When you have the advantage of age on your side, you seldom stop and think of the adversities you may face. Health risks are a part of life and come unannounced, but one can prepare for such uncertainties by investing in a good health insurance plan. When you buy health insurance, it pays for the medical costs to treat the ailment. In the absence of adequate medical coverage under a health policy, expenses could turn into a burden!
It’s amazing how many people postpone this crucial decision of buying a health insurance policy to a later stage, thinking they have time and will continue to stay healthy. But life as we know is quite unpredictable, hence it is always advisable to invest early.
Let’s have a look at the several benefits when you buy medical insurance at an early age:
Lower Premium Amount
Health insurance premium depends on several factors. The most crucial among them is the age of the policyholder. The older one gets, the larger the premium amount becomes. However, at a young age, your premiums are much lower to start with and you get numerous plan options to choose from. You can check out More and get the best quote for yourself.
Comprehensive Policy Coverage
At a young age, you can enjoy the benefit of comprehensive and holistic medical insurance policy coverage. You can receive adequate coverage during your working years, and even after retirement, your insurance plan will continue to serve you by covering day-care procedures, OPD expenses and much more.
Lesser Waiting Period
Most health insurance plans have a waiting period of 2-4 years for pre-existing illnesses. This means, when you buy medical insurance, you may not be covered during the waiting period for the diseases mentioned in the policy. If you purchase health insurance at an early age, by the time you need to claim your policy for any pre-existing illnesses, your waiting period will cease.
Most health insurance policies come with upper-age ceilings for entry. This means you may not be able to invest in them after having crossed a certain age. However, when you purchase a health insurance policy at an early age, you receive the advantage of lifetime renewability. This can ensure extended coverage for a long time.
Better Financial Planning
Investing in good health insurance at an early age not only provides you with access to better health coverage but also helps plan your finances well. When you are medically secured, you can focus on other long-term investments and plan your future with ease.
As per Section 80D of the Income Tax Act, you can avail tax deductions for payments made towards health insurance premiums. If you buy medical insurance at a younger age you can enjoy tax benefits for a more extended period.
Lesser Chances of Rejection
Youth is considered to be synonymous with good health. At this stage in life, you stand a better chance of receiving your policy immediately without delay, as against purchasing a medical policy at a later stage.
No Need for Pre-policy Medical Check-ups
In your quest to buy health insurance, you may have to undergo a pre-policy health check-up. This step is usually mandatory past a certain age (45 years). Purchasing a policy beforehand at a younger age can prevent you from undergoing check-ups.
Whether you are in your early twenties or late thirties, there’s no better time than now to choose health insurance and get covered according to your needs. Get required financial backup with Reliance Health Insurance plan that can tackle your overbearing medical costs with ease.