Health insurance is a contract between the insured customer and an insurance company to settle the hospitalization claim of the insured due to any illness or disease. The insured customer is expected to pay a certain amount known as Premium to avail the cover. In general the health insurance policy can be availed for 1/2/3 years. Employee health insurance is a type of health insurance which is taken for the employees of an organization. All the members of the employee health insurance would get access to the health care and health cards. 

The employee health insurance policy premium can be either paid by the employer or the employees themselves which is known as contributory policy. Health insurance is a must for every person as the health care costs are on the rise and even a single hospitalization can push a person into poverty without a proper health insurance plan. Employee health insurance can sometimes be extended to the immediate family as well on payment of additional premium. 

Have you taken a health insurance policy?

If not, then below are the 3 reasons to invest in a health insurance policy right now:- 

1.Waiting Periods:- Every health insurance policy contains certain  time periods only after which the coverage would start. This time is known as the waiting period in a health insurance policy. There are waiting periods in a health insurance policy such as Initial waiting period, Specific disease waiting period, Pre-existing disease waiting period and Maternity waiting period.  

The waiting period in a health insurance policy range from 30 days to 4 years depending on the type of health insurance policy and the insurance company. The earlier you take a health insurance policy, the earlier you can satisfy the waiting periods. So if you have not taken a health insurance policy till now, then now is the right time to take the policy. 

Want to get exempted from all the waiting periods? 

Then go for an Employee health insurance policy in which the waiting periods can be exempted and coverage can be availed from day 1. 

2.Price Hike:- Health insurance premiums are on the rise year-on-year due to the rise in health claims as well as the health care inflation. Health care inflation is the increase in costs of the health care in India which are increasing at more or less 7%. To balance the claim settlement and the health care inflation insurance companies are raising the health insurance premium. 

The insurance companies operate on the COR or Combined operating ratio which is the ratio of the premium inward to the amount outward such as claim settled+other expenses. If the amount outward is more than the amount inward then the COR would be more than 100% pushing the company to raise the premiums. 

3.Secure yourself/ Family:- Life is uncertain. No one can predict the future and let you know when you will be hospitalized so that you can avoid the same. It is better to secure yourself and your family with a health insurance policy. It would be very difficult to arrange funds in case of hospitalization due to an accident or illness without a health insurance policy.