Tips and Advice,

Why Should You Buy Health Insurance at a Young Age?

Health is wealth, they say. With busy schedules, rising pollution, late hours at work, fast-paced lifestyles, food contamination among others, are the reasons for major concerns in the country. It is a sad truth that with advancement in medical facilities, the growth of diseases affecting humanity has also been on rising in the few decades.

The cause for the falling standard of health might be debatable and varied. Also, there is no contradiction that health insurance over various age group is essential. With inflation in medical cost, many are turning towards buying health insurance in order to prevent paying heavy medical bills during emergencies.

Best Time to Buy Health Insurance Policy

Time and tide wait for no one is an old adage. The ideal time to purchase a health insurance policy is the time you realize that your health costs may only shoot up in the future due to the overall increase in the cost of living between other factors. The sooner you accept the truth, the better it is for you. In other words, you must purchase a health insurance policy at an early age to avail maximum benefits.

These are manifold advantages of buying health insurance at the right time

1. Comprehensive: To enjoy the complete benefit of comprehensive health insurance and a holistic coverage, buying a health insurance at an early age is a wise decision. This will lead to having great benefits during your working days and even after your retirement.

2. Low premium: Many policies tend to charge the premium rate depending upon your age. But, if you opt for availing a policy at a young age it is obvious that you will have to pay a lower premium.

3. Tax benefit: Buying a health insurance policy at a young age will allow you to enjoy tax benefits for a longer period, under that you can claim the premium you pay as a deduction from your total income.

4. Coverage: For greater coverage, buy insurance at a young age. There are many available plans which cover many things like vector-borne diseases, maternity benefits, OPD expenses, daycare procedure among others. By this, we mean that your coverage is only going to increase with age as you will be turning towards more medical complications.

5. Pre-existing conditions: When you buy a health insurance policy at late 40’s, it is only going to load you with reduced benefits. Many of the insurance providers do not cover the various pre-existing conditions which nullify the purpose of purchasing a health insurance.

6 Bonus: When you do not claim your policy, the company benefits you with ‘no claims bonus’. You can only avail this bonus if you buy health insurance policy at a young age as you tend to renew your policy every year. And the bonus which is accumulated during this time, helps you increase your coverage which will help you in the later stage when you grow old.

7. Wider options: When you buy health insurance at an early stage in your life, you will be benefited with a wide range of health insurance plans to choose from rather in your late 40’s. You can choose a plan which suits your requirements by studying all the important parameters.

8. Lifelong renewal: You can enjoy the advantage of extended coverage by opting for lifetime renewal of your health insurance. This will cover healthcare benefits for life.

9. Minimal chances of rejection: There are fewer chances of your health insurance policy getting rejected when you buy at a young age. It is because you have fewer health complications and have many prolific years ahead of you.

10. Financial planning: To plan your finances in a better way buying a health insurance at right age will definitely help you. Also, it will help you fetch better deals and better coverage. With a secured medical cover, you can also focus better on your future investments.

11. Personal health insurance: With the rise in technology, the price for medical treatment is skyrocketing. If we realise this fact, the importance of buying a health insurance cannot be ignored. Though the coverage of insurance might not suffice your costs, but it can be your savior in case of a job change or loss of employment.

12. Poor health: Desk-bound lifestyles are resulting in many diseases related lungs and heart professing lives at a young age. You can no longer say that health insurance is relegated only to senior citizens. But the truth is the young and the earning segment of the country is more prone to a number of diseases.

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