Why you should not delay buying a health insurance plan?
In today's times, when diseases are common and health care expenses are on the rise, buying a health insurance plan can save you financially in every way. However, today many individuals in India do not prefer buying a health plan as they consider them to be an absolute unnecessary expense. And some people despite knowing the importance of health insurance delay the purchase without understanding that a tragedy can knock their door anytime.
Delaying the purchase of health insurance is not a wise idea and here we tell you why you should buy a health plan as soon as possible.
- You are exposing yourself to unnecessary health care costs: One of the most common reasons why individuals delay purchasing health insurance is because they feel they are too young to face any medical complications. But this overconfidence can often cost them and make them lose all their savings behind the treatment of the ailment. For instance, nowadays ailments such as dengue, swine flu, typhoid are very common and require hospitalization. And not having a health insurance plan at such times would force the individual to spend from his pocket.
- You are not eligible to receive exhaustive coverage:Delaying the purchase of health insurance policy would make you lose out on coverage that you would receive if you buy the policy when you are young. Health insurers work with the concept of as you grow old, your body is at risk to get affected by age related ailments and when you are young, you are healthy and are at low risk of getting any disease. Buying policy at old age would cost you more premium and you would not be able to receive coverage for pre-existing diseases for at least 3-4 years from the policy date.
- Premiums increase as you age: As you age, your health risks increase. And hence, to compensate for high risks, insurance companies charge higher premiums. Delaying health insurance purchase would also make you bear the cost of paying high premiums.
- Waiting period: For the first few years. insurance companies don't offer you coverage for pre-existing diseases. This is called the waiting period. So when you delay buying a health plan, you will have to wait for the pre-existing diseases to get covered. On the contrary, buying policy early can in fact provide you coverage after a few number of years, when required.
- You are likely to miss out on maternity coverage: Health insurance plans provide maternity coverage only after a waiting period 2-6 years. Hence, by buying a health insurance plan early, you can wait out on the maternity waiting period before you actually think of starting a family.
- You can avoid pre-entrance medical check-ups: If you are above 45 years, you will have to appear for the medical test. And only if the medical reports are found satisfactory, you will receive the insurance policy. But when you delay the purchase, you will have to undergo the medical check-ups which might result in rejection of the policy or its acceptance at high premiums. To avoid such pre-policy medical check-ups, it is important you buy the plan at an early age.
Delaying a health insurance cover is not a wise move. Given the high healthcare costs you should invest in a plan as early as possible.