The Buyt Desk
A medical emergency can’t be foreseen. It has the potential to derail your finances and plans. That is why it is important that you have health insurance to cover unforeseen expenses in a health emergency.
Off late the pollution, unhealthy lifestyle, bad eating habits, working late at night, and the hectic calendar has taken a toll on everyone’s health. On one hand, lifestyle diseases are a big challenge to our health and on the other hand, we have to fight medical inflation. Healthcare expenses are becoming costlier day by day. In the last 2 decades, the human life expectancy has increased and so are health issues in youths. The lifestyle is changing rapidly and all day to day activities are done by machines, thus increasing lifestyle-related illnesses. Modern processed food is also one of the main culprits in spoiling health. So it is important for everyone to have health insurance coverage. There is no right time to have health insurance. Even newborns should be covered under parents’ insurance. As soon as one starts earning, one should have individual health insurance which provides coverage of a substantial amount. The sooner you buy the better benefits you get.
Reasons to buy health insurance at a young age
Comprehensive – To enjoy life with a sense of security throughout youth, middle age and retirement, buy health insurance. When you buy it at a young age you can reap all advantages comprehensively of the holistic coverage.
Lower chances of rejection – Health insurance applications of older people with some pre-conditions or ailments have higher chances of rejection. But when a young person applies, there is zero chance of rejection.
Pre-existing conditions – For older people, many insurance plans do not cover pre-existing ailments. This defeats the whole purpose of buying health insurance. When you buy it at a young age you can enjoy full coverage.
Personal health insurance – Your employer can provide you with group health insurance but in current conditions that will not suffice your needs as the coverage is very limited. So it is always better to have individual health insurance at a young age.
No Claim Bonus – The insurer will offer a No Claim bonus when there are zero claims in that year. Mostly along with a bonus you get extra coverage the subsequent year of no claim at zero cost. Year on year the coverage amount increases because of the accumulation of no claim bonus each year. After a few years, you will be enjoying higher coverage at lower premiums as you bought health insurance when young. In most cases, no claims bonus may be anywhere from 5% to 100% of the sum insured.
Financial planning – When you buy health insurance young, you have your medical expenses covered. Now you can concentrate on other investments and better financial goals without worrying about emergency medical funds.
Low premium – The age of the insured and the premium charged is directly proportional. When you buy health insurance at a young age you can avail of it at a lower premium.
Tax benefit – You can claim a deduction in Income tax under 80D for the premium you pay for yourself and your dependents. When you buy it at a young age you can enjoy the tax benefits and holistic coverage.
Waiting period – This is the time frame after buying health insurance where the insured cannot claim even if it is an emergency. Each plan has its own time frame called a waiting period usually 1 month to 4 years. Various plans have different lists of ailments, usually 10 to 15 such as urinary tract stones, arthritis, knee replacements and cataract. This list of ailments has a waiting period. When you buy a health plan at a young age this waiting period will not be an issue even if it is 4 years because you have less chance of having a medical emergency at a young age.
Wider options – There are lesser options of the health plan to choose from as you grow older. You can select the best plan as per your requirements when you buy young.
Duration –Most health insurance on offer has an age limit. Older people are not offered such policies. When you buy it at a young age you will not have such restrictions and can enjoy its benefits.
Lifelong renewal – When you buy young you will have the option to renew your health insurance plan for a lifetime. By doing so your whole life is covered.
Poor health – Gone are the days when health insurance was only for senior people. Owing to the sedentary lifestyle of the current generation and poor health, health insurance is a must for every individual.
Summing up
A little planning at a young age will help a lot in future, it is like compounding interest. Buying health insurance early in life will give you medical expense security. You can concentrate on better financial planning without thinking or planning for a health emergency. But make sure you pay your premiums diligently and renew on time. Your comprehensive health insurance will give you the best quality healthcare at a minimal price. To save on medical expenses, health insurance is a must.
