Reasons to buy health insurance at a young age
Nobody can disagree with the old adage: Health is wealth. The growing demand for health insurance cannot be limited to the escalating medical costs, but the rising medical awareness is an essential factor to be mentioned. One commonly asked question is 'when to buy a health insurance plan?'. The straightforward answer is 'now'. As time and tide wait for none, health crisis knows no boundaries. So, purchasing health insurance as early as possible is better.
Top 5 reasons why you should buy a health plan at the initial stages of life:
Every individual can have a few unique sets of rationales for why they prefer to buy a health plan. Let's have a look at some of the aspects that makes it a wise decision for people to purchase health insurance plans at a young age:
1) Increase savings with a lower premium
Creating savings for future financial goals or investment is what everyone aspires for. Medical emergencies can consume a considerable part of your income and savings, leaving you with less wealth for investment purposes. The premium charged is affordable at a young age as the body is healthy and fit. So, you can relax about medical bills with health insurance plans at a low premium. Hence, you are left with ample savings to make other financial plans for your life.
2) Comprehensive coverage for youngsters
Several factors affect the type of policy an individual is eligible for. Younger people have better chances for comprehensive coverage as they may not have medical conditions. With age, a person's health may deteriorate due to medical liabilities, so comprehensive coverage may not be possible. So, it is a wise choice to pick health insurance early, so you get maximum coverage.
3) Tax benefits are a concern.
Under Section 80D of the Income Tax Act, an individual who pays health insurance premiums is liable to receive tax benefits/tax deductions. Purchasing a health insurance plan at the early stages of life means saving more and more on your total taxable income.
4) Skip the burden of pre-existing illnesses
As you grow old, the chances of having pre-existing medical conditions at the time of buying health insurance are very likely. Did you know cancer, diabetes, cardiovascular diseases, and tuberculosis are some of the most common diseases in India1? Having such an illness can significantly restrict your coverage and increase your health plan's premium. So, why not purchase it earlier to avoid these ramifications?
5) Serve the waiting period efficiently.
The waiting period refers to the tenure under which a policyholder cannot raise a claim for any ailment. Depending on the type of disease, most health plans have a waiting period of 24 to 48 months. Now, if you are in your early phase of life, you may not have any health-related issues during the waiting period and can easily pass through it without any complications. For example, most maternity insurance plans have a waiting period of 2 to 4 years. If you have just started earning and plan to get married only after a few years, then a plan that includes maternity cover will help you efficiently serve the time and make a claim when needed.
Secure your and your family's most significant wealth, that is health, easily with health insurance. The right age to buy a health insurance plan is before you realise you need one. Purchasing one at a younger age will not only give you medical reliability, but you can also freely plan other financial requirements of your life.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.