Health is a gift; let’s preserve it with a health insurance policy that will ensure that we always get the best health services in time, when the need arises. There’s nothing worse than inadequate funds during a medical emergency. Health problems are inevitable but dealing with them wisely is in our hands, and health insurance plans are the ideal way to tackle such situations.
Most people wait for wrinkles and grey hair to show before they invest in a health insurance. The established set of opinions assume that health problems are mostly age related. While it is true that ageing comes with a host of health issues that makes us more vulnerable to big hospital bills, young age should be given its due share of concern too. Lifestyle diseases, accidents and critical diseases are a major threat today, putting young adults to as much risk as the old.
Hence, medical expenses is no more the concern for the aged alone. When young, this raises an even higher discomfort as the savings are very little early with our new careers. Moreover, buying an affordable health insurance in your 20s is not only wise but also more convenient. We list here five reasons why everyone should invest in mediclaim policies at an early age:
Low Premium and No-claim Bonus
In most insurance companies, the premium of your health policy depends on your current age. Hence, the sooner you sign up for your policy lower will be the premium you pay on it.
Moreover, your policy is most likely to pass the no-claim year when you are young. This will help you earn no-claim bonus when you renew our policy.
Age Limit, Waiting Period and Pre-existing Conditions
When you buy a policy later in your life several factors like the upper age bar and the waiting period in a policy during which you can’t make any claims, generally for 30 – 90 days after you buy the policy. Pre-existing conditions, which are likely at an older age, also affect your plan and turns into reduced benefits. Some companies, however, offer a cover for them after few years of waiting period, ideally three.
Wider Options, Wide Coverage
As mentioned above, buying a policy at an older age might result in reduced benefits and hence narrow your options when it comes to different health plans. At a young age, on the contrary, you will have a plethora of options to choose from. Here, you will be able to opt for a plan that suits you best, closely analysing the parameters that you consider significant.
You can claim tax deduction on your premium policy under section 80D of the Income Tax Act, 1961. Therefore, the money you spend as taxes can be invested to cover for future health expenses, as soon as you get a health insurance policy.
Besides saving taxes, an insurance policy plays a major role in the overall financial planning too. When any major health expenses arise in future, your insurance will pay for it while your savings remains intact. Insurance, hence, makes saving a wilful and peaceful activity rather than a compulsion out of the fear of a sudden medical emergency.
In addition, young and healthy often translates to lesser health complications at present and many more productive years in the future, which negates the chances of getting your policy rejected. Buying health insurance plans today secure lives for tomorrow, that too for less.