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Health insurance is one of the most helpful things you can invest in, in today’s world. With a steadfast increase in the cost of healthcare in our country, the emergence of lifestyle diseases is also threatening your savings; that is why having a health insurance policy has become a necessity. Yet, if you are asking yourself what the right time is to buy a health insurance policy, then, keep this saying in mind “The best time to start was yesterday. The next best time is NOW”. This also applies to the health insurance plan.

A health insurance policy acts as a cover that provides you with a much-needed financial backup at the time of medical emergencies. Health risks and unforeseen medical emergencies are unpredictable and hence a part of our lives. Some medical events do not alert you beforehand for you to prepare financially at the moment. That is where a health insurance policy comes in handy.

In tumultuous times such as these, health insurance can be one of the most helpful gifts you can buy for yourself or your loved ones this New Year.

No matter if you are looking for an individual policy or family floater health insurance, or group health insurance, here are some reasons why the new year might be the right time to choose health insurance:

• Start a new year with Healthy Resolution:

A new year is known to bring hope, new energy, enthusiasm, and a sense of compassion for most people since everyone is in the festive mood and looking down at the year before and being hopeful for the year ahead. Many like to celebrate the start of a new year with a resolution or a promise to themselves, on how they want to spend their year, and what would be a better resolution than staying healthy, taking care of your finances, saving for emergencies, and making sure that you are ready financially and mentally for any unforeseen medical emergency. All the above things can be achieved with a simple health insurance policy. You can bring peace of mind to your life and save your money on unexpected medical events in the coming year by investing in a health insurance policy for yourself and your loved ones.

• Upcoming innovative health plans:

Many insurance providers offer innovative health plans that use technologies like Artificial Intelligence (Al) and Machine Learning (ML) to provide more evolved and smart customer services. With the advent of new COVID-19 cases, many insurers are providing innovative health covers to deal with a severe health crisis and hospitalization. Getting health insurance for a better year could be the best way to prioritize health beside everything else.

• Invest for better tax planning: 

As the financial year-end approaches, you should start looking for avenues to invest properly, not only to save taxes but also to get good returns on your investment. Investing in a health insurance policy can be one of the best things you can do since you can get massive tax benefits towards the health insurance premium. You are already aware of the benefits of a health insurance policy, as it helps you financially in times of medical emergency by paying medical bills and treatment expenses. However, many forget one crucial thing about investing in a health plan, that it is a great tax-saving instrument. Investing in health insurance to plan your taxes can be a significant investment for the whole year ahead.

Buying health insurance at an early stage helps you get financial security at lower premiums. The premium amount starts increasing with age since chances of medical ailments also increase. Hence, it is vital to invest in a health insurance plan as early as possible, and keeping the above points in mind, the new year seems just the best time to do it.

This article is authored by Pulak Sarmah, Senior Vice President & Head of Marketing at Kotak General Insurance, and views expressed in this article are the author’s personal views.