Summary of this article
Diwali offers discounts for buying health insurance.
Employer plans aren’t enough for full coverage.
Health insurance ensures savings and peace long-term.
Diwali is a time for celebration, lights, sweets, gifts, and spending time with your dear ones. Families often prioritise gold, gadgets, home appliances while shopping for Diwali. While these items bring joy, considering investing in health insurance during this period can have far greater long-term benefits.
Buying health insurance guarantees that unexpected medical bills do not upset household finances. As healthcare expenses continue to climb annually, buying coverage today will ensure that families remain covered and better prepared for the future years.
Arun Ramamurthy, co-founder of Staywell.Health, says, “Although gold and gadgets can provide a useful and/or sentimental value, health insurance is so much more elemental: it provides financial security and peace of mind. A hospitalisation alone can wipe out years of savings, and medical inflation only exacerbates this risk.”
“Purchasing health insurance is not just an act of “buying protection” during the festival season; it is a necessary action to help protect your family’s financial future. Unlike other purchases you may make during the festival season, this “gift” will continue to give by making it possible that unplanned medical expenses do not stop you from attaining your long-term goals,” Ramamurthy adds.
Why Diwali is a Good Time for a Health Insurance
Seasonal discounts by insurers make this time of the year a great moment to buy coverage. Discounts, lower premium for family floater policies, free medical check-ups, and extended coverage without additional charges can reduce the cost of comprehensive insurance.
Ramamurthy adds: “Many insurers introduce limited-period offers during festivals. This can help people secure comprehensive coverage at competitive rates. It is also a good time to review existing policies and consider top-ups or add-on covers that may have been overlooked.”
Aside from saving costs, the holiday season nudges people to reconsider their spending patterns. Families can review existing policies, determine coverage shortfalls, and determine whether added protection is needed. For example, a family might realise that maternity, critical illness, or outpatient procedures are not properly covered, which could be included through top-up policies during the holiday season.
Employer Coverage is not Sufficient
Some people depend completely on work-based health insurance. Although these policies are the stepping stone, they are usually inadequate. Corporate policies have very low sum insured limits, fail to cover family members comprehensively, and cease when work is discontinued.
“A personal plan gives you continuity of coverage, and flexibility to choose the benefits. Together with your employer-provided plan, it can better help you cover your health during job transitions. A personal plan is best purchased when you are healthy and young, not after you leave your employer or during a medical condition, when options become limited and costly,” says Ramamurthy.
He advises that waiting until after leaving a job or developing an illness can restrict alternatives and inflate premiums, and so buying insurance early is important.
Understanding Waiting Periods
A waiting period is when the policyholder has to wait after buying a plan before specific claims become admissible. This is especially vital for pre-existing conditions, which might have waiting periods ranging from 2–4 years, and general illness would have a 30-day waiting period.
Ramamurthy adds, “Buyers should take the time to read these clauses to understand when the coverage actually begins. Choosing coverage, with shorter waiting periods or a feature which allows for reduced waiting periods via add-ons, can make a serious difference at the time you need the coverage most.”
As such, having knowledge of these aspects can help the policyholders avoid being trapped when they attempt to make a claim.
Financial Protection and Long-Term Benefits
A health cover safeguards families against unforeseen medical bills. Even routine hospitalisation, operation, or treatment of life-threatening illnesses can drain savings if not covered. Premiums become a regular household expense, alongside savings or investments, and encourage fiscal discipline.
A properly chosen plan provides long-term security, allowing them to continue towards their financial goals without having to worry for surprise medical expenses.
Peace of Mind for the Family
The actual value of health insurance is reassurance. Knowing that medical emergencies will not devastate your finances, will let you enjoy Diwali more freely.
Ramamurthy points out this intangible advantage: "Unlike other purchases you make during the festival season, this gift continues to give by making it possible that unplanned medical expenses do not stop you from attaining your long-term goals."
How to Select the Correct Policy
To start with, check the sum insured, pre-policy coverage for existing conditions, network hospitals, and claim settlement ratios prior to purchasing a policy.
For families, purchasing a family floater policy that covers several members within a single plan can be cost-effective, as they entail lower overall premiums.
Ramamurthy also suggests customers to go for add-on covers for maternity, critical illness, or outpatient treatment, which can be opted without subjecting the customer to a lengthy underwriting process. This allows family members the flexibility to personalise policies as per their needs.
While there is light, gifts, and festivities during Diwali, financial security cannot be ignored. Buying health cover during this festive period offers protection, financial security, and peace.
