Roti, kapda, aur makaan. These are the three elements we thought we need for survival. But guess what, it is high time for an update. In the 21st century, health insurance is the fourth necessity. And no, your age is no protection. In fact, it makes more sense to buy health insurance while still in your 20s.
But what if you are struggling to even pay your monthly rent? Well, let’s find out how you can afford health insurance.
Pay in instalments
Alright, your savings are low. You may find it tough to pay your rent. It seems impossible to cough up a sum of a even a few thousands for a health insurance policy. Yearly insurance premiums can feel like a big cost. But don’t let that stop you.
Did you know that you can pay your health insurance premium in instalments? You can choose from half-yearly, quarterly, or even monthly options. This makes it much easier to pay the premium.
Pick the plan you can afford
After paying the monthly bills, a health insurance premium seems like an added burden. This is because of a common misconception that health insurance is costly. But the fact remains that health insurance is quite affordable. There are a lot of options you can choose from.
For instance, Reliance Health Insurance offers personal accident coverage of Rs 20 lakh at a yearly premium of Rs 1,323. In other words, you have to pay just Rs 110.25 per month. That should be affordable, right?
There may be other affordable policies available in the market with lower premiums. You might get lower coverage and fewer benefits through such a plan. But hey, any plan is better than no plan at all! Go through the different policies carefully and select a plan that suits your needs.
Save money by having your health crises covered
Medical expenses have shot up through the roof in the recent years. Today, a regular health check-up can cost thousands of rupees. So, imagine for a moment what would happen if you are in a medical emergency? Funding a medical crisis that costs lakhs of rupees can be a nightmare.
In such scenarios, a health insurance policy acts as a lifesaver. You wouldn’t have to concern yourself with financial issues at such a time. It frees you up to focus only on recovery.
Selective health insurance
When it comes to health insurance, it is not like there is only one policy available. You find a wide range of policies that possibly cover the entire spectrum of health issues. For instance, you have personal accident policies, critical illness policies and so on. Each of these policies or add-ons fulfil a specific need.
Based on your age and lifestyle habits, you can choose a policy that best suits your needs. For instance, if you ride a motorbike frequently in the city, it might be a wise option to choose a personal accident cover. This can reduce the cost significantly.
Go for a split
Even if you are trying to save money, don’t go for a health insurance policy just because it is cheap. It is important to analyse your medical history, age, hereditary issues and so on. Based on these, you need to come up with a numerical figure.
Once you arrive at the figure, it is better to split your policy between a base cover and a top-up instead of buying a policy with a large sum assured. For instance, if you have arrived at an annual coverage of Rs 7 lakh, go for a base cover Rs 2 lakh and a top up of Rs 5 lakh. This can turn out to be much cheaper than the original.
To sum up
Unlike the general perception, health insurance is not a luxury. It is a necessity. It doesn’t matter whether you are young or old; rich or poor. If you don’t have a health insurance plan, get one as soon as possible. Of course, you might have to cut down your expenses and manage your finances smartly. But that’s small change compared to the potential benefits of the right health insurance.