Legal Law

8 Important Reasons to Buy Your Own Health Insurance Coverage Right Now

Patrimonial protection is an area that is often neglected rather than Wealth creation. Without a hint 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 created throughout your life, in a span of, say, a few months?

Health insurance is one of those aspects of Patrimonial 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 ‘adequately’ covering this risk associated with it. Cover your 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 is very successful, or apparently. He has a beautiful daughter and a very loving wife. All of his 3 arteries were blocked by more than 70%. Bypass was the only option. When he returned home, his corpus was reduced by 25%, this despite having a group insurance policy from his employer. Aside from the emotional setback, as well as lifetime limitations on your lifestyle habits, it will take you another 4 years of hard work, just to get your portfolio back to where it was before this incident. It can be said that he was unlucky. No. He was not a smart portfolio manager. A smart manager will always hedge your portfolio risks.

And if after reading this, you have been thinking that it could have happened to him because of his work stress, and that you do not bear so much stress in your workplace, let me tell you that the food you eat, the air you breathe, and the water you The baby has become toxic enough to cause such and far more dangerous diseases, even if he leads an absolutely stress-free life. It is unfortunate, but true, that we live and consume such toxicity. Who will be next is 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 definitely a reality in our calling. developed world.

Here are 8 powerful reasons why you should buy your own health insurance policy ASAP, regardless of your age or existing coverage:

1) Avoid rigorous testing

If you think you will save some money and take out health insurance coverage only when you turn 50, keep in mind that after 50, almost all health insurance companies put buyers through a large number of medical tests. before selling them health insurance. plan. And once you undergo a series of tests at that age, it is very likely that you will be discovered with some minor, if not serious, abnormality. Each of these anomalies 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 sooner. Any pre-existing illness is automatically covered in such a case. Any later diagnosed illness will be covered without additional premiums.

2) Pay a lower premium

Health insurance premiums are quite low when the age is younger. The younger the age group, the lower the premium. And the premiums increase only if you change 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 will increase to Rs 18000. So buy it as soon as possible to reserve the policy with the lowest possible premium.

3) Accumulate no claim Benefits

Even if you stay healthy, what we should all expect, with every no claim year, increases the scope of your health coverage. Buying early means you will likely have more years without claims, 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 unwilling to sell online if the buyer is over 50 years old. You won’t be able to take advantage of the online shopping facility if you wait too long.

5) Your Employer Coverage Is Just Not Enough

With health care costs rising exponentially, the need for health insurance cannot be overstated. Check the cost of a one-week hospital stay for a regular illness and then compare it to your company’s coverage. They will most likely convince you to buy a cover right away. I’m not sure yet? Think about when you will age and may 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 hedge all these risks to protect your portfolio.

6) Take advantage of Sec 80D tax benefits in addition to Sec 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 taxes up to Rs. 40,000 annually. If you factor in these tax benefits, the cost of a health insurance policy is not prohibitive considering the protection you enjoy.

7) Exceed the Waiting period

When I left IBM and took financial freedom, I bought a private health insurance policy, only to find that I have to undergo a waiting period 2 years for specific treatments. And, as fate would have it, my wife had to undergo surgery for one of those diseases during this 2-year period. Who paid? I did. 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 must meet several 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 that you would have met the required waiting periods and could claim all the benefits later.

8) Cover your ‘unborn’

Today’s health insurance policies cover much more than just hospitalization. The new health plans cover you for day care and OPD procedures, not just serious hospitalizations. Even vector-borne diseases are covered. Most plans also have maternity benefits, which can be relevant at this stage of life. Plus, your newborn will be covered from birth with no additional premiums.

As with building wealth, acting early also works with protecting wealth.