Updates over WhatsApp
The irony of health insurance is that you should buy it when you don't need it.
Hence, if you are financially capable, you must buy your health insurance at a young age. From the day you start earning, you must start budgeting for health insurance and buy it as soon as you can. Your twenties are the phase of your life where you can afford to take calculated risks to succeed in future. You have relatively fewer financial responsibilities. But that does not mean you should turn away from financial and healthcare planning. In fact, the earlier you start, the better it is.
As a young adult, you are bound to live on the edge, but it doesn’t harm to simultaneously take necessary precautions and indulge in future healthcare planning. One must always be prepared for any health problems that require constant care. In situations like this, you can rely on the health insurance plans that you have been investing in since your early days.
Technically, no, it is never too late to buy a medical insurance plan. You can do it in your twenties, thirties, forties, fifties, or even later. Today, there are many senior citizen healthcare plans offered by insurance companies. However, the older you are at the time of buying your insurance, the higher your premium will be.
Even though there is no health insurance age limit, it is ideal to get health insurance in early stages of your life - 20s or 30s. At these stages of life, you are at your healthiest, independent and hoping to work as hard as possible to be more relaxed in your later years.
Here are some of the benefits you score when you buy your health insurance as early as in your twenties.
One of the prime benefits of getting health insurance in your twenties is that you are at negligible risk of suffering from any health issues. And there’s a possibility that you will continue to be that healthy for another few years. This means that, to your insurance company, you are a low-risk policy holder. Hence, you are eligible for a lower premium amount than anyone older than you.
If you buy a health insurance plan after the age of 45, you have to get a medical test done. If you are tested for certain medical conditions, there are chances that they might not be included in the policy or may be included at a higher premium rate with certain waiting period.
Every health insurance plan has a waiting period of at least 30 days but in case of pre-existing diseases, this waiting period may be extended. At younger age, the chances of you having pre-existing health concerns are less and hence, you will not require immediate medical assistance or have to go through any waiting period. However, if you buy health insurance in later years with pre-existing illnesses, your waiting period may be anywhere between 2 to 4 years.
Buying health insurance early can help you save money on taxes. Under Section 80D of the Income Tax Act. These tax benefits can also be availed by senior citizens. Under this act, senior citizens can avail of deductions on their medical expenses. The tax benefits you receive are influenced by your premium costs.
As a young adult, you are eligible to get a comprehensive health insurance policy that includes lifelong coverage for all benefits like hospitalisation expenses, day-care treatment, road ambulance charges, daily allowance, etc. You can also choose to get more benefits by getting add-on coverage that will strengthen your health insurance policy further.
When you buy health insurance, there’s no turning back. Hence, the lifelong renewal feature will keep you medically and financially secure even in your eighties. When you buy your insurance policy in the early stages of your life and don’t use it for a few years, you get the cumulative bonus for every claim-free year. Hence, you can keep renewing your policy and receive discounts as well as benefits each year.
In conclusion, sow the seeds now and reap the benefits later. It’s never too soon to get a health insurance policy. Hence, ensure that you prioritise your as well as your family’s health and get medical insurance at the earliest possible.
A good health insurance plan helps you safeguard your future from any unforeseen event. Thus, opt for a plan that will fulfil your needs with Kotak General Insurance.
I/we give my/our consent to receive information in respect of policy servicing, claim servicing, updates on my policy, updates on new and existing product, marketing or servicing my relationship with Kotak Mahindra General Insurance Company Limited, its group companies/associates or agents through Telephone/Mobile/SMS/e-Mail, etc. Further, i/we understand that my/our consent to receive calls/communications shall be valid and shall prevail over my/our current or any subsequent registration of my/our number for the NDNC and shall continue to be treated as my/our consent/acceptance. (If you do not wish to accord your consent, please submit a Do Not Call (DNC) form alongwith this form.
I/we have understood the form, including the clause on consent to call, and i/we have agreed the same after understanding and accepting the terms contained therein.
Tips to follow for healthy lifestyle
With ever changing lifestyle and busy schedules, we must adopt certain lifestyle habits to lead a healthy and balanced life.
Must have add on covers for health insurance
Increasing need for financial planning and uncertainty of medical emergency, a health insurance plan becomes a must have for individuals.
How to avoid sickness during season change
Ways To Avoid Getting Sick When Season Changes
Healthy Resolutions For New Year
Various resolutions you can adopt for a healthy lifestyle.
Healthy diet for winters
Know why a nourishing diet and medical insurance are essential for healthy living.
Exercising tips for a healthy heart
Exercising is the key to healthy heart. Here are some exercising tips you can follow.
Tips on How to Stop Smoking
Know why smoking is injurious to health and tips on how to stop smoking.
Benefits of yoga
Did you know why International Yoga Day is celebrated on 21st June?
Monsoon Tips For Health
Simple tips that one can follow to ensure their well-being when the sky Gods rain havoc.
Diabetes and its management
Importance of maintaining a healthy lifestyle and controlling the disease
To optimise our site experience on your handheld device, please hold your phone vertically.