurance policy, only to find that I have to undergo a waiting period 2 years for specific treatments. And luckily, my wife had to undergo surgery for one of those diseases during this 2-year period. Who paid? I made. Don’t make the same mistake I did. Don’t wait to buy a health insurance policy until it becomes a definite necessity.
When you buy a health plan, you have to meet various waiting periods for certain surgeries, special treatments, coverage of pre-existing conditions, etc. If you buy it now, when you don’t need it right away, it would mean you’ve met any required waiting periods and can claim full benefits later.
8) Cover your ‘birth’
Today’s health insurance policies cover much more than hospitalization. The new health plans cover you for day care procedures and OPD, not just serious hospitalizations. Even vector-borne diseases are covered. Most plans also have maternity benefits, which may be relevant at this stage of life. Plus, your newborn will be covered from birth with no additional premiums.
As with building wealth, taking early action also works with wealth protection.