First Salary Gift for Yourself – Health Insurance

The first salary is no less than a milestone in one’s life. The excitement and joy of earning money with our hard work for the first time is unmatched. With our newfound freedom of having our own money, it is usually used to spend it on our loved ones and buy things that we wanted for a long time. While we do so, we seldom think about the things that should actually matter to us. One of the most important things in our life is our health, and to achieve that eating a balanced diet, a minimum of 30-minutes of workout, and an active lifestyle may still fall short. You must also start investing in a health insurance policy as well. In case you need to be admitted to the hospital, you will not have to worry about our finances depleting. Your health insurance policy will settle the bills. So, let us talk about the reasons that justify gifting ourselves a health insurance policy, especially with the first salary.

• You can pay a lesser premium: The premiums of a health insurance policy depend much on the age of the insurance buyer. The lesser the age is, the lower the premiums are. Therefore, when you are drawing your first salary, you are most likely to be in your early 20s, and buying a health insurance policy at that age will help you to pay low premiums. Also, you may even just pay yearly premiums and not monthly.
• The waiting period in the health plan: All health insurance plans come with a waiting period. During the waiting period, you cannot make any claims. When you are young, you are likely to have lesser illnesses; therefore, the need of claiming the sum insured right away is also lesser. On the other hand, if you buy health insurance at an age when you are already diagnosed with some illness and need regular health checkups, you will not be able to use the health plan during the initial months or years, even when you are paying premiums for it.
• Types of diseases are increasing: With people getting more and more into sedentary lifestyles and new viruses coming up, many new diseases have shown up recently. These days, people in their 20s are diagnosed with diabetes and hypertension. In fact, cardiac arrest has also become very common. Therefore, buying a health insurance policy even for people who have just started their careers certainly makes sense.
• Medical expenses are high: One of the main reasons for buying a health insurance policy is to save some money during your medical treatment. We all know how costly medical treatments have become. And if one is diagnosed with a critical illness, the treatment will certainly burn a hole in the pocket. In one such situation, a health insurance policy can come as a great help.
• Tax benefits: When you pay the premiums of your health insurance policy from your salary, it helps in saving taxes. You can get tax benefits for dependents or yourself under Section 80D of the Income Tax Act, 1961.

Factors to consider while buying a health insurance policy for yourself

As you are buying a health insurance policy with your first salary, you need to be mindful of certain factors. Some of them are mentioned herein below:

1. Type of policy: There are basically two types of policies, individual and family floater. You need to choose the one that is suitable for you.
2. Claim Settlement Ratio: The Claim Settlement Ratio of an insurance company matters a lot. It is an indicator of the number of claims that have been settled by the insurance company.
3. Network hospitals: Checking the network hospitals is a must, and also finding if the network hospitals are near your home.
4. Claim Settlement process: You must check the claim settlement process such as reimbursement or cashless. Having clarity about this will help you to choose any one of these two.
5. Free-look period: Each health insurance policy comes with a free-look period within which you can cancel the policy. You must know the free-look period of the health insurance plan that you are planning to buy.
6. Waiting period: You must try to find out the waiting period of the health plan you are going to buy. In the waiting period, you will not be able to avail yourself of the benefits of the policy.

What else can you do with your first salary?

Apart from buying yourself a health insurance policy, you can purchase a health plan for your parents as well. After all, the kind of things they do and the sacrifices they make for us cannot be compared with anything else in this world. And as they grow old, the only thing that we can do is to support them in every possible way.

When our parents are old, they often visit the doctors to get medical treatment for the illnesses they have. And while doing so, they end up paying huge amounts of bills. You can help reduce the medical bills by gifting them a health insurance policy.

Whether you want to buy a health insurance plan for yourself or you want to give one to your parents, keeping the above-mentioned points in mind will help you to find the best health insurance policy. To make things easier for you, PayBima has come up with the Khushiyon ka Tohfa plan. The plan will help you choose between health insurance plans from the best health insurance companies in India for yourself or your family.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

 

View this post on Instagram

 

A post shared by paybima (@paybima)

The post First Salary Gift for Yourself – Health Insurance appeared first on Paybima Blogs.