Reasons To Buy Health Insurance Policy At An Early Age

Today, health is a major concern in India. With rising medical costs and increasingly sedentary lifestyles, having a health insurance plan is essential, no matter your age. Medical emergencies can occur unexpectedly, affecting you both emotionally and financially. Hence, financial advisors recommend securing adequate health insurance coverage early in life. Here are several compelling benefits and reasons to buy health insurance policy before turning 30:

Reasons To Buy Health Insurance Policy:

Lower Health Insurance Premiums

The cost of health insurance premiums is significantly lower when you are younger. Premium rates are closely tied to age; for instance, a health plan with Rs 5 lakh coverage might cost around Rs 5000 at age 25, but the same policy could rise to around Rs 6000 at age 35 and Rs 8000 at age 45. By purchasing health insurance early, you lock in these lower premiums, saving money over the long term.

Reduced Risk of Disease at a Young Age

Younger individuals are generally less susceptible to diseases compared to older people. This means that obtaining a health insurance policy is easier and comes with fewer conditions at a younger age. Moreover, serving the policy’s waiting periods while you are healthy allows you to have full coverage when you might need it the later in life. Continuous coverage for at least eight years also prevents insurers from rejecting your medical claims, making early investment in health insurance a smart choice.

Full Benefits When Needed

Health insurance policies often come with waiting periods for certain surgeries, pre-existing conditions, and specialized treatments, ranging from one to four years. By purchasing health insurance early, you can serve these waiting periods without immediate need. This ensures you are eligible for full benefits when you might require them in the future.

Employer’s Health Cover: Is It Sufficient?

While employer-provided health coverage can be beneficial but it is often not enough. Your employer ties health plans to your job, meaning the coverage ends when you leave. You cannot extend or renew group plans for as long as you want, unlike individual health plans.As you age and potentially retire, you will likely need more frequent medical attention, making a personal health insurance policy essential.

Tax Benefits

Under Section 80D of the Income Tax Act of 1961, premiums paid towards health insurance policies are deductible from your total income. Buying a health insurance plan early in life allows you to enjoy these tax benefits for a longer period, further enhancing your financial planning.

Better Financial Planning

Purchasing health insurance at a younger age not only means lower premiums but also facilitates better financial planning. Your health plan can cover health complications, rising medical expenses, and unexpected accidents. With these protections in place, you can focus on investing your money in long-term ventures, secure in the knowledge that your health-related expenses are covered.

Peace of Mind and Security

Having health insurance from an early age provides you peace of mind, knowing you are protected against unforeseen medical expenses. This security allows you to focus on other aspects of life, such as career growth, personal development, and family planning, without the constant worry of potential health crises and their financial impact.

No-Claim Bonus

Many health insurance policies offer a no-claim bonus, which increases your coverage amount for every claim-free year without an increase in premium. Starting your policy early maximizes the benefits of the no-claim bonus, enhancing your coverage over time without additional costs.

Access to Better Healthcare

With health insurance, you have access to a broader network of hospitals and healthcare providers, ensuring you receive the best possible care without financial strain. This access can lead to better health outcomes and faster recovery times, contributing to overall well-being.

Coverage for Lifestyle Diseases

Sedentary lifestyles increase the risk of lifestyle diseases such as diabetes, hypertension, and obesity. Early health insurance coverage ensures coverage for any treatments or management plans for these conditions, reducing the long-term financial burden.

Comprehensive Coverage

Health insurance policies often offer comprehensive coverage, including hospitalization, daycare procedures, pre- and post-hospitalization expenses, and ambulance charges. Buying a policy early ensures you have extensive coverage when you need it most.

In conclusion, investing in a health insurance policy before turning 30 is a prudent financial decision. It secures lower premiums, provides comprehensive coverage, ensures access to quality healthcare, and offers peace of mind. Start early to maximize the benefits and protect yourself against the high costs of medical emergencies.