Photo by Hannah Nelson from Pexels
Starting early is not a cliché. It is however, very ironic that one does not understand the sheer brilliance of the thought till you are much older. I can guarantee that at some point in life about some financial (or non-financial) aspect of your life, your reaction will be – ‘I wish I had started this sooner in life!’. At that point you won’t be able to turn back time, hence, it can’t be repeated enough – you must start early.
How does it help to start early when it comes to health insuranceA comprehensive policy that covers for medical and surgical expenses that you incur. This includes hospitalisation expenses, pre hospitalisation expenses and other expenses incurred for all the illnesses covered in the policy. More?
- Taking a policy at an early age comes at a low premiumThis is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance... More.
- It gives you enough time to cover up the waiting period required by the insurer for certain specific ailments and health conditions like maternity, certain cardiac conditions and so on. Waiting period is essentially the number of months or years after you have taken the policy where you cannot claim insurance for the medical condition.
- When you continue with a policy for several years, there are benefits like no claim bonus which can accrue. The chances of getting this for a policy which was started at an early age are higher.
Of course, these are all secondary benefits, the point of having a health insuranceA comprehensive policy that covers for medical and surgical expenses that you incur. This includes hospitalisation expenses, pre hospitalisation expenses and other expenses incurred for all the illnesses covered in the policy. More is being able to access hospitalisation, pre and post hospitalisation costs through the insurance cover at a nominal price. For a 25-year-old for example, a ₹5 lakh health cover can come at a low premiumThis is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance... More of ₹5000-6000 a year, that’s roughly ₹500-600 per month.
According to Mahavir Chopra, director, health, life and travel insurance, Coverfox.com, “People who have had a life event are the ones taking a health cover, usually it is after they get married. Even then, people start with buying a health cover for their parents first and then move to their own. What’s important is to revalidate the cover at different stages of your life and ideally have a comprehensive cover by 35 years of age.”
What kind of health cover should you look for?
When you start with your first cover, its best to look at the larger liability of hospitalisation. Over time when certain medical conditions crop up, this can be extended to cover OPD charges too.
There is also a top up cover, where you pay the cost up to a limit after which the insurance kicks in. The premiumThis is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance... More is low and in the early years you might want to go for this and then convert it into a regular health cover after a few years as your number of dependents increases and some standard ailments creep in with age.
A basic cover with hospitalisation benefits, along with additional ridersThese are additional benefits that can be added to your basic insurance policy, but come at a cost. For example, you can add a critical illness rider to your basic life insurance policy. In the event of a critical illness... More or benefits added of personal accident cover and critical illness cover is sufficient to begin with.
Ensure that the policy allows for cashless transaction in hospitals to save you trouble. Secondly, if you already have a group health cover from your place of work, then choose this secondary cover wisely to include treatments and hospitalisation expenses for ailments which the group insurance doesn’t cover.
Now you are all set.
Insurance is just a hedge or a monetary cushion for any uncertainty, your true health cover will always be your own desire to be fit and healthy.
Honestly, the best health cover you can get yourself is to stay physically fit by being active. Take up a sport or some kind of physical activity hiking, cycling, running or swimming which you can regularly indulge in. Along with this be mindful of what you eat. Eat a lot of fried food in restaurants, slowly but surely your deteriorating health will reflect it. Eat more home cooked food, balanced and fresh meals. Indulge in the outside stuff but not every day. Think about it, if you keep yourself healthy, not only will the premiumThis is the amount you pay for keeping an insurance policy active. Usually paid in a lump sum at the start of the policy term or annually through the term, it includes all the charges and levies by the insurance... More on your health cover be relatively lower, it will remain unused for longer and your no claim bonus can pile up!