With the growth in lifestyle-related disease and the widespread effects of the pandemic, it has become extremely critical for everyone to own a health insurance plan. While there’s a common misconception that health insurance is needed at a later stage in your life, the ever-changing lifestyle of the current generation has made it important for people to invest in a health insurance plan from a young age.
Here we talk about a few reasons that clarify why you should invest in an insurance policy from a young age.
Health Insurance Plans Have a Waiting Period
Mostly, health insurance plans have a waiting period. During this waiting period, you cannot raise any claims, even in times of a medical emergency. Buying a health insurance plan at a young age is, hence, an excellent idea as it lets you avoid the waiting period without any concerns. This helps you avoid any delays in times of an eventual medical need and allows you to get timely treatment.
If you make the wise decision of choosing a health insurance plan at a young age, you can enjoy the lucrative advantage of holistic and comprehensive coverage. In addition, this will provide you with more security at the time of employment and even retirement.
Low Premium Costs
The premium you pay for your insurance depends largely on your age. If you’re a young person, you would be required to pay a lower premium cost than someone older. This is another added benefit of buying a health insurance plan at a young age.
Most health insurance policies come with an upper age limit. This means that if you buy a health insurance policy at a young age, you would not have to worry about this upper limit and will be able to enjoy the benefits of your policy for a longer duration.
Enjoy Tax Benefit
Under 80D of the Income Tax Act, 1961, you can avail of tax benefits on the premium you pay. This is why, when you purchase a health insurance plan at a young age, you can avail of these tax benefits for longer durations.
Purchasing a health insurance plan at a young age lets you get greater coverage. Many new-age health insurance policies offer coverage on daycare procedures, maternity benefits, and vector-borne diseases, but these benefits are more easily provided to younger buyers. In other words, as you grow older, medical complications increase, and the coverage costs go up.
Pre-Existing Conditions Cause Problems
With old age come health conditions. This is why purchasing a health insurance plan in your late forties would defeat the major purpose of these policies, as these pre-existing conditions would not be covered under the plan. This would lead to an increase in financial burden and reduced benefits.
A no-claim bonus is awarded to these individuals who do not claim in the preceding year of a policy term. As a young person, you’re more likely to go a whole year without making any claims, and hence, buying a health insurance policy at a young age becomes a lucrative investment.
With the growing prevalence of lifestyle diseases and pollution, the onset of diseases from a young age has become incredibly common. This is why it is important to go for health insurance from a young age and ensure access to the best healthcare facilities. Having said this, it is also important to go for a reputed insurance provider like Care Health Insurance to make sure you’re not denied your fair claims when you need it the most. So wait no more, check out the Care Insurance website today and explore your options.