No one really “plans” to fall ill, no one really “planned” the pandemic, but it happened! This was when we witnessed multiple families falling ill requiring hospitalisation together. Times like this make us introspect the actual amount of health insurance coverage one needs. With high medical inflation rising the cost of treatment along with the rise of lifestyle ailments in India, insurance is not even an option anymore. Before upgrading your phone or any other electronic accessories, you need to rethink your health insurance coverage and opt for a high coverage before you may need it!

According to the GOQii Fit India Report 2020, 62% of Indians fall in the high-risk or borderline high-risk category as far as fitness is concerned. Lifestyle diseases contribute a large part of this with hypertension, diabetes and thyroid where women happen to be unhealthier than men in general. Also, young adults fall prey to lifestyle ailments due to fast food and an unhealthier lifestyle than their parents!

Thus, instead of thinking about your health insurance plan, it is time to opt for it at your earliest, preferably before you turn 40 or have any lifelong medical conditions so that when you need it the most, your policy has surpassed the waiting periods and ready to process a claim!

Remember: Health expenses can neither be avoided nor postponed!

Thus, here are the top 10 reasons why you need an ‘active’ health insurance plan:

1. Illnesses are unpredictable 

   Ok, so you are in the prime of your health. But can you predict illnesses? In today’s stressful living, illnesses don’t see age. Individuals develop illnesses even in their 30s. Such illnesses might require medical attention and if they do, a health plan helps in covering the costs.

   According to GOQii India Fit Report (Source: BioSpectrum India, March 2021), more than 50% of teens and young adults are unfit in India and thus susceptible to illnesses. So delaying your insurance may not be a wise idea!

2. Accidents don’t announce themselves

   Even if you are illness-free in your 20s and 30s, you don’t have any control over accidental injuries. Road traffic accidents, a fall or even a pandemic can land you in the hospital with considerable medical bills.

3. Medical expenses are on the rise

   This one is no mystery. A simple doctor’s visit can cost you thousands. Imagine hospitalisation!

   Last year, in May and June 2021, health inflation was recorded at 8.4% and 7.7% (Source: Hindu, July 2021) respectively compared to 3.8% in December 2019. If the inflation can double up within 6 months, imagine how much it can grow over the years.

   In the face of such rising costs, a health plan becomes a must to afford quality healthcare.

4. Your family needs you

   You might be healthy and free from illnesses but what about your family members? If anyone falls ill and requires medical assistance, you would incur medical costs.

   If your family includes dependent parents, the chances of medical emergencies increase. A family floater health plan, thus, also proves relevant for covering the medical costs of your family members.

5. For maximum coverage

   You benefit when you invest in a health plan at a younger age. Since at younger age you might be healthy, you can avail of maximum coverage under the plan that you choose. The insurer would not impose coverage restrictions when you buy young.

6. The waiting periods

   Every health plan has a waiting period after which pre-existing illnesses are covered. During this waiting period, claims pertaining to such illnesses become your out-of-pocket expenses, which is almost 70% (Source: Economic Times, Jan 2022) of the total expenditure on healthcare in India. 

   When you buy health insurance young, you are relatively healthy. As such, you can wait out the waiting period easily. Once the waiting period is over, you can enjoy comprehensive coverage.

7. You have other goals too!

   In the absence of a health plan, a medical emergency poses a threat to your savings, savings that you might have created for other financial goals. As the savings are drained out in paying the hospital bills, the other goals suffer.

   If you want to create a secured corpus for the other financial goals that you have, invest in a health plan, early on, so that your savings are protected and you do not need to dip into your savings for your medical expenses.

8. Wider plan options

   When you are young, every insurer is ready to offer you a comprehensive scope of protection. As such, you have wider plan options at your disposal. As you age, the plan options start narrowing down, a scenario that is better avoided.

9. The benefit of no claim bonus

   If you do not make a claim in your health insurance policy, you are allowed a no claim bonus. Most plans offer a cumulative bonus which increases the sum insured on a cumulative basis after each claim-free year.

   Buying young can help you accumulate the no claim bonus and increase your coverage, that too free of cost!

10. The tax advantage

    Lastly, let’s not forget the tax angle. Investing in health insurance earns you a deduction under Section 80D.

    You can claim a deduction of up to INR 25,000 through health insurance premiums. Moreover, if you also pay for your parents’ cover, you earn an additional deduction of INR 25,000 (INR 50,000 if they are senior citizens).

    These deductions help in lowering your taxable income which, in turn, lowers your tax liability. A reduced tax liability = increased savings. Wouldn’t you want that?

It’s time to take a decision and opt for adequate health insurance coverage. There is no point in delaying. Invest in a health plan before turning 40 so that you can enjoy the aforementioned benefits. Moreover, with health insurance comes financial security which gives you peace of mind and who doesn’t want that!

Chris Burke said, ‘It’s not our disabilities, it’s our abilities that count’. A wonderful line that shows that being differently-abled is not a disability. 

According to WHO’s estimates, there are about 600 million individuals across the world who suffer from one or the other form of disability. In India, as per the last Census conducted in 2011(Updated in 2016), about 26.8 million people or 2.21% of the Indian population suffered one or the other form of disability. (Source:NHFDC).

 Specially abled individuals might face different challenges in life. Health insurance is not one of them. With the latest developments in the health insurance segment and insurers offering more inclusive plans, there are different coverage options for the differently-abled. Before we explore the available options, let’s, first, understand the different types of disabilities that individuals might suffer from.

Types of disabilities 

1. Congenital disabilities

   Congenital disabilities are those that persist in an individual from birth. Down’s syndrome, spina bifida, and Fragile X syndrome are some examples.

2. Mental disabilities

   Disabilities that pertain to the brain and psychological development of an individual are called mental disabilities. Some such disabilities might be present from birth while some might develop at a later stage in life. Mental impairments, bipolar disorder, etc. are some examples of mental disabilities.

3. Accidental disabilities 

   Accidental disabilities are those which occur due to an accidental injury. Loss of limbs, loss of eyesight, loss of hearing, etc. are some common examples. Accidental disabilities can be partial (loss of sight in one eye, loss of one hand or one foot, etc.) or total (loss of both eyes, both legs, both hands, etc.)

Health insurance options for the differently-abled

When it comes to health insurance schemes, there are two options that you can explore. These are as follows –

1. Health insurance schemes offered by the Government

   The Government offers two distinct types of health insurance schemes for individuals suffering from disabilities. These schemes are as follows –

• Nirmaya Health Insurance Scheme

  This scheme covers individuals suffering from autism, cerebral palsy, and other disabilities covered under the National Trust Act, 1999. It is administered by the National Trust. The coverage is allowed up to Rs.1 lakh and does not require any pre-entrance health check-ups. The coverage benefits include the following –

  • Hospitalisation expenses
  • OPD treatments
  • Complications of an ongoing therapy
  • Alternative medicine cover
  • Transportation costs

  The premiums are extremely affordable at Rs.250 for BPL (Below Poverty Line) families, Rs.500 for non-BPL families and free coverage for individuals enrolling with a legal guardian. 

• Swavlamban Health Insurance Scheme

  The Swavlamban scheme was launched by the Ministry of Social Justice and the Department of Empowerment of Persons with Disabilities in association with the New India Assurance Company Limited. The scheme covers individuals suffering from loco-motor disabilities, blindness, low vision, mental retardation, etc. Some salient features of the scheme are as follows –

  • A flat premium of Rs.375 for coverage of Rs.2 lakhs on a family floater basis
  • The family floater plan covers one adult and up to 3 children any of whom can be differently-abled
  • The age limit is 0 to 65 years
  • Pre and post-hospitalisation expenses, OPD treatments, inpatient treatments, etc. are covered 
  • No pre-entrance health check-ups are needed to buy the policy
2. Health insurance schemes offered by health insurance companies 

   Besides the Government-backed health insurance plans, differently-abled individuals can also buy a policy from independent health insurers operating in the market. Many insurance companies allow coverage for the differently-abled. However, when availing of coverage from health insurers, the following points should be kept in mind – 

   • Not all insurance companies allow coverage for the differently-abled. You would have to find an insurer that specifically allows such coverage
   • Mental and congenital disabilities are usually excluded by most insurers allowing coverage for the disabled. However, many new-age insurers are extending coverage for such individuals, albeit with coverage restrictions on the disability
   • Even though you can get the policy, there might be permanent or temporary exclusions for the disability. Permanent exclusions mean that coverage would not be granted throughout the policy tenure. Temporary exclusions, however, might restrict coverage for a short term after which the coverage might be allowed
   • You would have to disclose the disability and its severity when buying the policy. Complete transparency is needed to avoid claim rejection
   • The premiums might be higher and the sum insured might be restricted
   • The issuance of the policy would depend on the severity of the disablement, the capacity to pay the premium and the insured’s age
   • A disability certificate is an important document that is needed to avail of coverage 

The bottom line

Given the increasing medical expenses, a health insurance policy becomes a must in today’s age. So, even if you are differently-abled, ensure that you are covered under a suitable health insurance scheme, whether offered by the Government or by health insurers. Check out the companies that allow health insurance coverage for the differently-abled and then buy comprehensive coverage so that medical emergencies do not blow a hole in your pockets.

The right time to buy a health insurance plan is NOW. The earlier you buy it, the healthier you are and the maximum benefit you will get when you actually need it. But if you haven’t bought it earlier, then there is no need to keep pondering on the same. Simply wake up and smell the coffee. Health insurance is not a luxury anymore. It has become a necessity. So, it’s time to finally activate your health insurance plan!

The demand for health insurance demands had gone up in the post-covid world with higher awareness and rise in hospital bills. In fact, demand for comprehensive health insurance plans has also gone up from the pre-pandemic stage and one of the key contributors to this is the high healthcare costs.

Despite the apparent awareness, according to government statistics, more than 70% (Source: Economic Times, Jan 2022) of the overall healthcare costs is paid out of pocket. So, while COVID has increased the awareness about health insurance and motivated many to buy a plan, many are still hung in the middle. This raises a question – What is the delay all about?

Benjamin Franklin said, ‘Don’t put off until tomorrow what you can do today’. While many of you might have heard this quote, how many of you actually emulate it?

A health insurance plan has become a necessity, especially in today’s age when the multiple waves of the pandemic are wreaking havoc on life and health. The relevance of having a health insurance policy has increased manifold in the post-COVID world.

Even if you take the pandemic out of the equation, you cannot ignore the burgeoning healthcare costs and the rapid increase in the incidence of illnesses. Diabetes, hypertension, asthma, or even dreaded cancer has become a common occurrence. While you can’t prevent these illnesses, you can definitely make provisions for covering their expenses. How? Through a health insurance policy, how else!

A health insurance policy covers your medical costs when you are hospitalised. You get coverage for –

• Inpatient treatments
• Room rent
• Pre and post hospitalisation costs
• Ambulance costs
• Cost of surgery
• Daycare treatments
• Domiciliary expenses
• Organ donor treatments, etc.

The list goes on….

So, with a health insurance policy, you can rest assured that your medical emergencies would not damage your financial health. The policy would cover your bills and help you avail of quality healthcare treatments.

Add to the coverage is the tax advantage. The premiums that you pay for a health insurance plan qualify as a tax deduction under Section 80D of the Income Tax Act, 1961. You can claim a deduction of up to INR 25,000 if you are insuring yourself and/or your family members. Add another INR 25,000 to the deduction limit if you are a senior citizen. Furthermore, if you also insure your senior citizen parents, you get an additional deduction limit of INR 50,000 for claiming a deduction on the premium paid for their policy. So, do the maths. The maximum deduction that you can claim is INR 1 lakh which converts to a tax saving of INR 30,000 if you fall in the highest tax bracket of 30%.

Coverage, financial security and tax advantage, what more can you ask for?

Still, wondering about buying health insurance?

Stop wondering and become active. Buy a health insurance policy today. You never know what tomorrow holds – another wave of the pandemic or any other illness that might need medical attention!

Why leave your finances to chance when you can secure them with health insurance?

The pandemic hasn’t invaded us single-handedly! It has come with a big bunch of health-related anxiety, worries related to uncertainties, and a whole lot of medical expenses. In such a time, the top-notch priority of any individual is his and his loved one’s health. If the thought of your family’s health always hovers around your mind, then don’t worry! Health insurance is here for your rescue! However, before buying health insurance in covid time, it is vital to consider some dos and don’ts and if you wish to know them, then explore the article till the end to reach a successful decision.

Importance of Health Insurance in Covid times

In the pandemic, the domain of health and awareness has reached great heights. Concern about one’s health and the health of one’s loved ones have become a significant matter with the spiking up covid cases and new variants of the corona. Several points add to the vitality of insurance at covid times. Some of them are listed below:

1. Helps manage the increasing risk to lifestyle

   The spiking pollution, increase in contagious diseases, unhealthy food and lifestyle habits that eventually decrease the immunity power of an individual is a significant concern in this day and age. In such conditions, an individual is highly vulnerable to health problems. Thus, health insurance becomes a must-have aspect of your life.

2. Helps you protect your family

   Understandably, a single earning member has an unimaginable financial burden on him. In such cases, health insurance comes in quite handy to take care of your family members’ health and medical-related needs.

3. Helps you get quality treatment 

   The pandemic has made it all the more evident that the treatment-related expenses can quickly eat up your savings. In such a scenario, the right health insurance policy can help you ensure that you would be able to afford quality treatment for yourself and your loved ones in a medical emergency.

Do’s And Don’ts To Remember While Buying Health Insurance In Covid Times

Since you have already explored why health insurance is so vital for us and why do we need them, it is time to know the dos and don’ts that you must follow before choosing health insurance. There are specific points that everyone should consider to reach the right place at the correct cost while searching for health insurance. 

Do’s

1. Opt for a high coverage comprehensive health insurance policy

   When it comes to protecting your health more is less, therefore make sure you get adequate coverage. There are many add-ons that can further enhance the coverage of your policy.

   Remember to optimise your coverage as per your need. If you need higher coverage, you can opt for a super top-up plan to enhance the overall coverage.

2. Look out for network hospital facility
   Look out for those health insurance policies that provide you with a wide network of hospitals near your residence. At the time of medical urgency such as covid, cashless claims can be a great relief.
3. Look out for daycare procedures
   There are certain medical treatments such as dialysis, cataract surgery etc. that take no more than a day. This is especially handy in covid times wherein you might not get hospital beds or would not want to get hospitalised unless it is completely necessary.

   Therefore, it is indispensable for you to check whether you can avail of these services in your insurance plan or not.

4. Look out for discounts
   Many health insurance plans offer special deals and discounts when the policy is purchased online. Female policyholders can also get discounts on premiums. You can also look out for family discounts when more members are insured. 

Don’ts

1. Don’t delay the Renewal
   Make sure to prevent any gap in your policy renewal without any hindrance. Don’t afford a break of even a single day, rather get the policy renewed before it expires. This way you not only ensure break-free coverage but can also avail of benefits and claim free bonuses.
2. Don’t go for a policy only because it’s cheap
   Make sure that the coverage that is offered is comprehensive enough to cover your medical expenses. Saving a few thousand today can cost a few lakhs tomorrow.
3. Don’t ignore the policy document
   Read the policy documents carefully and never skip the fine print. Understand the inclusions and exclusions of your policy. This will help you manage your expectations as well as your claims.
4. Don’t hide any vital information about your health
   Don’t hide any vital information about your health status as it can give rise to disputes during claim settlement. Report all the severe health concerns like high blood pressure and diabetes etc if any. You should also disclose the status of all the pre-existing health conditions adequately.

Conclusion

Due to the pandemic, health insurance has settled itself as a permanent member of life essentials. During this pandemic, many health-related uncertainties can take place. Therefore, it is essential to buy health insurance and secure yourself and your loved ones. Make sure you follow the dos and avoid the don’ts while making such an important decision.