Today, youngsters have adopted a sedentary lifestyle. From binge-watching favourite web series to eating/drinking junk and slogging themselves at work, youngsters are becoming prone to many health disorders.
Although the medical facilities have substantially progressed, new diseases like COVID-19 are simultaneously impacting humans. Amidst of all, the thing that is a dealbreaker is the cost of hospitalization, which nobody wants to bear.
Like other youngsters, you might be wondering – Why should I buy a health insurance policy?
Well, this post may help you realize the importance of buying health insurance at an early age.
Best Reasons to Buy Health Insurance
1) Lower Quotes: If an individual is young, there are significant chances that his medical condition is good as compared to a person in his 50s or 60s.
Buying a health insurance policy before 30 could be incredibly beneficial for you!
For instance, a sum insured of Rs.5 lakhs can be bought at just Rs. 5,000 while the same cover might cost you over Rs. 6000 if you buy it in your late 40s. This is because factors like medical conditions jump right in to increase the premium cost.
2) Earning Bonus: It’s often observed that most insurance providers offer “no claim bonus” if a claim hasn’t been made during the policy term.
If you choose a health plan at a young age, you can avail a collective bonus when you renew your policy every year. This would ultimately increase the amount of coverage that you can use later when you are old.
3) Fewer Chances Of Rejection: Generally, an individual in his 30s has a productive future with fewer health issues. Therefore, when the individual applies for health insurance, there are fewer chances of rejection.
4) Tax Advantage: Another reason to buy health insurance at a young age is to enjoy tax benefits for a longer period. Remember that the premium you pay for your health plan is eligible for tax benefits (up to Rs. 25,000) under the Income Tax Act, 1961.
And the same benefit may go up to Rs. 50,000 (plan purchased in the name of parents) if the parents are dependent on their children. It couldn’t be wrong to say that if you are young and earning, buying a health insurance plan would be a lucrative investment you’ll make.
5) Pre-existing Coverage: Buying health insurance at a young age can help you target the waiting period related to pre-existing diseases. Let us explain. Health insurance plans come with a waiting period. While certain ailments are covered after 12-24 months, pre-existing conditions are generally covered after 48 months.
If you buy health insurance early, the pre-existing diseases will be covered as you grow old.
6) Lifetime Renewability Option: This is the best thing a youngster can do. You can choose the lifetime renewal of your health insurance policy, thereby offering extended coverage.
A health insurance plan can be renewed lifetime, as per the “Insurance Regulatory and Development Authority of India (IRDAI)”.
However, you must not forget that the maximum age for renewing the health plan is 65 to 70 years. When you buy an insurance policy before the 30s, you will have the lifetime renewability option.
7) Better Financial Planning: It’s ideal to focus on financial planning as soon as you start earning. Buying health insurance early will take care of your medical emergencies in the future, without troubling your savings. Once your health is secured, you can freely concentrate on other life goals.
8) More Options- The older you grow, the fewer options you have to choose from multiple health insurance plans. Therefore, you’ll be in a sweet spot to opt for the desired health plan at an early age.
A health insurance policy, as you could see, isn’t just for a sole individual but the entire family. When you are younger and don’t have significant liabilities, you may choose an individual health plan.
And with time, if you get married, you can even upgrade your existing individual health plan to a family floater plan as per your needs. Remember, buying health insurance at a young age will help you to get prepared against uncertain health risks that you might face in the future.
Simply keep yourself fit but at the same time, purchase a best health insurance policy in 2021 that may offer you peace of mind in any medical emergency. #KhabarLive #hydnews