Health Insurance
Wealth Safety is a subject that is in the absence of the pursuit of the creation of wealth. Without a doubt, creating wealth by investing smartly is undoubtedly essential. What good does it have if you run the possibility of losing everything you’ve made in your lifetime over perhaps a couple of months?
Health Insurance Plans are a particular component that is a part of Wealth Protection, where the majority of us think that we’re already adequately protected through our group insurance policy or God will always be generous with us, and nothing will happen to us. Occur to us once we reach our peak age. Are we further from the truth? We have enough evidence every day to challenge our fundamental assumptions of ourselves. The simple act of closing our eyes is not enough to remove the risk. Like an experienced project manager, a wise wealth creator manages the health risk by adequately covering this risk. Take care to protect your chance before it’s too late.
It was a severe heart attack. He was lucky to be alive. He’s 31, my former colleague, employed in an MNC located in Gurgaon, and extremely prosperous – or at least, it seems so. He has a gorgeous daughter as well as a very loving wife. Three of his arteries were over 70 percent blocked. Bypass was his only option. When he returned home, his portfolio was down 25%, even though he had an insurance policy for group members from the company he worked for.
Importance of Health Insurance
In addition to the emotional pain and the lifelong restrictions on his lifestyle, It will require another four years of work to restore his assets to the same level as before the incident. One could argue that it was luck. No. He wasn’t a good portfolio manager. A good portfolio manager will take care of the risks affecting the portfolio. If, after having read this article, you’ve thought that this could be because of stress at work and that you do not have that stress at work, I’ll tell you that the food you consume, the air that you breathe, and the air that you drink are toxic enough to trigger these and a myriad of other dangerous illnesses even if you live an undoubtedly stress-free life. It’s sad and proper that we live and drink such toxic substances. Who will be next is an undetermined matter.
Try to be optimistic But be prepared for what could go wrong. This is how we planned our projects. That is precisely how you must approach your daily life. I genuinely hope you lead an active and healthy life, but I insist you are prepared for any scenario like this – for it is an absolute fact in the so-called advanced world.
Here are eight compelling reasons why you should purchase the health insurance plan as soon as possible, regardless of age or current insurance coverage
1) Avoid stringent tests
Suppose you believe you can save some cash by taking out an insurance policy for health until you reach 50. In that case, you should be aware that once you get 50, most health insurance companies require buyers to do a series of medical tests before offering their health insurance. When you are subjected to an array of difficulties when you reach that age, you are pretty likely that you’ll be found to have a slight but not very serious anomaly. Any anomaly will increase your insurance premiums in addition to the physical strain of taking every test. You can skip the tests by buying your health insurance plan earlier. Any existing diseases are covered automatically in this scenario. Any later-discovered conditions are covered – with no need for any additional cost.
2.) Pay a lower price for Health Insurance
Health insurance premiums are low when your age is lower. The younger the age group, the lower the cost. The premiums increase only when you change different age groups. When you’re 25, a policy that provides coverage of Rs 5 lakh is about Rs 8000, while at 35, you’ll need to pay approximately Rs 11000, and at 45, the price rises to 18000 rupees. Therefore, you should buy it as soon as possible to secure insurance at the lowest cost.
3) Accumulate no-claim benefits
Even if you’re healthy, we are hoping for with each non-claim calendar year the value of your medical cover increases. By purchasing insurance earlier, you’ll likely get additional no-claim years, allowing you to accrue benefits over time.
4) Get access to lower-cost and hassle-free online shopping
You can purchase an adequate health insurance policy when you are young. Online policies are more affordable. A lot of insurance companies are reluctant to sell their policies online for those who are over 50. It is impossible to take advantage of the ease of buying online if you delay too long.
5) The coverage of your employer isn’t sufficient
With the rapid increase in the cost of healthcare, the necessity for health insurance cannot be overstated. Please look at the expense of one week’s hospitalization for an illness that is commonplace and then compare it to the coverage offered by your company. I will likely convince you to purchase coverage as soon as possible. Are you still unsure? Consider the time when you get older and will require regular medical treatment. What happens if you’re required to leave your job as a complex reality in the present? What is the process between jobs? You should be prepared for the risks mentioned above to protect your portfolio.
6) Get Sec 80D tax benefits in addition to the Sec 80C tax benefits
The purchase of health insurance in the early years will also help you plan your finances better—tax savings for paying the premium. According to Section 80D of the law, you could save tax up to Rs.40,000 per year. Considering these tax advantages, the price of health insurance isn’t too high considering the benefits you get.
7) Overcome the Waiting Period
After I left IBM and embraced financial freedom, I purchased an insurance policy for private health. I was shocked to learn that I would have to endure a wait time of two years to receive specific treatment as destiny would have it, The treatment of my wife for a particular disease in these two years. Who pays? I paid. Could you not repeat the same mistake I made? Please don’t wait to purchase an insurance plan for your health until it is essential.
If you purchase an insurance plan for health, you must go through many waiting periods – specific surgeries, specific treatments, pre-existing illnesses coverage, etc. If you buy it today but do not need it immediately, it will mean that you have completed the required waiting times and could get all the benefits in the future.
8.) Cover your ‘to-be born.’
The current medical insurance policies go beyond hospitalization. The new Health Insurance in Pakistan provides coverage for daycare procedures as well as OPD and not only serious hospitalization. Vector-borne diseases are covered. The majority of plans offer the option of maternity benefits, which could be beneficial at this point in life. Additionally, the baby is protected from birth at no additional cost. In the case of the process of creating wealth taking action in the early stages helps with wealth protection. My life’s work is to improve my community by any means I can. Every one of my books, blogs, NGOs, and seminars can help you improve your personal life. I am ready to guide you on your journey. Free of charge, no obligations. It’s my mission in life.
