Benefits of buying health insurance at an early age
Keeping in mind the rising medical costs and the spurt of lifestyle-related diseases these days, purchasing a health insurance plan has become a necessity for an individual. Although, there is no specific age for buying a health insurance plan, it is always advisable to start it as early as possible to avail of the umpteen benefits.
Let us explore the advantages of buying health insurance plans when taken during young age.
Benefits of buying health insurance plan at an early age-
No waiting period: Buying a health plan at a young age, you would exhaust the waiting period without any concerns. If you buy health insurance at a later stage of age, in that case, a waiting period starts from 30 to 90 days.
Comprehensive coverage: If you make the wise decision to buy the health policy early, you can enjoy the benefits of comprehensive and holistic coverage. You will be in a better position to get greater security during employment and even after retirement.
Low premium: In most of the cases, the premium which is charged on your policy depends on your current age. So, if you buy the policy at a young age, you can avail of a lower premium.
Duration: You must know most of the health insurance policies come with a ceiling on upper age. If you buy the policy earlier, then you do not need to worry about age limits and thereby, enjoying the benefit of health insurance for a longer duration.
Tax benefit: You can also enjoy several tax benefits on your health policy. You are eligible to claim for the premium payable as a deduction from your total income under 80D of the Income Tax Act, 1961.
Wider and better options: At a young age, you have the liberty to compare different health plans offered by the various insurers, thereby allowing you to make an informed decision. Also, there is a lower probability of non-acceptance of your proposal.
Bonus: Most of the health insurers offer a ‘no claims bonus’ in the absence of any claims in the preceding year of a policy term. On purchasing a health insurance policy at a young age, you can avail of a cumulative bonus at the time of a policy renewal. As a result, the bonus accumulated increases your coverage amount which will prove to be an advantage at later stages of life.
Lifelong renewal: Insurers may offer you a lifelong renewal when you opt for health policy in the early stage of your life. This secures your financial stability in case of hospitalization at a later age. However, you need to renew the policy on or before its due date to ensure continued coverage.
Financial planning: Buying a health insurance policy early not only gives you greater coverage but it also helps you to plan your finances in a better way. When you have adequate medical cover to take care of any health emergencies, you can focus on making other long-term investments.
Personal health insurance: Due to the increasing healthcare costs these days, the importance of a health insurance policy cannot be overemphasized. The coverage provided by your employer may not be sufficient to cover your costs. Furthermore, you will run the risk of being uninsured at the time of any job change or loss of employment.
No requirement of health check-ups: When you buy a health policy at an early age, you are not supposed to undergo any sort of medical check-up. However, most of the insurers would ask you to undergo a mandatory health check-up when you buy a policy after the age of 45 years.
Bottom line
When you invest your hard-earned money in purchasing a health insurance plan at an early age, you will be able to get the maximum benefits out of the policy.
