People are still apprehensive about investing in a health insurance policy as it is still relatively new in the market. The benefits you reap by investing in a health insurance policy is more when compared to not buying a policy altogether.
Nevertheless, health care is one area people are still apprehensive about investing their income. Mostly, people do not invest in health care and insurance as a priority as it does not generate any income on a real-time basis but will come in handy only during emergencies.
When you start earning, most of the time, the prominent thought lingering in your mind would be about your savings. Once you start having a permanent income, striking a fine balance between your expenses and savings becomes a concern. Generally, people think of an investment as an asset that generates income. It could vary depending on a person’s needs and the amount they want to invest.
As per experts, a significant portion of your investment or savings needs to be invested in a health insurance policy. About 10% of your earnings on a monthly basis should be spent on your investments.
You need to opt for the right insurance cover for your family and yourself, not just for helping you during any medical emergency but also to insure you for any unexpected medical needs. A good policy should include expenses such as ambulance charges, pre and post hospitalisation bills, etc. According to experts, insurance policies will be acknowledged in the long run as, ultimately, they will make the entire hospitalisation process easy and hassle-free.
Personal accident insurance comes in handy at tough times; however, a life insurance policy is equally important. In case you are young, you have just started your career, and you have group health insurance from your employer’s side, and you have no dependencies, you can opt for life insurance a bit later and no need to opt for it immediately.
When in confusion about which kind of insurance you need to get first, as per experts, you need to start with a health insurance policy initially. After which, you can buy personal accident insurance and later a term life insurance.
For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.
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