With hectic schedules, irregular sleeping habit, rising pollution, unhealthy food consumption, and sedentary lifestyle, health has become a noteworthy concern. Even young individuals are exposed to life-threatening diseases. Maintaining good health and staying fit has been a duty lately. Thanks to the medical advancements, average life expectancy rate has increased recently; however, falling ill and getting medical treatments now and then has become quite common.
The causes of the decline in overall health condition are still debatable. However, you can’t deny the fact that the need for health insurance has increased across every age group. If you want to stay at bay with the ever-increasing inflation and medical rates, you should opt for a comprehensive health insurance policy. A health insurance policy acts as a financial cushion and helps you avoid huge medical bills during emergencies.
Honestly, there is no right time for buying a medical policy. The sooner you realize its importance, and buy one for yourself, the better! In other words, get a health insurance policy as soon as you start earning, possibly at a younger age to avail its benefits.
Here are a few reasons why buying a health insurance policy at a young age is beneficial-
Waiting period: Most health insurance policies have a waiting period that ranges between 30 to 90 days. You are not allowed to make any claims during this period. At a younger age, you would quickly exhaust the waiting period without any concerns.
Low premium: The health insurance premium amount depends on your current age. When you buy a medical policy at a younger age, you tend to pay far less premium as compared to older individuals purchasing the same plan.
Duration: Most health insurance plans in the market come with an upper limit on age. If you buy an insurance policy at a young age, you won’t have to worry about age limits, and you can enjoy all the benefits for an extended period.
Tax benefit: Enjoy tax benefits for a more extended period by purchasing a health insurance policy at a young age. You can claim the premium amount as a deduction from your total income under 80D of the Income Tax Act, 1961.
Coverage: When you buy a health insurance policy at a young age, you get a higher coverage that covers special conditions like day care procedures, vector-borne diseases, and OPD expenses among others.
Lower chances of rejection: At a young age, you are exposed to fewer health complications. Buying a health insurance policy at this stage of life is more of an investment, and there are minimal or virtually no chances of rejection.
Financial planning: With adequate medical cover, you can make long-term investments without worrying about any health emergencies. Buying a health insurance policy at a young age lets you plan your finances in a better and smarter way.
The country’s young population is vulnerable and is exposed to several life-threatening diseases. Hence, it is a wise decision to buy a health insurance policy at a young age. In your 20’s-30’s you can choose from a variety of health insurance plans, without paying a substantial premium. You can also opt for lifetime renewal, which means an extended coverage. Select the policy that best suits your requirements by evaluating every vital parameter.