Health Insurance: How to Compare and Choose the Best Plan

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We all believe that health is wealth, but when it comes to reality, you need wealth to take care of your health at times of chronic illnesses or when you are physically ill. In addition, hectic work schedules, rising pollution, and intake of chemically processed foods in conjunction with unhealthy lifestyle habits can take a toll on your health. 

While there are many health insurance plans that one can customize as per their needs, there are quite a few pointers that one must keep in mind to choose the best health insurance plans. 

Staying young and healthy during your 20’s may not be the same when you reach your 30’s to ’40s, and if you think about taking health insurance in your 40’s, it would be a bad choice, as the benefits you get will be comparatively less, and you need to pay a high premium as well. 

So, if you buy at a young age, you will easily complete the waiting period, to enjoy the claims. Also, there will be only limited options for health insurance plans if you buy at an old age. 

1. Low Premiums

When you opt for a health insurance policy at your early age of working life, you will be entitled to receive the benefit of paying a low premium. For example, a health insurance plan of 5 lakh will cost you around 5000 at the age of 25, 6000 at the age of 35, and maybe 8000 or more at the age of 45. 

2. Host Of Options To Choose From

When applying for life insurance at your early age, you get to choose from a wide range of options to customize your plan accordingly.

3. Employer Cover Is Not Going To Meet The Expense 

Many of us shy from taking an additional health insurance plan, as we are already insured by our employer. But do you know that once you resign from your company, you are no longer eligible for any medical claims? And what if you come to realize this at your retirement age, you are left with zero benefits and loss.

4. Rising Number Of Lifestyle Diseases

Today one of the other diseases are coming up each day, putting our lives at the risk of illness, and now we are here at the extreme of the COVID-19 pandemic. In addition, our lifestyle has changed from extended work from home hours to lack of exercise and workout, causing several chronic health issues in mid-aged people. 

Therefore, it is ideal to buy a health insurance policy at a young age and avail the term insurance benefits of annual health check-ups to encourage one’s health awareness. Additionally, there are two main types of COVID-19 insurance policies in India, i.e., Corona Kavach and Corona Rakshak, which offer cover for Corrina treatment and other hospitalization charges as per norms.

5. Better Financial Planning

When you buy an insurance policy at a young age, preferably before getting married or having children, you will pay premiums without making any default in the payment, thereby ensuring better financial planning. 

Once you become a family person with a spouse and children, you prioritize more on meeting their day-to-day expenses, where you will barely invest your money on health insurance, leading to poor financial planning.

Your Way Ahead To A Secured Future

Being young means availing of more deals –buying a health plan at your productive age, ensures there is no scope for any existing medical conditions, which it occurs in the future, will be covered under the plan. This includes cover for your day-care procedures, in-patient care, hospitalization and much more.

Another important benefit health insurance has is all the tax-saving you can do – once you buy the best term insurance in India. Under section 10(10D) of the Income Tax Act of 1961, you can claim a deduction on your taxes against your health insurance policy premiums. Use an income tax calculator to ensure that your annual premium amount is less than 10% of your total sum assured to enjoy tax benefits as long as your policy is active. 

Besides, it is very important to compare insurers in detail to find yourself the best health insurance with an insurer that would do right by you and your family. Having a financial backup for your medical expenses is crucial as you never know what happens in the future. 

Being financially secure also helps your family at these crucial times the most, as you can easily claim cashless settlements at specialized hospitals, and these health insurance plans offer tax benefits. But to avail of such benefits, make sure you buy an insurance plan from a trusted insurance provider like Max Life Insurance, which has been in this industry for quite a long time.




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