Learning the art of growing up involves making decisions for yourself. One such decision starts with a question: how long can I stay on my parents’ insurance plan?
The moment you ask this question to yourself, know it, you are heading in the right direction.
You may have just graduated from college or got your first real job, or maybe, you finally got your health in your own hands. Whatever your reason is, one thing is sure, if you can, you must have a personal health insurance plan.
So, what’s the right answer?
Legally, in India, sons can stay on their parent’s insurance plans until the age of 25. After that, they need to look for either a personal health insurance plan or go for a group insurance plan, usually offered by employers.
For daughters, it’s different. Unmarried or divorced daughters can stay on their parent’s insurance plan indefinitely, as long as they pay the premiums.
When’s the right time to buy health insurance?
Just because you can, it does not mean you should stay on your parent’s medical insurance policies. Health experts recommend buying a health plan when you are young and just starting your career. Reasons vary from low premiums to more freedom, here are a few good ones, we thought, you might like:
Financial Freedom: Having a good health insurance plan frees you from saving money for medical uncertainties. For most Indians, and especially for young adults, unplanned medical expenses, usually, end up being the biggest source of out of the pocket expenditure. A very large number of people fall into the poverty trap because they didn’t have a comprehensive health plan. They end up spending all their earnings, and in some cases, savings too, on medical treatments.
It becomes even more crucial for people who are just starting out with their careers and have fewer responsibilities, to start preparing for their financial and medical health.
Apart from saving your hard-earned money, you also enjoy tax deductions against the premiums that you pay to your insurance company. One plan saves money, saves tax, and keeps you and your family safe & healthy.
Early Detection of Diseases: Contrary to popular beliefs, you are prone to diseases even in your younger years. Due to our sedentary lifestyles, unhealthy dietary habits, and increasing pollution levels, we are more prone to critical diseases now than, say, compared to a generation ago.
That’s why having a good health insurance plan becomes even more crucial now than ever before. We tend to ignore minor pains and avoid hospital visits unless things become dire. There are many reasons for this behaviour but having a personal health plan makes sure that the lack of money is never one of them.
At Toffee, we are simplifying insurance and have designed easy to buy insurance plans for everyone.
If you want to dive deeper and know more about health insurance, here’s an Ultimate Guide on Health Insurance
Medical Insurance for Your Parents
Now’s the time for you to get behind the wheel and reverse the roles. Even if your parents already have running health plans, make sure their plans are up to date and cover all the necessary requirements. As they age, their medical needs and the kind of care they might require may change too.
Don’t assume just because your parents have a medical plan, all their requirements would be met in case of a medical emergency. It’s time now that you start taking care of your parents the way they have done for you since you were a kid.
We suggest that you look for medical insurance for your parents which offers comprehensive medical care. Below is a list of features that you should look for in a good medical plan:
- Cashless treatment
- Hospitalization expenses
- Pre & post hospitalization
- Daycare procedures
- AYUSH benefits
- Health checkups
If you have any special needs and want to include those in your health insurance, feel free to make this demand to your insurer. In most cases, those demands would be met through add-ons or riders. In the end, after buying the health plan, you must feel completely safe and secured.
What’s Toffee Doing?
We know the pains a young insurance buyer goes through. You talk to agents and compare plans. Still, you feel stuck! Everyone is telling you that it’s the right thing to do; for you and your family. Yet, no one seems to have the right answers. What’s the right plan for you? How to decide the premium? What additional features you should opt for? The list goes on!
After a while, you start wondering: are there any right answers? Are you even asking the right questions? It is frustrating and may even discourage you from buying your first insurance plan.
And that’s why Toffee Insurance was started, to answer those questions for you. To make the process of buying insurance simple, quick, digital and affordable.
In a nutshell, we are simplifying insurance and making it more accessible.
You can say that we are on a mission to connect all Indians with simple and affordable insurance products. And for this, we have designed some of the simplest and most-affordable insurance plans in India.
We wish you all the very best for your life.
Let us know the parts that you liked in this blog, what you found most useful, or maybe, there’s something you would like to know more about.
Write to us at firstname.lastname@example.org