Top benefits of buying a health insurance policy at a young age
Health issues start showing signs in the mid or late 30s. This is the time when we start feeling the need of buying a health insurance policy. However, soon we start finding that the premiums for health insurance policies are not among the most affordable. Also, with age, the premiums only increase. This is why the young generation is suggested to invest in health insurance plans as soon as they get financially independent. As a matter of fact, these days we often get to hear that individuals in their late 20s have had a cardiac arrest or some kind of health condition has been diagnosed in them. Therefore, when you have a health insurance policy, you do not have to worry about hefty hospital bills and go ahead with the best treatment from a trustworthy hospital.
Let us discuss the several benefits of purchasing a health insurance policy, preferably in your 20s.
Age plays a vital role in deciding the premium of a health insurance plan. Buying health insurance in your 20s means you can pay a lower premium and enjoy the maximum benefits. With growing age, several health risks also increase. Some people develop several kinds of health conditions after 30 years of age. Insurance companies charge higher premiums for such individuals. Therefore, investing in a health insurance policy in your 20s can save you quite a lot of money.
Lesser or no waiting period
The waiting period for health insurance means the period in which you cannot claim coverage for some of diseases, surgeries, special treatments, and pre-existing illnesses. The waiting period can be 2 to 4 years and depends on the health insurance plan that you choose. As you buy a health insurance plan in your 20s, you will be serving the waiting period when you do not need the coverage.
The comprehensive deal of a health insurance policy can be better enjoyed by a young policyholder. As you buy the policy early, the majority of the chances are that you do not have pre-existing illnesses. Therefore, the illnesses that are diagnosed later will automatically be covered.
No need for pre-health check-ups
Purchasing a health insurance policy after a certain age will need you to undergo a health check-up. However, as you apply for a health insurance policy in your 20s, there is no need to undergo any such pre-medical screenings. If you are a middle-aged individual who has applied for a health insurance plan, and if you are diagnosed with some kind of illness, the insurance company either will charge you higher premiums or even may deny your request.
Employer-provided health insurance is not sufficient
As you get employment in an organization, your employer will provide you with a health insurance plan, which is mostly included in the package. Do you feel it is sufficient for you and your family? Also, what if you switch the organization? Well, once you are not associated with the organization, you will not be able to claim the coverage. Therefore, it is prudent if you invest your hard-earned money in a health insurance plan as soon as you get a job.
Under Section 80D of the Income Tax Act, 1961, you will be able to get tax benefits for dependents, your spouse, and yourself if you have a health insurance policy. Purchasing it early means you can avail of the tax benefits for a longer time in your life.
All these points justify that buying health insurance early in life can be one of the best decisions of your life. To check out the health insurance plans available in the market, you can visit IIFL’s website. You can take your time, compare the plans and choose the apt one for you.