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Six Benefits of Purchasing Health Insurance at an Early Age

Posted by Royal Sundaram on 19 Jan 2017

Six Benefits of Purchasing Health Insurance at an Early Age

Many people leave the decision of purchasing a health insurance plan to a later age. People assume that they will stay healthy in the early years, and that no medical emergency will strike them due to the preventive measures and health practices they implement.

However, nothing in life seems certain, and one may never know when medical emergency strikes. To avert the financial impact of such uncalled healthcare expenses, a health insurance policy is recommended. There is no fixed age as such to buy the policy, but generally it is said, “Earlier the better.”

Here are the 6 benefits associated with purchasing health insurance at an early age:

  1. Low Premium
  • This is one of the biggest advantages when you buy health insurance policy at an early age.
  • When you buy young, and do not claim over the course of years, then you have a greater chance of earning No-Claim Bonus.
  1. Employer Cover
  • If you are working in an organisation and are covered under group policy of your company, the coverage might not be enough for spiralling health care expenses.
  • If you wish to check the facts, you can draw comparisons between the coverage offered by your company and the price for one week’s hospitalisation for a normal illness. Irrespective of how much coverage your employer provides, it would never be substantial.
  1. Better Deal
  • There is a slim chance of being afflicted by any diseases at a young age. Thus, availing cover at a lower premium becomes easy.
  • Later, if you are diagnosed with any diseases, there will be no waiting period as you have been insured in the early years. Thus, insuring at an early age is a better deal.
  1. Better Financial Planning
  • When you purchase a health insurance at an early age, you not only save a good amount of money by paying low premium but also keep yourself covered from any kind of emergency which may arise in the form of sudden illness or an accident. Moreover, you also enjoy the benefit of tax exemption.
  1. Complete benefits
  • When a person purchases a health insurance plan, he or she is required to serve waiting period for certain surgeries or treatments.
  • If you buy a health insurance plan at an early age, you may not require any of this on an immediate basis. Hence, you can enjoy complete benefits of the plan by the time you need them in the future.

 

  1. Coverage Relevance
  • Most of the health insurance plans these days offer a varied range of coverage apart from hospitalisation.
  • This includes cover for preventive care, alternate treatment such as AYUSH, critical illness cover, ambulance cover, and a lot more.

One of the best plans available in the market is that of Royal Sundaram’s Lifeline health insurance Plan. With extensive covers for a host of medical conditions and illnesses, this is an apt buy at an early age to secure the health of yourself and loved ones.

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