You will find several types of health insurance plans. Choose a plan that best meets your needs and budget, says Amrit Singh, Co-founder, and CRO at Loop.

Medical emergencies are unpredictable and when such a situation arises, a financial upheaval is likely to occur, given the rising cost of medical expenses. There comes the importance of having a good health insurance plan. Having health insurance cover for yourself and your family can at least reduce your financial burden and protect your savings. Now, the question is when you should buy a health insurance plan and what type of plan you should choose.

To find answers, we connected with Amrit Singh, Co-founder and CRO at Loop, who further enlightens us on the benefits of getting a health insurance plan. Excerpts follow:

The right time to buy a health insurance plan

When you start earning, you should first give yourself health insurance. When you are young, the premium comes very less. The reason behind this is that the risk probability is always on the lower side. Therefore, insurance companies have a liberal approach while doing the underwriting for younger applicants. On the other hand, older people are considered a lot more prone to fall sick. This is the reason why the lower your age, the premium will also be on the lower side."

Here are some of the situation situations in which you should consider getting a health insurance plan:

You are no longer covered by your parent's insurance

If you were covered under your parent's health insurance plan, you will need to get your own insurance plan once you are no longer eligible for coverage under their plan.

You are starting a new job

Many employers in India offer health insurance benefits as part of their compensation package. If you are starting a new job that offers health insurance, it is a good idea to enroll in the plan.

You are self-employed or a freelancer

If you are self-employed or a freelancer, you will need to get your own health insurance plan. This is especially important as you may need more financial resources to pay for medical expenses out of pocket.

You are concerned about the cost of medical care

Medical costs in India can be very high, and having health insurance can provide financial protection against unexpected medical expenses. This is especially important if you have a chronic illness or a pre-existing medical condition that requires ongoing treatment.

You want to avoid the waiting period

Many health insurance plans have a waiting period before they start covering certain medical expenses. By getting a health insurance plan early, you can avoid waiting for coverage to start.

Types of health insurance plans

It is important to note that several types of health insurance plans are available in India, including individual, family, and group health insurance. It is important to research the options available and choose a plan that best meets your needs and budget.

In addition, it is important to read the policy document carefully and understand the terms and conditions of the plan, including the coverage limits, waiting periods, exclusions, and deductibles. It is also important to disclose any pre-existing medical conditions when applying for health insurance, as failure to do so may result in a denial of coverage or a reduction in benefits.

In conclusion, getting a health insurance plan in India is an important step in protecting yourself and your family against unexpected medical expenses. Getting a health insurance plan as soon as possible is advisable, ideally when you start earning a regular income. Doing so can ensure that you have financial protection when you need it most.

In case you have a concern or query you can always consult an expert & get answers to your questions!