Don't have health insurance? 5 reasons that will make you rush to buy a medical plan

In the month of filing income tax returns, people are found looking for insurance plans to save their taxes. But, last moment hurry forces people buy plans they probably don't need as they don't pay attention to the benefits of the insurance plan and they opt for it because they were looking for an avenue to save their hard earned money. Health plans are one of the schemes still not taken seriously by the insured. Though, it is a must for any person in a first world nation. It not only helps you save your saving in the medical emergency, but it also works as a hedge against the diseases caused by aging.  

Elaborating upon the matter Anika Agarwal, Senior Vice President and Head Marketing, Digital and Direct Sales, Max Bupa Health Insurance told Zee Business online that most of us make plans in advance to buy a house, jewelry, or an overseas education because we consider them as important investments. However, what most of us overlook is to ensure our lives through health insurance. "Getting covered early could be the smartest investment one can make," she said.

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Let’s have a look at why it’s important to push for health insurance in the early phase of life. Anika Agarwal of Max Bupa Health Insurance enlisted the following five reasons that can push youth to go for a health plan:

1] Necessity of Health insurance: As per a study by the British agency Health Foundation, millennials will be the first generation to have worse health problems than their parents when they reach middle age. Owing to this, millennials will certainly need medical intervention much earlier and in fact more often than what their parents needed years ago. This situation has undeniably made health insurance a necessity rather than just being an option for the young Indian population. 

2] Rising lifestyle diseases: With late night work and constant pressure, there has been an increase in younger patients coming in with a range of lifestyle diseases – from diabetes to heart disease. Hence acting smart by investing early in health insurance will help avoid eroding one’s savings later. 

3] Smart financial move: The younger a person is, the more affordable insurance is. Most of the health insurers today offer benefits that encourage early enrolment. This also comes in handy while tax planning as one can claim tax deductions on premiums under section 80D. 

4] Demand as per the requirements: Health insurance has traditionally been associated with hospitalization. However, lately, it has been observed that young customers want preventive health check-ups, wellness and fitness features in a health plan. Health insurance should also be super useful, covering annual check-ups, OPD visits to the dentist or ophthalmologist, or even assigning a health coach to meet one’s fitness goals. Hence, health insurance companies are now customizing their products including such features making them more customer friendly.

5] Buy before you require: Health insurance coverage may require a certain waiting period before one can start using it. Getting a cover while a person is healthy and does not need it right away, ensures that the health coverage is well utilized when the need arises.

On why one needs a health insurance SEBI registered tax and investment expert Jitendra Solanki said, "Health insurance is nothing but a hedge against any financial loss incurred due to a medicale emergency." He said that an individual has two option — either you pay a humungous amount at one time or pay a paltry premium to minimize the loss awaiting you in the future.