Why It Is Important To Buy A Health Insurance Policy At A Young Age
As with every potential issue, finding the solution before you need it is important. It’s the same with health insurance. While there is no right or wrong time to purchase a health insurance policy, it makes a lot of sense to sign up as early as possible. ‘Health Policy At Young Age’ can provide more than the people who are buying a policy in their 40s and 50s.
Today, most young people have very little time to spare for future thoughts. Hectic work schedules, busy social lives, pursuing hobbies and interests, and achieving personal goals fill their waking moments. Yet this is when you can avail of significant benefits from planning for the future.
Health crises can strike anyone at any time. The current Covid-19 pandemic has taught us a bitter lesson that a tiny, almost invisible virus can play havoc with our health, careers, business, plans, and profits.
If you had purchased a health insurance policy, you might have thanked your stars that you did. If you hadn’t bought one, you would have suffered financial losses due to hospitalization and medical treatments.
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Benefits of Purchasing Health Insurance When Young
Health insurance premiums increase with age as the risk of disease increases in older people. You can get more coverage at a lower rate if you purchase a policy in your 20s and 30s because it builds a better claims history.
As we get young, we don’t think too much about anything and most of the young guy never takes interest in an insurance policy but the fact is they are just making things difficult for them. Because no one knows about tomorrow and we always try to live our life as our plan and we never predict any kind of uncertainties.
The basic rule of buying a health policy at an early age is, you will get the best health policy with a minimal premium. Health policy premium, calculated with help of age and the sum assured. So, as young as you can buy the policy will more beneficial for you and it’ll quite easy to buy the policy.
Waiting period
Most insurers specify a waiting period for about 14-15 illnesses before you can claim on the policy. A majority of these ailments occur with age. Purchasing a policy when young helps you tide over waiting periods conveniently.
Medical emergencies make things worse for you, and in such a situation you always think that health policy will cover this, but health policy covers any kind of disease or a medical emergency after the waiting period will over. But in the case of, buying health policy in early age will not change anything but during young age, most of the people never need any kind of hospitalization and they are not suffering from the disease. So, being a young guy you will easily wait till the waiting period is over and it won’t matter for you at all.
Better options
If you have work-related travel and/or a highly stressful job, the risk of accidents, medical emergencies, and developing lifestyle diseases could be high. Purchasing health insurance early on in your career gives you better options that can be added to your policy.
Today, there are more than 20 insurance companies available in front of us who provide health insurance services. As a youth, the decision to buy health insurance is commendable and great as the door of every insurance company is always open for you. If you want, you can compare the plans of all the insurance companies and know which can be the best option for you.
No Medical Check-up
As a younger purchaser, you won’t need to take a detailed medical check-up. Most insurers insist on this postage 50. People also tend to gain weight and have a higher BMI, and this can be flagged as a risk factor, leading to higher premiums.
Usually, before buying a health policy, the insurance company will ask you to get your medical check-up done and it is only the health report after that it decides whether you will be insured or not, but as a youth, when you buy the policy. If you are interested, then you do not need such things as a medical check-up or health reports and the insurance company does not ask for anything from you.
Less Exclusion
As a younger purchaser, you’re less likely to suffer from chronic or serious health conditions and risks. This means that your policy won’t have as much exclusion at this stage and you can enjoy full-fledged coverage.
Your health report clears many things for you, such as if you are diagnosed with a disease, the insurance company may increase or decrease your coverage accordingly, but as a young person with a health policy, you got the maximum range of coverage.
Tax benefits
You can enjoy better and more tax benefits for a longer period when you purchase a policy while young. You can claim deductions from your income tax under Section 80D for the premiums you pay.
Financial Planning
When you purchase a health insurance policy at the beginning of your career, it means that you have more focus on your financial goals. When you face hospitalization or medical treatments for serious illnesses, it can be a huge and unexpected drain on your finances. Insurance can compensate you and ensure that you don’t suffer losses. Since there are fewer chances of claims in a policy year when you’re younger, you can avail of substantial No Claim Bonuses that can add to your savings.
Peace of Mind
As you go through different stages of life, your health insurance policy can guard you against traumatic financial events. Family floater policies help you to take care of loved ones. In this stressful life, we need someone who can help us not only financially but also mentally and health policy will give you that entire feeling. Because it has some role and it works same as people want, it gives you protection from uncertainties and helps you financially.
Talk about helping mentally, so once you come to know that there is someone other than you who wishes for your better health, and then the percentage of your freaking decreases a bit.
