When you were born, it is a distant possibility that your parents immediately informed the company's insurance provider to include your name in their policy. But there is a good possibility that you will do so for your child. Health insurance in India was a nonexistent industry till about 20 years ago but health insurance today has become a necessity and will be more so tomorrow.
Even if you weren't insured since your childhood, you found that your parents did not have any problem paying for your family's medical expenses. Health services at that time were highly subsidized by the government, but today health services are entirely in the private domain which makes them highly expensive. Today, health services are beyond the means of most of us. So what we all need is adequate health cover that will buffer us against exorbitant medical expenses.
This article will look into, health needs at various stages of life and health insurance plans for all of these: Infancy, Childhood: Everyone assumes that kids are the healthiest and hence do not require any health insurance. But it is also true that kids are very sensitive and thus require more extensive treatment if they fall sick. Malaria, jaundice, viral flu, dysentery are all the diseases that are commonly found in children and simple hospitalization for these could also be expensive.
You can't buy a policy for a child when he is very young, though there are companies that have entry age of 5. But you can add your child since the day is born or after 90 days of his birth in your policy if you are covered under Group health Insuranceby your company. Another option is covering them in a Family floater, some companies accept children more than 3 months of age and others accept only after 5 years.
When you cover your kids at an earlier age, they will not have to worry at a later stage about the pre-existing diseases and the waiting period, even the no-claim discounts' will be available which will reduce the overall premium rate.
College:When you are just 18 the last thing that you will worry is about your health. It is also the age when you are your reckless best, driving fast, eating junk food and throwing caution to the winds. You will be keener on enjoying your time than filling out insurance forms. But all said and done health problems do come at all ages.
If you are living in a different city from your home, then buying a health insurance policy is a good idea because you will be out of cash when a medical emergency occurs, at such times cashless service will be the most helpful.
Single and Working: You have just started working and are getting the feel of freedom and financial independence that working brings. This is also the perfect age to get an individual health insurance besides the Group insurance that your company may provide. The reason to get an individual policy is that you can now afford to pay the premium with your own money. Also you need a back up in health insurance, in case that you change jobs, or your company decides to cut down on some of the health insurance benefits and you are left uncovered. To know more about Health Insurance and You
