Why Health Insurance Becomes Necessity More Than a Choice?

Health Insurance is necessary

If you are not covered with any type of mediclaim policies, then it can either lead in bad health conditions due to non-affordability or an individual may get stuck into financial burden because of expensive medical bills. Today, many salaried professionals are covered under a health insurance offered by their respective companies.

Sometimes, people fail to understand their needs of health insurance and then come to know the advantages of owning enough medical cover. Also, they may think that these policies offered by their companies will be available even during the post-retirement stage. Generally, there are two common mistakes which customers commit while buying health insurance.

One, delay in action and two, purchasing too much coverage. It is good to hold mediclaim policy even if you don’t want it because you may not get it when you actually want it. Purchasing coverage in early life would make sure that the cover comprehensive.

In case you buy an insurance plan when you are young and have no medical issues, then the premium amount would be low as compared to a plan bought at later stage. The premium cost increases as an individual grows older and if customer has any health issues, then the insurer tends to exclude pre-existing diseases which fail the purpose of holding insurance.

Most health insurance companies in India set a limit for an upper age which clearly means customer would have very less choices after retirement. You can avail the benefit of cumulative bonus only if you renew the plan without any claims as well as tax benefits.