Benefits Of Buying Health Insurance Early

By BankBazaar | August 24, 2016

Common Health Insurance Mistakes To Avoid Rakesh

Health Insurance costs will continue to skyrocket. You can stay protected by getting a Health Insurance policy. The general rule of thumb with insurance is “the earlier, the better”. Here are a few reasons why you should get Health Insurance for yourself before you turn 30.

The early bird gets the best price   

If you get a Health Insurance policy early, you can get one with a lower premium. The longer you wait to get a policy, the more you will need to pay.

Your employer’s got your back? Not really.

If you think your employer-provided Health Insurance cover will be sufficient to cover your medical expenses, think again.

Additional Reading: Group Health Insurance Vs. Individual Health Insurance

Be prepared for emergencies

With a Health Insurance policy you can be prepared for any medical emergency. Stress? What’s that? You don’t need to sweat about the finances, especially from your hospital bed.

Get a Health Insurance policy early to plan your finances better  

Health Insurance helps you plan your finances better. Be tax savvy with a Health Insurance policy. Under Section 80C of the Income Tax Act, you can save up to Rs. 25,000 on the policy premium every year.

Get a policy early and enjoy the benefits when you need it later

Get your Health Insurance policy early so that you can complete the necessary waiting period while you may not need to make any claims. Later in your life, you can rest easy and enjoy the full benefits of your policy when you really need it.

Health Insurance means more than hospitalisation  

There are so many features and benefits offered under a Health Insurance policy. Many insurance providers give you several add-on covers with your Health Insurance policy and customised health plans based on individual preferences.

Additional Reading: Misconceptions About Health Insurance

Let’s tell you about a few common Health Insurance mistakes to steer clear of. You’ll want to watch out for these bloopers.

Getting Health Insurance late

So, you’re young and in the prime of health, eh? Think you don’t need a Health Insurance policy yet? Did you know getting a Health Insurance policy early in life has a few benefits? Yes, you can get covered with a much lower premium on your policy.

You will also have no pre-existing diseases at this stage. This will make stacking up on those No Claim Bonuses a breeze.

Are you depending on your Employer’s Health Insurance?

You must remember that an employer-provided Health Insurance policy would most probably be insufficient to take care of a major portion of your medical needs. Let’s say you should switch jobs. What happens in the interim, between finding a new job and getting re-employed? You’re left exposed, aren’t you? Consider an individual Health Insurance plan aside from your employer-provided policy. Got a small family? Choose a Family Floater policy.

Looking for a plan that has the lowest premium

Bad idea. Don’t choose a Health Insurance policy only based on the cost of the annual premium that you need to pay. A plan with a low premium will usually lack important coverage features. This would make your health plan inadequate.

Additional Reading: Health Insurance Plans For 2016

Skimming the fine print    

Wait. Don’t blindly sign that policy document. Have you read through the plan’s terms and conditions? Carefully? The fine print gives you valuable information about the various inclusions offered in your Health Insurance policy.

Ignoring the need to review your policy

It is important to periodically review your Health Insurance policy. You must compare your health cover to the current hospital expenses at least once in 5 years. Increase your Health Insurance cover if you feel it is necessary. Think your present insurer is not providing the best features in your policy? You can consider shifting your Health Insurance to another provider.

Choose a Health Insurance policy carefully and you can save on exorbitant medical bills when it’s most needed.

Additional Reading: Only 30% Of People Before 35 Years Get Health Insurance

Have we convinced you yet?

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Category: Health Insurance

About Dheeraj Kapoor

BankBazaar is the world's first neutral online marketplace for instant customised rate quotes on Loans, Credit Cards, Insurance and Investment products. Shop for financial products just like you buy everything else now - online.

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