They say that health is wealth. With hectic schedules, late nights, rising pollution, food contamination, and fast-paced lifestyles, among other things, health has become a significant concern in this country like never before.
While the reasons for a decline in overall health may be varied and debatable, there is no denying the importance of health insurance plan for people of all ages. With medical inflation rising, many citizens are turning to health insurance policies to avoid large medical bills during emergencies.
Why should you get health insurance when you’re young?
There are numerous reasons why experts advise people to purchase health insurance at a young age. It has numerous advantages, which are listed below:
- Waiting period:
Most health insurance policies have a 30- to 90-day waiting period during which you cannot make any claims, even if you have a medical emergency. Purchasing a health insurance policy at a young age is thus advantageous in this context.
- Comprehensive:
With health insurance benefits, you can use extensive and holistic coverage if you purchase a health insurance policy when you are young. As a result, you will have more security both during your employment and after you retire.
- Minimum premium:
The premium amount an insurance provider charges is usually determined by your current age. You can get a lower premium if you buy a policy when you are young.
- Tax benefit:
Purchasing a health insurance policy at a young age allows you to enjoy tax benefits for a more extended period. You can deduct the premium you pay from your total income under Section 80D of the Income Tax Act of 1961.
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- Coverage:
Getting a health insurance policy when young ensures you have more range. Many new health plans cover everything from daycare procedures and vector-borne diseases to maternity benefits and outpatient care, among other things.
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- Pre-existing conditions:
Purchasing a health insurance plan in your late 40s will only increase your financial burden and provide you with lower benefits. Many health insurance providers refuse to cover many pre-existing conditions, which defeats the purpose of purchasing health insurance.
- More options:
You can choose from a broader range of health insurance plans when younger rather than in your late 40s. You can select the plan that ideally meets your needs after analysing all relevant parameters.
- Lifetime renewal:
You can renew your health insurance plan for a lifetime and thus receive extended coverage. As a result, you can renew your policy for the rest of your life.
- Lower rejection risk:
When you are young, you have many productive years ahead of you and fewer health complications. As a result, the chances of your health insurance policy being rejected could be much higher.
- Financial planning:
Purchasing health insurance plans for family or self at a young age provides you with more coverage and allows you to plan your finances wisely. When you have enough medical coverage to cover any medical emergencies, you can concentrate on making other long-term investments.
- Personal medical insurance:
Currently with skyrocketing medical costs, the value of a health insurance policy cannot be overstated. Your employer’s coverage may need to be revised to cover your expenses.
- Poor health:
Sedentary lifestyles have increased the occurrence of many heart and lung diseases, which claim lives at a young age. It is a sad reality that health insurance is no longer limited to the elderly.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
