A fast-paced lifestyle, growing pollution, late working hours, demanding schedules, and other factors have put us and our health in a difficult situation. The fact that healthcare expenditures are constantly rising does not assist the fact that health is currently a key concern in India. While the average life expectancy has greatly increased, it is also true that the number of diseases affecting children and adolescents is rising.
No one can argue that health insurance plans are a requirement in this regard, regardless of age. Due to medical inflation, many people turn to family health insurance to protect themselves from paying astronomical medical expenses that could deplete their savings.
The best time to purchase health insurance
It would help if you bought health insurance as soon as possible because it is evident that expenses will continue to climb in the future. When you choose to purchase health insurance when you are young, you receive several advantages.
The following is a list of some of these advantages:
The waiting period: Plans for health insurance may contain waiting periods of up to four years, during which no claims may be filed. You may be confident that you can go through the waiting period if you purchase your health insurance coverage when you are young. Young people typically do not require coverage for certain conditions; thus, they can easily get through the waiting periods.
Comprehensive plans for low premiums: Young people are given access to a greater variety of health insurance plans and can enroll in them without undergoing any medical examinations. The policyholder’s age is one of several variables that affect premium costs. As a result, you can get comprehensive and all-encompassing coverage for less money.
Many of the most recent insurance plans provide extensive coverage for maternity benefits, daycare treatments, OPD costs, and vector-borne diseases. And with the variety of options at your disposal, you can select the one that best meets your requirements and then check its premium using a health insurance premium calculator.
Lifetime renewability: Purchasing health insurance as you get older carries many restrictions. Before using the insurance, you must have medical exams, and many policies have higher age limits for enrollment in health insurance. However, suppose you purchase health insurance when you are young. In that case, you can opt for a policy that includes lifetime renewability, ensuring that you have long-term coverage and access to it.
Tax benefits: The cost of individual or family health insurance premiums may be deducted from one’s gross income under section 80D of the Income Tax Act of 1961. You can take advantage of the tax advantages for longer when you purchase insurance when you are younger. Tax benefit is subject to change in tax laws
Increasing bonuses: Cumulative Bonus* is something that almost all insurance companies provide for each year without a claim. When you purchase insurance when you are young, it is likely that you may go years without filing a claim, and since the bonus is cumulative, you can build up a sizable increase in the coverage amount.
Better financial planning: You can get greater health insurance coverage if you purchase a health insurance policy when you’re younger. Additionally, it aids in better financial planning. When your medical coverage meets your needs, you can concentrate on other long-term investments.
In addition to the advantages listed above, there are fewer odds that you will experience health issues. This indicates that the likelihood of your health insurance application being denied is relatively low. Health insurance is, therefore, a very good investment that must be done as early as possible.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
