"Buy health insurance when you don't want it, because you may not get it when you want it."
At present, most of the salaried professionals get health insurance coverage by their employer. A majority of such employees are highly dependent on corporate health insurance coverage in case of hospitalization.
Though, they fail to analyze their medical insurance needs and don't understand the benefits of buying a health insurance plan. Insurance experts recommend that professionals should go personal health coverage as well.
A senior citizen mediclaim policy is a must when your parents are financially depended on you. A basic health insurance plan won’t be able to offer the insurance coverage that senior citizens require.
A health insurance plan offers risk cover against expenses incurred by any medical urgency. Medical inflation and the inability to buy sufficient amount of health coverage can easily turn a medical emergency in a financial emergency
Here are the 2 common mistakes people make when they buy health insurance.
1. They don't buy it when the time is right.
2. When they realize their mistake, they over-compensate by purchasing way too much insurance coverage.
Here are the points that signify the importance of buying a health insurance plan.
1. Insurance coverage of the health insurance policy offered by your employer
Majorly, the organizations provide its employees with a basic medical insurance coverage. The basic coverage provides insurance coverage for minor diseases. The basic coverage is inadequate when it comes to covering a major medical emergency.
2. Validity of the health insurance offered by your employer
The validity of medical insurance coverage offered by your employer ceases to exist the moment you leave your organization and your current organization becomes your previous organization. A job change, (God forbid) job loss, retirement etc. are the situations that will leave you with no insurance coverage. During such times, you would have a huge amount of hospital bill and no insurance coverage. You’ll have no option but to bear the healthcare expenses from your own pocket.
3. Early Bird Catches the Worm
In order to enjoy insurance benefits, buy health insurance when you are young. Chances will be high that you won’t have any pre-existing illness. As a result, your insurance premium would be minimum and insurance coverage would be maximum.
4. Tax benefits
One of the best thing about buying health insurance is the tax benefit. As per section 80D of the Indian Income Tax Act, Health insurance premiums payment qualifies for tax redemptions. People who are less than 65 years old can claim to enjoy tax-benefits up to 15,000 Rupees.
The Bottom Line
Tax benefits shouldn’t be the sole criterion to buy personal health insurance plan.
Before you buy personal health insurance coverage, analyze your insurance needs and the then go for the plan that fulfills your health insurance needs.
Don’t just buy the first plan you come across. Compare health insurance plans online without any inconvenience. The sum assured depends on your insurance requirements.