What Prevents People from Buying Health Insurance?

What Prevents People from Buying Health Insurance?

The insurance penetration in India continues to be dismally low, especially when it comes to health insurance plans, as most people consider this as an unnecessary expense. However, escalating healthcare expenses can leave you financially vulnerable in case of an unexpected ailment. Additionally, an unhealthy lifestyle and stress increase the risk of chronic conditions like diabetes, hypertension, and high cholesterol.

Here are four reasons that may prevent you from availing of health coverage:

  • Illusion of being immune to ailments

This is true, particularly if you are young. You are under the illusion that you are healthy and not prone to any critical ailments. However, lifestyle-related diseases are affecting more people, and if you do not have a health insurance plan, meeting the treatment expenses may leave you in financial doldrums.

  • Lack of awareness

Motor insurance is compulsory. Many people choose life insurance to protect their families if something unfortunate happens to them or as an investment option to enjoy the maturity value on survival. However, the benefits of medical insurance are not tangible and therefore, often overlooked.

  • Myths related to affordability

Like all other types of insurance policies, you need to pay a premium to get the health coverage. However, it is a common myth that the premium on offline and online health insurance coverage is quite high and may prove costly.

  • Claim procedure is not quick

Another reason why you may avoid health coverage is that the claim process seems to be tedious. However, under stringent regulations of the Insurance Regulatory and Development Authority of India (IRDAI), insurers provide a fast and seamless claim procedure. Additionally, you may opt for cashless treatment within network hospitals, which means you do not have to pay any money through your pocket.

Advantages of buying early

If you still have any doubts about the importance of a mediclaim policy, here are three plus points of purchasing it when you are young:

  • Lower premium

The risk of claims for insurers is lower when you are young and healthy. Additionally, insurance companies offer rewards for living a healthy and active lifestyle. This allows you to avail health coverage at a budget-friendly premium.

  • Improved financial planning

In addition to being economical, buying health coverage at a younger age is beneficial for financial planning. Being assured of financial stability in case of an unexpected accident or ailment allows you to invest surplus funds in other products for long-term returns. Moreover, the premium paid on the health insurance policy is eligible for income tax exemptions.

  • Comprehensive coverage

When you do not have pre-existing diseases (PEDs), insurers offer comprehensive coverage. Additionally, you have sufficient time to complete the waiting period for PEDs, some surgeries, and other conditions. Also, you can accumulate No-Claim Bonus (NCB), which helps to enhance the coverage over the long-term.

Compare medical insurance policies offered by different insurers and avail of the coverage today.