When to buy health insurance?

When To Buy Health Insurance?

The best time to buy health insurance is as early as possible while you are young and healthy. Insurers offer lower premiums to younger individuals, and you can complete the mandatory waiting periods for pre-existing diseases before you actually need the coverage. Waiting until a diagnosis occurs may result in higher premiums or even permanent exclusions. Early enrollment also builds a higher No Claim Bonus, which increases your sum insured over time.

Why should you buy health insurance?

You should buy health insurance to ensure that a medical crisis does not turn into a financial catastrophe. A robust policy covers pre- and post-hospitalization costs, ambulance charges, and daycare procedures. It allows you to focus on recovery rather than worrying about bill payments, especially with the cashless facility at network hospitals. Additionally, having your own plan supplements any basic cover provided by an employer, ensuring comprehensive protection that stays with you even if you change jobs.

Why should I buy health insurance?

Health Insurance is a way to protect yourself and your loved ones against unforeseen medical expenses. Many people are unaware of the benefits that come with having health insurance, such as discounts on prescription drugs and free preventative care, etc.

Some of the benefits of having health insurance include

Having coverage if you become sick or injured

Having coverage if you need surgery or hospitalization

Having coverage for prescription drugs and doctor visits

Having coverage for mental and behavioral health services such as addiction treatment or therapy

Why do people buy health insurance?

People buy health insurance primarily to avoid the financial burden of unexpected hospitalization and expensive medical procedures. It provides a sense of security and access to quality healthcare through a vast network of cashless hospitals. Many also purchase it to avail of tax deductions and to ensure coverage for lifestyle-related diseases that may develop later in life. By paying a small annual premium, policyholders transfer the risk of heavy medical bills to the insurance provider.

Why do I have to buy health insurance?

You should buy health insurance to safeguard your financial stability against the unpredictable nature of medical emergencies. Medical inflation in India is rising rapidly, making out-of-pocket expenses for treatments like surgery or cancer care extremely high. Insurance ensures that you receive the best possible medical care without liquidating your assets or life savings. It also provides peace of mind, knowing that your family is protected during difficult times, subject to policy terms and conditions.

Why buy health insurance?

Health insurance protects against the risk of an unexpected illness, injury, or hospitalization that can lead to large expenses in both time and money. Health insurance is a form of social safety net that helps protect individuals and families from financial ruin in case they are ever faced with an unforeseen event that leads to high medical expenses.