Not getting health insurance early on has its own repercussions. But how late is too late to get health insurance? Women make plenty of excuses to not get themselves insured, we take a look at all those excuses and talk about its repercussions in this article.
Did you know that women are severely uninsured or underinsured? Well, that’s no surprise because it’s in our genes to make everything else apart from ourselves a priority. So, why would we even consider getting insurance because it doesn’t seem like a necessity? This is where we are mistaken.
The most common perception is that we need insurance only when we get old. But what we often forget is that we are aging every single day. Everyone wishes they could reverse time and their age, but unfortunately, that’s not how it works.
Health insurance is often mistaken for something that you should get only when you suffer from serious medical conditions. But, this is not true. There is a significant rise in illnesses observed in people of all ages and it doesn’t necessarily affect the elderly alone. Heart diseases, diabetes, and cancer can happen to people of all ages and that’s why it is important to get a good insurance cover early on. Additionally, hospitalization these days is an expensive affair. It can drain your savings if you do not have an adequate health cover. Don’t even get us started on how your medical bills will spike up if you were injured in an accident or had to be rushed to the hospital for some serious medical conditions.
So, what is the right age to get health insurance you ask? The earlier the better we say! But it is never too late to get health insurance unless of course, you are nearing your sixties. The only drawback of getting a health insurance plan after you have crossed your twenties is the fact that the premiums towards the policy will be a bit more expensive.
When you think of insurance you need to consider the fact that your policy must cover hospitalization, medical bills, injuries by accidents, pregnancy and birthing, chronic illnesses, and common ailments. Not every general insurance policy covers all the above-mentioned categories. Therefore, you have to take into account various scenarios before you decide and fix the health insurance plan you buy.
It is recommended that you get insurance as early as possible in life. So, if you have children it’s best to get them insured almost immediately after their birth or when they are still young. And if you haven’t got yourself a medical cover, then it’s high time.
Often women make excuses to not get insurance for themselves. Some of the top excuses being:
- I’m fit and fine, I don’t need one – the most common excuse many women make is that they think they don’t need a health insurance because they find themselves to be active juggling various responsibilities on a daily basis. Sadly, life isn’t certain and health isn’t guaranteed. Which means you should be prepared for any uncertainties. Your health insurance will cushion the blow if and when things go awry.
- My partner already has one, so I don’t need another one for myself – The biggest misconception that many women have is that they don’t need an individual cover for themselves because their partners have one already. Your partner’s health insurance will not necessarily cover your expenses. Having a separate cover will help you navigate through medical emergencies without draining your finances.
- I’ve got employee insurance from the company I work for – Most companies offer insurance to their employees and their dependents as part of their compensation package. But, the thing you need to remember is that these insurance policies aren’t always comprehensive and are usually generic and are subject to change based on your company policies. Moreover, they will not cover you once you leave the company or once you retire. In that case, you will lose out on your insurance cover, and getting an individual cover after that will be difficult. This is obviously considering your age, health, and job situation.
- I don’t understand how health insurance is useful, besides the premiums are expensive – Another myth about health insurance is that people widely believe that the premiums are expensive and aren’t affordable. This is true only if you get health insurance after your mid-thirties or forties. If you get a health cover early on then the premiums are nominal and are affordable. Also, if you’re really wondering of the usefulness of your health insurance then you should know that you can save tax on the premiums you pay. As per Section 80D of the income tax act you can get tax deductions if you’re paying health insurance premiums.
Well, if you’ve identified yourself making these excuses then you better buckle up. It is a well-known fact that you can’t get insurance once you’ve crossed the age of 65. However, the older you get the premiums become expensive and if you have pre-existing medical conditions then it gets tougher to find the right insurance cover. If you are crossing over into your forties then it might be a tad bit late to get an adequate health insurance plan. However, remember that this doesn’t mean you shouldn’t get it once you are in your 40s. The only hiccup will be to find the right plan and a cheaper premium.
If you’re looking for an optimum health cover, head over to our LXME page and check the insurance plans we have to offer you.