Finance

Is this the Right Time to Buy Health Insurance Online?

We live extremely busy and fast-paced lives today. We sleep less, work more, eat unhealthy food due to the paucity of time, and barely find time to take care of our mind and body. Hence, our health is always exposed to some risk. Also, with time, we are exposed to several lifestyle-related ailments that can disrupt our lives and finances in no time. Hence, there is no time better than NOW to buy a medical insurance policy.

We have been in the grip of the pandemic caused by COVID-19 for over two months now. While it is normal to be concerned about your health during these times and purchase a health insurance policy (if you do not have one), is this a good time to buy medical insurance?

Should you buy health insurance online now?

If we were to compare the health insurance market before and during the COVID-19 pandemic, then we would say that this is the best time to buy health insurance online for the following reasons:

  • As this is an unprecedented situation, major insurance companies like Tata AIG have devised many new policies. Hence, you have more options to choose from.
  • Many insurers have eased the norms for purchasing a new policy since all purchases have been happening online. In fact, you might be able to purchase a policy with fewer tests and/or documents.
  • The government has also extended the tax exemption dates for health insurance. This can help the policyholder in claiming tax benefits.
  • Since offices were closed, most insurers sold products via interactions over a call/video chat. This is more time-efficient as compared to the pre-pandemic process where an agent visited you personally to help you find the right policy with the optimum premium amount. Everything is now completed online within no time.
  • The entire process of buying a health insurance policy has become more efficient since there are fewer touchpoints now.
  • Also, to handle the enhanced load of queries and questions posed by existing and prospective clients, many insurance companies are focusing on improving interaction with their clients by using chatbots. This means you can get your queries answered quickly and make informed decisions.
  • Also, most insurers have ensured that their online platforms are user-friendly. This allows you to buy directly from the insurer and not an agent, reducing commission costs.

Buy health insurance when you are young and healthy

Most people do not buy health insurance unless they feel the need for it. However, medical emergencies usually come unannounced, and if you are unhealthy, getting health insurance can be difficult. Hence, it is recommended to purchase a medical insurance policy when you are young and healthy.

Here are some benefits to buying health insurance at a younger age:

  • Usually, younger and healthier people pay lower premiums on their health insurance policies. As they grow older and the risk of falling sick increases, the premium increases too. Hence, purchasing a policy when you are young and healthy recommended.
  • Most health insurance companies urge their clients to take annual health check-ups to assess the health of the policyholder. It also helps you identify any potential health issues that can be nipped in the bud. Usually, we do not go for regular health check-ups unless we need to. A health insurance policy ensures that you are always aware of any potential health concerns.
  • Medical costs have been increasing at a fast rate over the last few years. With technology offering innovative treatment methods, hospitalization, and treatment costs for certain ailments/diseases can burn a huge hole in your pocket. Also, tests, ambulance services, and other non-hospitalization expenses can increase your costs. A comprehensive health insurance policy ensures that all these costs are managed by the insurer.

While many people have started realizing the importance of life insurance and car insurance policies, health insurance is yet to make it to the list of must-have policies. While we cannot control catching an infection or falling ill, we can definitely ensure that with the right health insurance policy, we can keep ourselves financially protected against any sudden medical emergencies in the future.

Summing Up

Health is our most precious wealth. While we try to keep ourselves fit and exercise regularly to remain healthy, situations like the current pandemic are beyond the purview of personal fitness and health. Epidemics and infectious diseases can impact the healthiest person too. Hence, apart from leading a healthy lifestyle, we also need to ensure that we are financially prepared for any medical emergency. A health insurance policy that also covers your family ensures that in the unfortunate event of a medical emergency, you do not worry about the costs of hospitalization, treatment, doctor’s fees, etc. If you do not have a health insurance policy yet, start researching today and create a safety net for yourself and your family.

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