Health Insurance at an Early Age? Discover the need for it!
Updated On Feb 12, 2021
The twenties is an exciting time for every individual. Why? It is because it is the period when people generally get to enjoy their financial freedom for the first time. Not only they get introduced to the professional life, but also the responsibilities that come with it on the personal front.
The mid or late twenties may be the time to make the most of this financial freedom, but it is also the best period to make an early investment in health insurance.
Let’s understand the need for health insurance at an early age and why it is considered a smart move to make.
Reasons Health Insurance at Young Age Is the Perfect Investment Option
Needless to say, hectic work schedule, late hours, unhealthy dietary habits, enhanced pollution, fast-paced lifestyle with no time for self, and other aspects have multiple adverse effects on the health of the young. To tackle all without any hassle, health investment is the ultimate solution to go for. Let’s uncover how prioritising investing in health insurance at a young age helps in not just one, but many ways.
- First and foremost, note that a significant step in personal financial planning, buying a health insurance policy, and that too at a young age proves to be a boon at the time of a medical emergency. Whether salaried or self-employed individual, go for health insurance at an early age so that you can bear unexpected health expenses without losing your peace of mind and hard-earned money.
- What makes an early investment in health insurance a must for the young is the fact that in times of emergencies, it helps in avoiding huge medical bills that have become common with inflation in the medical field in the past few years.
- All in all, getting health insurance in young years, comes across to be really easy on one’s pockets. What’s best is that one gets to enjoy a greater coverage, low premium, higher sum assured, and much more.
If you have been avoiding the importance of a health insurance policy at young age, either because of low income, high rent, or any other reason, go ahead and get one so that you don’t have to experience hardship in already trying times.
10 Benefits You Can Expect from Buying Health Insurance Policy at Young Age
1. No Waiting Period
Generally, waiting period in health insurance policies ranges from 30 to 90 days, during which the policy holder is not allowed to make a claim even in the case of a medical emergency. However, in case, a policyholder is of young age, the waiting period gets exhausted quite soon. All in all, buying health insurance early will help you ride out waiting period without any hassle.
2. Low Premium
In most cases, the premium charged by the insurance provider is dependent on the current age of the policyholder. So, if you plan to buy a health insurance policy at a young age, you can reap the benefit of a lower premium.
3. Hospitalisation Coverage and Beyond
By investing in a health insurance policy in the early years, you can enjoy a greater coverage. Multiple current health plans are designed so as to provide wide coverage from day care procedures & vector borne diseases to maternity benefits as well as OPD expenses among others. All in all, choosing health insurance at a young age will save you from worrying about doctor’s consultation fees, maternity expenses, and much more.
4. Accumulated Bonus
In case, you do not raise a claim in the previous year of your policy term, you will get cumulative bonus, unlike in the general case. This accumulated bonus will be of great help as you will most likely renew your policy every year, thereby increasing the coverage amount, which in turn, will be of massive advantage at later stages of life.
5. Vast and Better Options
Opting for health insurance at a young age will allow you to select the best insurance plan from a series of available wider and better options. Overall, you will gain the freedom to choose a plan that suits your specific needs after analysing all the crucial aspects, but only if you invest in health insurance at a younger age.
6. Lower Rejection Rates
At a young age, one is least likely to get diagnosed with life-threatening diseases, which in turn, proves to be of great advantage at the time of buying a health insurance policy. How? Well, young people, being less prone to life-threatening disease get saved from encountering rejection of their applications, which is not the case for applicants with a medical history of life-threatening diseases.
7. Policy Tenure
Buying a health insurance policy online is beneficial as it saves on from worrying about restriction of the time period. Buying insurance in late 20s or early 30s prevents one from the concern of restrictions, thereby allowing lots of benefits for a longer period of time.
8. Tax Benefit
Opting for health insurance policy at a young age will help you make the most of tax benefits for a longer period. By opting for health insurance at a young age, you will be able to claim the premium as a deduction from your total income under 80D of the Income Tax Act, 1961 and benefit from the same.
9. Lifelong Renewal
A health insurance policy opted for at an early age will provide you with the benefit of lifetime renewal, thereby with the profit of extended coverage.
10. Financial Planning
By investing in your health at a young age, you will not only enjoy a greater coverage, but also manage your finances in a better way. With the best possible medical cover by your side, it will become easy for you to focus on other aspects of long-term investments.
To conclude, you must have finally understood what all you can gain by making this smart move early in your life.
Now, don’t give it a second thought.
Start exploring all the health insurance policy alternatives that fit your needs to a tee right away!
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