Biggest wealth asset: Did you fail to get? You will lose your money

A human being’s biggest wealth is health. Health insurance as a protection measure improves not only the ability to treat disease, but also saves your hard-earned money from depletion. Protecting the savings, in turn, will give a security in your autumn years.

Health insurance as a protection measure improves not only the ability to treat disease, but also saves your hard-earned money from depletion. Image Source: Reuters

A human being’s biggest wealth is health. Health insurance as a protection measure improves not only the ability to treat disease, but also saves your hard-earned money from depletion. Protecting the savings, in turn, will give a security in your autumn years.

Employer provided cover is insufficient

It is unwise to completely rely on the employer cover because health care costs have increased exponentially in the last few years. Moreover, as age advances, frequent medical attention is needed. The medical expense at old age can be a reason of huge stress for a retired person in the absence of health insurance. There have been instances where old people had to borrow money from relatives for their medical bills.

Buy health insurance before turning 30

Due to the increase in lifestyle illnesses, today, a person does not have to be old in order to need a health insurance. The sedentary lifestyle, excessive stress, and consumption of junk food are reasons for young people getting suffering from lifestyle disorders such as cardiovascular diseases, stroke, cancer, and diabetes. A good health insurance policy will not only cover a person’s medical costs, but will also give access to the best healthcare facilities. Buying a health insurance early implies better financial planning because accidents can occur at any time. If a person has a health insurance cover, it will cover such emergencies and save money in the long run.

In order to get maximum benefits, it is recommended to buy a health insurance when one is young and healthy, as you can get the lowest possible premium. Ideally, a health insurance should be purchased before turning 30.

Young buyers can get comprehensive deal

Young buyers get a comprehensive deal when they buy health insurance. Any disease that will be diagnosed after buying the insurance will be automatically covered. When you purchase a health insurance plan, there are waiting periods for special treatments, certain surgeries, and pre-existing illness. If you buy it at a young age, when you do not need any surgery or treatment, it would imply that you have already served the waiting period and are eligible to claim all benefits.

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The latest health plans cover not only hospitalisation costs, but also day care procedures and vector-borne diseases. A good health insurance cover will also take care of the cost of ambulance, day care procedures, physiotherapy, dental, and optical treatment.

By: Mayank Bathwal

(The writer is CEO, Aditya Birla Health Insurance)

Source: DNA Money

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