There is no truer saying than when they say that ‘health is wealth’. No matter what you have and how much you own, there is no point to it unless you are in good health to be able to enjoy it.
However, with hectic schedules, rising pollution levels, late hours, and a fast-paced lifestyle, health has become quite a major concern in today’s time.
The Rising Health Care Costs and the Need for Health Insurance
According to a study, the Indian healthcare sector is one of the fastest growing industries in India. It is expected to grow at a CAGR of 22.87% between 2015 to 2020, reaching a total worth of USD280 billion.
While this implies immense scope for the enhancement of the penetration of healthcare services in India, presenting ample opportunities for the development of the healthcare industry, it also points toward a constant increase in the costs of healthcare services.
Plus, while the overall life expectancy in India has increased significantly thanks to the advanced medical facilities available these days, it is also well-known that the number of diseases affecting the young population have also increased in recent times.
All these factors just add to the need for proper health insurance plans. With the present and imminent inflation in the healthcare industry, more and more people are opting for health insurance plans to help mitigate the financial burden of medical emergencies.
The next question that arises in this course is what is the best age to get a health insurance cover?
What Is the Best Age to Buy Health Insurance Online?
The best health insurance plan is the one that you buy at the right time. The best age to get the right health insurance cover is right now!
You need to realize that health care is not cheap, and even if you are perfectly fit and fine right now, you really cannot predict when you might need coverage.
Also, remember that your own medical needs and health costs may change with time, and they generally only escalate owing to the rise in the cost of living among many other factors. The sooner you accept this, the earlier you can plan.
Why Young Age is the Best Age to Buy Health Insurance?
There are many reasons why you should opt for a health insurance policy at a younger age. As soon as you can, get on the net and buy the right health insurance online and save yourself a lot of future hassles.
There are several benefits that you can avail when you choose to buy a health policy early in life, a few of which are listed below:
1. Waiting period:
Almost all health insurance policies have waiting periods for different aspects of the coverage. While some policies have 3 to 4 years of waiting period, during which you cannot make a claim); other waiting periods include several ailments like urinary tract stones, cataracts, arthritis, etc.
When you buy the policy at a young age, you can leverage your good health to ride out the waiting periods without any trouble.
2. Pre-existing conditions:
Many insurance companies exclude pre-existing conditions from the coverage offered by their insurance policies. If you buy at the last moment, it completely defeats the purpose of getting the insurance policy.
3. Comprehensive coverage:
When you are young, you are considered to be low-risk by the insurance companies. This gives you the chance to enjoy the benefit of holistic and comprehensive coverage.
You will be able to enjoy more security from the time when you are employed till after your retirement.
Buying the best health insurance at a young age ensures that you can avail greater coverage, ranging from OPD benefits and maternity benefits to vector-borne diseases and day care procedures.
4. Lower premiums:
The premium that you have to pay for a health insurance policy depends on a number of factors, of which, age is also one. Buying insurance at a younger age ensures you have to pay a lower premium.
5. The duration of the policy:
A lot of health insurance policies have an upper age limit for entry, but do offer lifetime renewability options.
So, if you purchase a policy at a young age, you do not have to worry about any age limits and can enjoy the benefits of coverage for a longer period of time.
6. Tax benefits:
It is common knowledge that you can enjoy several tax benefits on the premium you pay for a health insurance policy. But, when you buy a policy at a young age, you can enjoy these benefits for a longer time.
You can claim the premium you paid for the insurance as a deduction from your income under section 80D of the Income Tax Act of 1961.
7. No Claim Bonus:
If you made no claims during your policy tenure, you are eligible for a no claim bonus, which is a cumulative bonus, at the time of policy renewal.
As a result, the bonus that you accumulate will keep increasing your coverage amount, at no extra premium, which will definitely be beneficial in the later years.
8. Wider policy options:
You will have the freedom to choose from a number of different plans and will be able to decide which plan suits you the best.
9. Lower chances for rejection of application:
Younger people are considered low-risk and hence, the chances of a health insurance company rejecting their application for a policy are negligible.
10. Better financial planning:
When you buy health insurance early in life, you are able to plan your finances in a better manner. You are covered for any health-related emergencies and can focus your savings towards other long-term investments.
Sedentary lifestyles have led to an increase in instances of a number of lifestyle diseases, especially those related to the heart and lungs.
The young population of India is also vulnerable to numerous diseases. This is why the best time to buy health insurance is as soon as possible. No age is too young to be covered by health insurance.
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