There is a famous quote ‘Expect the best, Prepare for the worst’ which has an in-depth meaning and something that is applicable in every walk of life. One thing that we always take for granted is own health and health of our loved ones. We always start thinking about a solution when something wrong happens and that is the worst thing to do since you cannot think on your feet when you are tensed. Since diseases or disasters can happen at any time, you should be in a position to face them.
Medical insurance is one way through which you & loved ones can stay protected. Medical Insurance gives adequate coverage and keeps you sailing through the tough times. Having good medical insurance is a must in today’s times hence you should choose a medical or health insurance that suits your age & financial capacity. Let’s have a look at the primary reasons that indicate the necessity of medical insurance.
(1) Affordable Premium
Majority of the health insurance plans provide sufficient coverage at a reasonable premium. It is advisable that health insurance for individuals should be opted for at an early age since the premiums for younger individuals are lesser. Health insurance not only provides you peace of mind but it is also a good investment option.
(2) Financial Benefits
As mentioned earlier, health insurance is a good way to avail tax benefits. Apart from this, it is one way to ensure that the financial burden would not be borne by your family members in case if any untoward incident occurs. Hence, it is one way to protect yourself and ensuring the goodwill of your dependents.
(3) Illnesses due to lifestyle changes
It is a stark truth that our lifestyles have changed due to urbanization. Many people follow an unhealthy lifestyle which can lead to increased chances of having diabetes, cancer, & other deadly diseases at an early age. The treatment for such diseases can literally create a hole in your pockets. Having insurance ensures that all your savings are not blown up in such emergency situations. Many insurance plans also cover half-yearly & yearly health check-ups which prove handy for early detection of diseases.
(4) Cover for family members
You can opt for individual health insurance, as well as, group health insurance where you pay the insurance premium for coverage of others (family/dependents) who are covered under the plan. Many working professionals might have enrolled their dependents in the corporate insurance plans, but they have limited coverage. Hence, you should also opt for health insurance for family members since such insurance can yield good results. You can also select health insurance plans for select diseases e.g. cancer so that you can reduce the financial burden involved in the treatment of such diseases.
(5) Reap benefits at a later stage
Most of the health insurance plans do not provide complete (Pre-existing diseases) coverage for the first 2~4 years. What this means is that you should invest in a good insurance plan at an early stage when you are young, fit, and healthy. Hence, health insurance can be considered a long-term investment since the majority of people tend to have health ailments at a later point in life. So invest in a good insurance policy to reap benefits at a later stage.
(6) No Claim Benefits
An individual who is covered under a certain health insurance plan needs to fill the claim form and submit the details of the incurred expenses to the respective insurance provider. What happens if you do not claim for many years i.e. you do not fall sick and hence do not submit any claims? In such a case, the benefits of No Claim Bonus (NCB) come into picture where the insurance cover is increased without an increase in the insurance premium. Hence, you enjoy higher insurance coverage without actually paying for it!
In a nutshell, irrespective of the state of your health, it is advisable to opt for the best-suited health insurance plan. You should take this informed decision to lead a healthy and happy life.