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HEALTH INSURANCE

Immature Reasons for Buying Health Insurance

Janhavi Shinde Janhavi Shinde 09 February 2017

People have strange reasons to purchase a health insurance policy. But, that should not be the case. Here are some immature reasons for buying health insurance.

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“Why do I need a health insurance?” Ask yourself this question before zeroing in on an insurance policy. Your motivation for buying a health plan should be clear before you sit down to find a suitable policy that matches your healthcare needs.

It is important that you carefully analyse what you expect from a policy be it your requirements, health and budget. Think about health insurance as a necessity and not an obligation. To make the most of your policy, be aware of the benefits applicable to you.

However, many people buy health insurance without knowing its benefits. In fact, people often buy health plans for all the wrong reasons. Here are a few immature reasons to buy health insurance.

My Company is Offering a Health Insurance at a Lower Premium

A low premium policy may be tempting today. But beware a costly hospital bill may arise sometime in the future when necessity strikes! Are you sure your low premium group insurance will keep you sufficiently covered? This is why it may be prudent to consider buying a top up.

A Friend of Mine Just Bought a Health Plan, so I Should Follow Suit

It’s easy to follow someone when it comes to financial decisions. You can borrow ideas from others. But ensure that you buy a policy which indeed suits you. Don’t ape someone to the extent that you end up buying the same policy.

Having a Health Insurance Policy Would Become a Primary Point of Conversation With My Office Colleagues

That’s going to be some massive discussion! How long will you be able to discuss a medical insurance? Once? Twice? The insurance, in contrast, will be valid for more years.

Now That We are Planning to Have a Baby, I Should Think About Getting a Health Insurance Plan

This may not be an immature reason in itself. But, buying any random plan just to get a tick on your to-do checklist, will certainly become an immature reason! There are certain tailor-made plans that offer maternity and new born baby cover. You may want to consider such plans if that’s your aim.

That Insurance Agent is Pestering me Again. I Should Just Get a Plan with the Least Premium to Get Him Off My Back

Since he is pestering you, why not actually sit down and get the right plan? Ask him so many questions that he ends up getting pestered. It sounds petty-minded, but the net result may turn out to be great!

With all These Increasing Expenses, I Need to Have an Emergency Fund. Maybe I Should Invest in a Health Insurance Plan as Well

Again, this could be a promising idea if it were not for the poor execution. A health insurance is a must-have in your emergency fund but ensure that it actually suits your needs. Otherwise, it could only end up depleting your contingency fund.

Oh God! The Doctor Says I Have Severe Heart Disease. I Should get a Health Plan Now to Take Care of the Expenses

Do you know why every expert suggests buying health insurance early in life? It’s cheaper! Buying a policy right before treatment is not only costly, but it could also mean waiting for many months or even a few years before you actually avail the benefits of the policy. Every insurance policy comes with a waiting period during which time it does not cover existing illnesses. Unfortunately, you will not only pay double the premiums, but also pay from your own pocket for the treatment.

The Financial Year End is Approaching.

I Have to Put My Money Somewhere to Save Tax. Oh Yes! I Still have Section 80D Tax Deduction Left to Avail. Let me Get Some Health Insurance

Right idea, wrong execution! Don’t just get any health insurance to save tax! Get the right one! You could even end up buying a costlier plan just to get extra deduction in your taxes. But the net result is that your money is wasted.

I am Extremely Anxious About all my Illnesses. I Should Get a Health Insurance Plan to Take Care of the Costs

Health insurances come in many sizes and packages. Not every policy covers diseases and treatments in the same way. You don’t necessarily have to buy a plan that covers EVERY aspect of medical care. The policy could be very costly. It would be like wasting money on buying medicines when you are neither sick nor need them.

I Will Get Free Annual Medical Check Ups if I Buy Health Insurance

This is a good reason, but what if your premium amount is actually higher than the cost of an annual medical check-up? Secondly, not every insurance policy offers free annual medical check-up. So, verify before buying the policy.

Here are Some Points to Consider When Buying Health Insurance:

  • What illnesses does the policy cover?

  • What illnesses does the policy exclude?

  • Does the insurer have a strong network of affiliated hospitals for cashless treatment

  • Is the cover sufficient for the individual or family, given the high cost of medical care?

  • Is the annual premium affordable vis-à-vis the insurance cover amount?

  • In most cases, the group insurance cover provided by your employer is insufficient. Hence, you need to buy additional coverage to supplement it.

  • Buying a health plan at a young age gets you the lowest premium, a comprehensive deal, and the possibility to claim full benefits with passing time

Word of Advice

Buying a health insurance plan is necessary, whatever be the reason. But refrain from immature reasons as they won’t help you buy the best policy to suit your requirements.

You could end up with a health plan that will help you to save tax or develop an emergency fund. Sadly, the cover amount could be insufficient or might not include your illness. In such a case, your policy may be redundant. Hence, think wisely and choose well.

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Janhavi Shinde
Written by Janhavi Shinde
Right from being a Flight Attendant to a Banker and now to a Content Writer, she has tasted success in all the fields. The kinda girl who loves pets and knows how to manage difficult people and events.
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