2020 has been tough but an eye-opener. Having a health insurance policy has become important in the wake of the global pandemic. Here are 21 reasons why you NEED the right health insurance cover in 2021.
1.An important aspect of financial planning
Financial Planning is not limited to just investing in schemes with the best returns, but it also means planning for contingencies in a way that does not wipe out your savings. Getting the right health insurance ensures that even with a health emergency, you don’t have to rely on using your liquid funds in order to afford it.
2. Tax Saving Benefits
The premium paid for a health insurance policy is eligible for tax relief under Section 80D of the Income Tax Act. You can read more about this here.
3. Rising healthcare costs
Currently, medical inflation is at about 19.5% and the prices of treatments are bound to rise. Without a proper health insurance plan, you might have to dip in your savings to afford all your healthcare requirements which can set you back on your money goals.
4. Early Start = Lesser Premiums
The earlier you start the lesser the premium is. Premiums are lesser in your 20’s as compared to your 30’s. So the earlier you get started, the more long-term benefits you can avail!
5. No Claim Bonus
No Claim Bonus (NCB) is a reward offered to the policy-holder for not making any claim in a policy year. The earlier you get started with your health insurance plan, you can collect more NCB’s which can be cashed in once you do need it. You can read more about it here.
6. Waiting period
Majority of the plans come with 2-4 year waiting periods for a host of pre-existing conditions & specified benefits. So in order to be covered when the time comes, you need to get that policy now!
7. Comprehensive policies
The earlier you start with health insurance, the greater chances of you getting a comprehensive policy that covers the majority of the treatments at a relatively lesser premium.
8. Wider range of options
The number of options available for a person in their 30’s is much higher than for a person in their 60’s. This gives you the power to choose the best plan that covers your every need without having to go through rigorous medical tests!
9. Lifelong Renewal
You can get extended coverage even after the age of 65 once you have a history with the health insurance provider which can play in your favor to ensure that your healthcare needs are met!
10. Pre-existing Conditions
Indian health insurance companies cover a lot of pre-existing conditions if they are declared while getting a policy with proper documentation. Some conditions might have certain waiting periods before the cover can kick in.
11. Rise in lifestyle diseases
With increasing stress, anxiety, and lack of physical exercise, the number of people getting affected by lifestyle diseases is on a rise. In a survey done by GOQii India Fit Report 2020, 62% of people are either at high or borderline risk for diseases like diabetes, thyroid & hypertension.
12. Medical emergencies can bankrupt you!
Medical emergencies that aren’t covered by a proper plan can cost you lakhs in hospitalization, medicines, and more. It can throw a serious dent in your savings which could have been avoided with a proper health insurance plan!
13. Free health checkups
This is a great way for you to keep your health in check as you routinely go through body screenings.
14. Convalescence benefits for long term hospitalization
In case of extended hospitalization or special circumstances, this benefit covers a part of an individual’s expenses during recovery.
15. Covid-19 coverage
Getting a policy that covers all expenses of Covid-19 specifically is a good move in the current climate.
16. Group insurance has its limitations
Group Insurance offered by companies is available only till the time you are associated with a company and it might not offer wide coverage. It is always smart to have personal health insurance to make sure you have good coverage.
17. Increasing Health Insurance Premiums
Because of the pandemic, there has been a steady increase in the health insurance premiums which is a calculation based on the risk taken by the health insurance providers.
18. Lower Rejection Rate
If you have a complicated medical history, getting a full coverage health insurance plan can be tricky. So the early starters have the advantage of a lower rejection rate from the company along with a lesser chance of co-pay. So the best time to get a health insurance policy is when you are healthy!
19. Wellness Returns
Wellness returns are a feature that incentivizes policy holders to adopt healthy lifestyle practices. It is similar to any customer loyalty program wherein the points accumulated can be encashed when you go for policy renewal. This means the early morning walk you have always been meaning to start with, can actually reduce your premium! You can read more about it here.
20. Creating a back-up plan
Treat your personal health insurance as your back-up plan so that if anything goes terribly wrong, your policy will stop you from worrying about how to afford it and you can focus on the recovery.
21. Nothing is more important than your health.
If you have reached here, that means you understand that health is the true wealth. So don’t stop here, start researching and get the right health insurance for you and your family today!
OneAssure is a distribution platform that helps you make the right decisions on matters where health and finances converge. Visit oneassure.in to know more about your health insurance choices and book a free consultation.