No matter how many marathons you run a year, or how well you control your diet, health insurance is a necessity that you simply cannot do without. A medical emergency could be the result of an accident or a critical illness that you never even saw coming. With lifestyle diseases on the rise, India has become the diabetes and heart disease capital of the world! With this in mind, let’s take a look at when is the perfect time to buy insurance:
1. In Your 20s:
So you’ve just joined the working world, and you’re living hand-to-mouth on a salary that is barely enough to cover your travel to and from work. Do you really have enough money to put aside every year in a health insurance premium? You may not in the first year you start working, but by year two, you should definitely have more than enough saved up. You’re in great shape, and since you’re young, your premiums will be pretty low.
2. In Your 30s:
You’re settling down in life. You’re either recently married, or perhaps planning your wedding. You could be starting a family soon. And yes, maybe you have employer cover, but it isn’t nearly enough. You can look at getting a family floater policy for everybody in your family, or even individual policies for each person. If you were to meet with an accident, having to dip into your savings may end up doing more harm than good. Health insurance is vital to keep your family’s finances on track.
3. In Your 40s:
You’ve reached the peak of success in your career, and you’ve been saving up money to help your children fulfil their dreams. You’re also one medical emergency away from forcing your children to join the workforce right after school so that they can look after you. Once you’re in your 40s, you’re more likely to deal with small health problems, so it’s a good idea to get yourself insured before that’s no longer an option.
4. In Your 50s:
It’s your last few years of working. You’ve built up a nest egg for your retirement, and you plan on taking your spouse on an amazing holiday once you leave the workforce. But, you’re aware of the fact that your health isn’t as good as it used to be. You have a few problems every now and again, and your doctor’s bills are constantly on the rise. You haven’t quite missed the insurance bus, but you’ll have to pay higher premiums today for a financially secure tomorrow.
No matter how old you are, it’s always a good time to purchase health insurance. Ideally, it’s a good idea to get medical cover by the time you hit 35. This is because:
- i. Your premiums will be lower
- ii. The waiting period for pre-existing diseases is much shorter
- iii. It’s unlikely that your application will get rejected
- iv. You’ll be able to enjoy the No Claim Bonus (NCB) for several years