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2023 Health Insurance: Secure Now
Jan 3, 2023

Secure Your Health in 2023: Choose the Right Medical Insurance Policy

Receiving your first salary is an experience like no other. One feels like they are an inch closer to their dreams of financial independence when they receive their first salary. Many people often use their first salary to show their love and gratitude towards their family members. They may buy a saree or jewellery for their mother, a watch for their father, or the latest gadget for their sibling. While these are worthwhile gifts, there are some alternatives that may not be as popular as a gift but can be the right choice for your family in the long run. Many people may have exciting plans to carry out with their first salary. However, health insurance may not be exactly on everyone’s mind. But it may be safe to assume that buying an online health insurance policy with your first hard-earned salary can benefit you and your near and dear ones deal in situations involving unforeseen medical emergencies. Are you in two minds about buying health insurance with your first salary? Let us explain.

Why Buy Health Insurance with Your First Salary?

When one is young, medical expenses seem insignificant and manageable until one actually has to face them. At such a time, expenses like hospitalisation and multiple tests can drain your savings if one is unprepared for them. Whether it is you or your family member that is hospitalised, a lack of financial preparedness can also lead to mental worries and emotional stress. Setting a financial strategy in place from the start can be of great help. Hence, making the decision to buy a health insurance plan is a crucial one. Furthermore, people are often in their 20s when they receive their first salary. The premiums of even the best health insurance policy may be relatively lower for younger people, which makes purchasing health insurance a financially prudent decision as well. However, simply buying a policy may not be enough. One must also consider several parameters and look at different factors so that one receives the right health insurance coverage.

Points to Keep In Mind When Buying Health Insurance with Your First Salary

Here are some aspects you must consider to make the most of your first salary and buy the best health insurance policy for your family:
  • Look at the types of policies available:

Before purchasing a health insurance policy for your family, ensure to go through the several policy options available. For instance, you can purchase health insurance policy plans for individual family members or a family plan that insures multiple members of a family. You can also purchase a health insurance policy for senior citizens for anyone who is over the age of 60 in your family. Do ensure to make a health insurance policy comparison for multiple plans before buying one.
  • Review pre-existing diseases coverage: 

Before purchasing a health insurance policy, do ensure to check if it covers the pre-existing diseases or medical conditions that you or members of your family may have. These can include hypertension, diabetes, heart ailments, etc. There is also a waiting period for these conditions you would need to check.
  • Check the waiting period:

Every health insurance policy has a pre-specified waiting period* after which the policy’s benefits can be used. The policy may also have an individual waiting period for factors such as pre-existing conditions or maternity period. Consider opting for a policy that has the least waiting amount of waiting period so that your loved ones receive coverage as soon as possible.
  • Look at the number of network hospitals *:

Ensure to pick a health insurance provider which has a good network of hospitals that can allow you cashless hospitalisation. * Because of this feature, you can avoid the stress of having to arrange funds for hospitalisation in times of medical emergencies. In the case of hospitalisation at a network hospital, all you would have to do is reach out to the insurer and fill out a form at the hospital. The payment of the bills is then taken care of by the insurer. Hence, do not forget to check the number of network hospitals when carrying out a health insurance policy comparison.
  • Do not overlook the claim settlement ratio *:

It is advisable to choose a health insurance policy from an insurance provider who has a high claim settlement ratio. The claim settlement ratio indicates the percentage of claims the insurance provider has settled out of the total claims made. Hence, the higher this ratio, the better the chances of your claim being accepted can be. You can see the claim settlement ratio on the website of the insurance company when you buy health insurance from them online.
  • Reach the right balance between coverage and premium:  

As mentioned earlier, if you are buying health insurance for yourself at a young age, you may incur lower premiums. However, in the pursuit of a lower premium, one must not compromise on the coverage. You can use tools such as the health insurance calculator to help you reach the right spot between coverage and premium.


To sum it up, buying health insurance for yourself and your loved ones can be a great way to make use of your first salary. The sooner one begins their financial preparedness, the better it can be. Make sure to remember the points mentioned above to buy the right health insurance and show love and gratitude to your family in a new manner.   * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.  

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