Health Insurance For Freshers: Should You Get One?

Financial planners usually advise saving as soon as you receive your first paycheck. While that is true, you still need to purchase a quality health insurance plan before you begin investing.

Medical emergencies strike without warning and can rapidly drain your savings due to their high costs, as the COVID-19 pandemic has illustrated. Economic downturns or job loss can further strain your finances. It’s a misconception that only older individuals face health crises; young people are also susceptible. In light of these realities, health insurance is a necessity. It acts as a financial safety net during unexpected health challenges.

Why Get A Policy For Personal Health Insurance?

Group health insurance is a benefit that many employers offer to their staff. Nonetheless, there are some justifications for purchasing a personal health insurance plan.

Sum Assured: The first item to assess is the amount guaranteed in the employer-provided group health insurance. The family may need more coverage from the company’s health insurance policy. Ignoring this aspect can prove to be very costly in case of any medical emergency. You can use a health insurance plans calculator to check the costs in relation to the sum assured.

Coverage Continuity: In today’s dynamic job landscape, frequent career changes are common, and there’s no assurance that future employers will provide the same benefits as your current one. Job transitions or unemployment can result in losing access to employer-provided health insurance. In such instances, an individual health insurance policy ensures continuous coverage, offering peace of mind and access to medical care regardless of employment, ensuring ongoing health security. Claims are subject to terms and conditions set forth under the health insurance policy. *

Increased Coverage: Health insurance the employer provides might be subject to restrictions or exclusions. Individual health insurance policies offer flexibility for tailoring coverage to specific needs and preferences, allowing individuals to select coverage options, add-ons, and sum assured amounts that align with their unique healthcare requirements. Predicting future medical emergencies and their associated costs can be challenging. Still, it’s recommended to begin with a cover of Rs 5–10 lakh and gradually increase it over time to ensure comprehensive and adequate coverage at different life stages. Claims are subject to terms and conditions set forth under the health insurance policy. *

Consider your medical history, family health trends, and potential future medical needs when choosing your insurance. Many ailments like cardiac disorders, diabetes, and cancer have genetic links. Early assessment of these familial patterns can help you secure a more extensive policy while you’re younger and premiums are lower. It’s crucial to explore the topic of health insurance age limits, as understanding these limits can help young individuals make informed decisions about securing their healthcare coverage. Cancer treatments can be costly, even for children, sometimes exceeding Rs 10 lakh. To stay prepared for rising costs, it’s advisable to opt for coverage between Rs 15 lakh and Rs 20 lakh. Another approach is to select insurance equal to a year’s income. It’s essential to consider not only traditional health insurance but also whether personal accident insurance coverage should be part of your overall protection plan as you embark on your career journey. ## *

*Standard T&C Apply

##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.