Rakesh Goyal, Director, Probus Insurance, Insurtech Broking Company

There are some things for which it is always the right time. Getting health insurance is one such thing. Our family’s well being is the most important thing in life, and it is also the main reason why many of us work long hours in demanding jobs. Unfortunately, it is increasingly expensive to take care of our medical needs, and no amount of savings seem adequate to take care of the unforeseen.

Getting health insurance is one of the best ways to address the financial concerns surrounding medical emergencies. It releases the pressure of arranging large sums of money at short notice; and in the event of illness, it allows us to take care of our own or our family’s health needs without having to run about for cash.

While there is no bad time to get health insurance, here are some pointers for when it is best to get a policy.

On getting the first job: It is best to start young when it comes to insurance. The premiums are lower, and since there are usually few pre-existing health conditions, it is easier to get a health policy that covers a wide range of illnesses. Additionally, health insurance is a great way to save on tax.

When getting married: Providing health cover to one’s spouse is the most practical way of taking responsibility. Joint covers optimize premiums, while taking substantial financial burden off each other in a marriage. Some policies also cover maternity related expenses; since most of them have a waiting period for claiming pregnancy cover, it is best to pre-plan and get health insurance around the time of the wedding itself.

On the birth of children: Most insurers provide family plans to include up to two minor children. Like with a spouse, getting a cover for children via a health policy is a wonderful way to take responsibility, and free oneself of the burden of financial planning for health. Especially in today’s world, where a child’s education is also financially demanding, getting a health policy for them will financially de-risk their health and wellbeing.

On reaching middle age: As we age, our bodies require more attention and maintenance. Health insurance can ensure that we provide our body the support it needs. Many policies come with the feature of free annual health checkups, which is useful as we become older, and when our employers may not be there to provide us cover.

In a nutshell, it is always the right time to invest in health insurance, and the above milestones can be used to assess if we have provided for ourselves and our families.

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