Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement.
Laboring over studies, that’s what we do to build up a stable career and land that dream job. Getting the first job is a moment of joy and pride. Joy because you are now financially independent and able to shoulder financial responsibilities and pride on getting the first salary. The first salary holds sentimental value and you buy gifts for all your family members. What about you? What do you gift yourself from your first salary - a trendy mobile perhaps or another gadget which you had been eyeing for some time? What about a health insurance plan or medical insurance? Yes, you heard me right. What if I tell you to gift yourself a health insurance plan from your first salary?
A health insurance plan is ignored by the youth who love their gadgets, mobiles or fashion more. But having a health insurance plan holds more importance than those flashy mobile phones or a designer wardrobe. Your gadgets may be soon become outdated and your well earned money may not give you any returns after a few years, while your health insurance would offer long term benefits. Well, the reasons for buying a health insurance are many, but it is the major ones that need a mention. So let’s find out more–
The incidence of diseases is rising – Lifestyle diseases, infections, ailments are not a prerogative of the elderly only. They are gripping the youth too. People in their 20s are also seeing a rising incidence of diabetes, hypertension, obesity, heart ailments, etc. So, it’s a myth if you believe that diseases won’t strike you because you are young and healthy. You are at an equal chance of contracting any ailment because of the current lifestyle. Thus, having a health insurance plan is not only relevant, it is also necessary.
The medical costs are rocketing – The rising impact of diseases goes hand in hand with the associated costs of treating such diseases and the importance of one cannot be understood without juxtaposing the other in the equation. The high cost of treatments and medicines necessitate a health plan which would meet such costs whenever there is a medical emergency. Since you have just landed your first job, you wouldn’t be in the position to shell out heaps of money in any medical eventuality and a health insurance plan is the only solution.
There is a waiting period in the plan – If there is any ailment you are suffering from at the time of buying the plan, any complication arising out of that ailment would not be covered in the first few years. This is called the waiting period and every plan has one. Since you are young, there is a very slim probability of you having any ailment or falling ill from any pre-existing ailment. So you can easily wait out the waiting period so that when the chances of any medical contingency arrive, you will get a comprehensive coverage in the plan.
The premium is low – Your age dictates the premium of your health insurance plan and since you are young, the premium charged would be low. So, if the premium outgo acts as a deterrent, you can lay your fears to rest because your health plan would come cheap. Additionally, it has to be paid just once yearly, so there are no monthly outgoings too.
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I believe the above-mentioned points are like a deal-clincher and by now you must have understood why I said ‘gift’ yourself a health insurance plan. A best health insurance plan is a ‘gift’ because it provides assistance in those emergencies which seek to wipe out all your existing savings and spell a doom for your finances. You are young, you have a long way to go and insuring your happiness along the way is a prudent thing to do. If you can splurge thousands on buying a mobile, an iPad or on throwing a party for your friends, celebrating that first salary, surely you might spare a few thousands on buying yourself a much deserved gift in the form of a health insurance plan. Isn’t it?