Here’s Why It Is Recommended To Get a Health Insurance Plan Early in Life
When you are young, you may feel that you are free from health problems. It would seem unlikely to you that you would develop any illness soon. But that is hardly true these days. Hence, it is important to be aware of health issues and prepare to treat them when they arise. This means that it is necessary for you to have health insurance.
Health insurance plans are important not only when you are middle-aged but also at a young age. If infections of the current Covid-19 pandemic are any indicator, young people are not safe from health risks at all. Fortunately, young people, these days are paying more attention to health. They choose a balanced diet, exercise, yoga, and a healthy lifestyle to maintain their health. However, despite concerns about their health, diseases and accidents cannot always be avoided. Increased work-related stress levels, dependence on junk food, etc. all point to the need for a sound medical insurance policy. Here are a few benefits that you will if you buy health insurance at an early age:
- No coverage limits
You can buy a comprehensive health insurance policy when you are young and healthy because insurance companies do not impose coverage limits on young buyers. *
- No waiting period for pre-existing illnesses
When you are younger, there is less chance for you to have a major illness. Knowing this, insurance providers may consider you to be less of a risk. Hence, when you buy a health insurance policy, no waiting period will be imposed on you for pre-existing illnesses. This means that once you clear the initial waiting period, you will have coverage for any injury you get and any illness you develop. *
- Accumulate No Claim Bonus
Under a health insurance plan, when you make no claim each year, you receive concessions on your health insurance premium by a certain percentage. The more years you go without making a claim, the more this percentage grows. At a young age, you are less likely to make claims. Hence, you have a higher chance of building a bigger percentage for NCB. This way, you can enjoy comprehensive coverage at a lower premium. *
- Tax benefit on the policy
The most common answer to ‘what is health insurance’ is that it is a financial safety net for when you need medical treatment. However, people often forget about the tax benefits that health insurance offers. The premium you pay for a health insurance policy qualifies you for a tax deduction of up to ₹ 25,000. Therefore, the policy does not only provide coverage for accidental illnesses or injuries. It will also help you save on taxes. You must note that tax benefit is subject to change in tax laws. *
- Financial security
The ultimate reason why health insurance plans are so valuable is the financial protection they provide. With a health insurance policy, you can be safe from any medical emergencies without them affecting your finances. Considering that you are young and have limited savings, a health plan can provide you with the financial protection you need from medical emergencies. Then, you can plan for other financial goals and make sure you do not interfere with planning for such goals in case of a medical emergency. Moreover, you can use tools like health insurance premium calculator to ensure you don’t spend too much on buying health insurance. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.