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Does Your Financial Planning at 30 Include Health Insurance?

Are you entering your 30s? That means your financial responsibilities need more of your attention. With your responsibilities set to rise in the future, you need to secure your finances at any cost. However, that makes it all the more essential to reduce the chances of unfavorable uncertainties to balance the risks that life may throw in your path.

Perhaps you’re a family person now; hence, you need to look after the health of your family. Due to a busy lifestyle, we tend to ignore our health. That might end up becoming a costly affair! A single medical emergency is enough to burn a big hole in your pocket. Hence, health insurance is more than a necessity these days.

But, are you taking the right plan?

Due to the availability of plenty of health insurance plans, you may end up taking on the one that doesn’t suffice your needs. But, if you compare health insurance policies online, you can find one easily. However, you should consider a few other factors when buying a health plan. Here are some things which need your attention.

Benefit Check is a Must

Keeping a check on the benefits offered by a particular plan is essential to get the best out of it. These days, cashless benefit is the hype. You should look for this and save on your wallet. Inquire about network hospitals where you can attain these facilities. Make sure they are within a reasonable distance from your place. Moreover, the benefits may vary insurer to insurer; some offer day care treatment, domiciliary treatment, daily allowance, etc. You should first analyse your needs and customize the plan accordingly.

Opt for a Policy That Helps You Save More in the Future

Most Indian health insurers offer great health coverage at an affordable cost. You can go for floater plans where you can insure your entire family or a maximum of six people with a single premium. No doubt, it will increase your homework, but it will pay off later. You will have to shop around for adequate plans and compare health insurance policies. Online comparison helps you judge the plans on parameters like benefits, features, claim settlement processes, the premiums, etc. This way you can’t be misled by an agent and can make an informed decision.

Room for Additional Coverage

While buying a plan, we tend to consider our current financial state and requirements. But requirements change with time. Always look for a policy that can be customized as per your desires. When you feel your health requirements demand more coverage, opt for health riders, such as a top-up plan, to complement the basic coverage. You may find it a little costly at the initial stage but in seeing the benefits, the cost can be overlooked.

For example- at the time of joining her new organization, Shilpa bought a health coverage of Rs. 10 lakh. As a marriage was in the cards, she went to her insurance advisor and opted for a maternity plan. She received this plan at a cheaper price than a fresh policy. When her employer denied her coverage for pregnancy, she wasn’t worried and was happy with her decision of opting for the coverage.

Don’t Choose Premium Over the Benefits of the Coverage

A plethora of insurers have introduced customizable plans which can be designed according to your wish. You will find policies that ask for a lower premium, when compared to others, for the same set of benefits. But the premium shouldn’t be your prime concern at the time of buying a plan. The extent of coverage is what matters the most. If you are getting better coverage at a slightly higher premium, don’t hesitate. Saving on the premium is useless when you don’t have sufficient health coverage.

Opt for an Adequate Sum Insured

Before buying any plan, analyse your and your family’s healthcare needs. Only then set a sum insured. If the sum insured is not adequate, there is no point in owning a plan, as it will be unable to support you and your family when you need it the most. Only a sufficient sum insured can be your financial backbone.

Let’s say your family floater plan offers a coverage of Rs. 2 lakh. At the time of buying the plan, you thought the amount was sufficient. But when the entire amount was used up in one go and the other family members were left uncovered, only then did you realize the need for analysing your requirements before buying a plan. In this case, was there a point in having a family floater?

Individual Plans Can Do Wonders

They can be expensive but are a must, even if you are covered by your employer’s health plan. Employer’s health insurance covers you only when you are a part of the organization.

What happens after you resign or retire from the company?

An individual plan always comes in handy, be it for you or for a family member. Let’s take an example: When Hitesh thought of buying health insurance, he found it more affordable to go for a family floater plan. But, when his son became severely ill and used most of the sum assured, the rest of the members were left with a minimal policy cover. This made him think about attaining an individual health policy, which could have been better.

The Bottom Line!

Age is just a number! Turning 30 may come with major changes in your life. Prime your personal finances to take the utmost advantage of this phase of your life. With age, planning and making changes in your financial portfolio is essential. You should plan for your future, or for your retirement, while you are young. If we take up the example of health insurance, most insurers don’t offer insurance once you enter old age or they may ask you for a higher premium for doing so. Moreover, you can’t depend on your employer’s health insurance alone. Hence, having a safety net is imperative and can help you soar in your 40s.

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