Along with Your Job, Upgrade Your Health Insurance

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We all wish to achieve new heights in our career and reach the pinnacle of whatever area we chose to build our career in. And as we move up the corporate ladder in our career, so does our job responsibilities and things that are dependent on us. And that means increasing stress. Add in the responsibilities towards family and one continuously finds one pushing herself or himself behind in priority. In short one is always running from one thing to another with hardly any time for the himself or herself. As a result taking good care of health slips out of mind. And it is not just immediate care that is neglected, planning for future contingencies also takes a back seat. And therefore, even though we may think that we are covered just because we already own a health insurance cover, it is good idea to check from time to time if it covers for all future contingencies.

So, if you haven’t reviewed your health insurance policy in the last 3 or 4 years, you must get it done as soon as possible. In this regard, you can either continue with the same health insurance company or compare the other options and choose a better one among them. Before you start comparing, let us take a quick look at some of the other reasons why upgrading your health insurance is important.

Why upgrade your health insurance policy?

  1. The rising level of pollution: In Indian cities, rising levels of pollution is a major concern. Air and water pollution are taking a toll on our health, which in turn is making us vulnerable to many different types of diseases. Cases related to lung cancer, COPD (chronic obstructive pulmonary disease), and asthma are getting more common these days. So, if you do not want to lose your savings, you must get yourself and even your family members covered by a health insurance policy.
  2. A steep rise in healthcare expenses: With the passage of time, the cost of hospitalization is increasing for sure. In the metropolitan cities of India, even an average hospital or nursing home can make a hole in your wallet. Doctor’s fees and cost of medicines, both can turn out to be very expensive if you tend to fall sick quite often. Having a health insurance policy can provide you with much-needed financial help. But it is equally important that you upgrade your policy after every couple of years.
  3. Better is always the best: In today’s times, you always have the power of comparing the different health insurance policies available in the market. No more you have to get in touch with the agents to know about the current offers and plans. When you compare your existing policy with other alternatives available in the market, it becomes easier for you to know about the pros and cons of your current policy. In case you find a policy which is way better than what you are currently having, it is always better to switch over to the new one. You should always aim at buying a policy that offers more cover amount and lesser sub-limits.
  4. Get more tax benefits: When you switch to a better paying job, your salary also gets upgraded. Higher salary means more amount of tax deduction. But you can minimize this effect by spending a little more on your health insurance premium. When you upgrade your existing health policy, the premium amount is also increased. Paying a higher amount of premium will make you eligible for more tax benefit, as the taxable income will get reduced. So, when your job gets an upgrade, you should upgrade your health insurance policy as well.
  5. The sooner the better: As we grow older, we turn out to be vulnerable to illnesses. This is why the health insurance companies charge more premium as we get into our 40s and 50s. When you upgrade your existing policy at a young age, you end up paying a lesser premium. Plus, the policy will cover more types of illnesses, which is not quite possible once you get into your mid-40s.

So, those are some of the crucial reasons why upgrading your health insurance policy is so important. It is also true that as we grow older, our area of responsibilities also expands. Once we get married and have kids, expenses related to medical and healthcare services rise exponentially. While getting a promotion is always a thing to cheer about, it is also essential that you plan your finances in a better way. This is where the worth of an updated health policy kicks in.

When it comes to upgrading your health insurance policy, you must spend some good amount of time in the process. Comparing each and every vital aspect will help you find out the drawbacks in your current policy. It will also help you understand how the new policies can serve you better. Plus, you can also end up saving some good amount of money through offers and promotional discounts.