WealthCare Investment Solutions: Buy Health Insurance as Early as Possible to Make the Most of it

Over the past decade, the entry of private players has managed to change customers’ perception about health insurance policies. With all the information about insurance being readily available and considering the fast-changing lifestyles, customers are waking up to the fact that it is an absolute necessity to insure their health. This rapidly changing state of affairs has also made insurers to drastically improve their levels of services and concentrate on customer satisfaction. Insurers now customise their products according to the needs of their customers, thereby improving the service levels in the market.

With the ever-increasing medical costs, an unexpected illness/disease/accident leading to hospitalisation is likely to make a serious dent in the pocket of those hospitalised. It is, therefore, imperative for one to invest in good health insurance policies to guard against unexpected contingencies.
Gone are the days when consumers bought insurance policies to just save tax. Now, many buy health insurance as a collective security tool for his/her family, as everyone is bound to go through unforeseen circumstances. However, there is still a sense of doubt in the customers’ mind on what product package suites them the best.
There are various aspects one needs to look at while purchasing health insurance policies:
    The right age to purchase the policy
    The appropriate medical tests the customer needs to go through prior to purchasing the policy
    Ways to maximise returns from the policy
    The appropriate riders or addons that go hand-in-hand with the policy purchased
    The ailments the policy covers
    Family history of critical illnesses, when the customer is advised to go for a smart health critical illness cover
When it comes to health insurance, the golden rule is ‘the earlier the better’. Insuring self and family from a relatively young age and ensuring that policies are renewed on time to ensure uninterrupted coverage will enable the policyholder to get the best possible coverage at the most competitive prices. Most companies have minimum and maximum entry ages for their policies and it is important to check these before opting for an insurance policy. Many companies also insist on mandatory medical tests once the proposer crosses a certain age (usually 40 to 45 years of age) and, hence, it is advisable to avail of insurance cover before this age.
It is also advisable to get your insurance consultant to brief you thoroughly on the salient features and benefits of the insurance policy you intend to purchase and also obtain a comparison between various insurance policies on offer to decide which one best suits your needs. Medical insurance policies, like all others, have exclusions and it is equally important to understand what is not covered under a policy. Understanding the exclusions will go a long way in sparing you the frustration associated with the rejection of a claim.
Many medical insurance policies provide add-on benefits either free or at nominal additional cost. It is always worthwhile to check out these benefits since they cover certain expenses, which would not otherwise be covered. Some prominent add-on benefits include:
    Hospital cash allowance
    Home nursing
    Parent accommodation as a companion for children
    Ambulance charges
    Cover for charges on in-patient physiotherapy
    Cover for expenses incurred by accompanying person
    Children’s education fund
It is also recommended that apart from investing in a basic medical policy that covers expenses incurred during hospitalisation, one should look at other policies that provide comprehensive medical coverage. Some of the important products to be considered include:
    Critical illness policies
    Hospital cash policies
    High deductible policies
Investing in medical insurance also entitles customers for tax deduction under section 80D of the Income-Tax Act.
In short, purchasing a medical insurance policy is a serious, deliberate and long-term decision. It is imperative for one to opt for a custom-made product to suit their specific individual needs. Expending some time and effort to select policies with the most comprehensive coverage would be a very worthwhile investment that would guarantee piece of mind.