Why it is beneficial to buy health insurance early in life?


There are plenty of individuals who are still yet to realize how important a health insurance plan is, and what their benefits are. Once an individual reaches the age of 40 or more, then only they start thinking about it. But let’s not regret taking that up this late. It is always a good idea to buy the right health insurance plans for individuals when one reaches their mid-20’s or late 20’s. 

Not only because of health covers but there are enough rewarding reasons as well for buying a health insurance plan early. Also, under this pandemic situation which has been going on for the past one and a half years, one should be more concerned about their health, health issues and get them covered as soon as possible. 

Here are some major benefits of purchasing it early: 

  • The premium of any policy varies from one to another and this mostly depends on the insurance provider. One of the major reasons to buy a health insurance at 20s is because one has to pay lower premium amounts on a monthly or a yearly basis. The age of the policy buyer plays a very important role when the provider decides on the premium of health policies. The amount depends on the present age of the buyer. By buying health insurance at a young age one can pay lower premium. As the person keeps ageing, their health risks also start increasing and that is why; the premium of the policy also goes up. 
  • Buying the insurance earlier also means one does not have to go through waiting periods. What exactly is that? Well, a waiting period is that time when an individual cannot make health claims in case of certain surgeries and specific diseases. This can also be applied in case of some pre-existing illness. Now, how long that waiting period will be; depends on the health plan one has chosen. In most cases they vary from 2 to 4 years. When one purchases a health insurance at an early age, it means that the waiting period also gets covered early when one does not need much of health coverage. But if they purchase them at an older age then the waiting period can be problematic. 
  • If one purchases a family insurance policy or a health insurance, then they can also pay their premium from their salary and that is very much qualified in case of tax deduction. One can not only get tax benefits for themselves, but they can also get benefits for their dependants and spouses. One can enjoy their tax benefits for a long time, if they invest in a health insurance in their 20s. 
  • Getting a health insurance at an early age also means one will get a comprehensive coverage. The policy holders will get a lot of benefits from those comprehensive deals. If one gets diagnosed by a severe illness later in their age, then that will be easily covered by the policy. Buying a policy earlier means any illness that will be diagnosed later can be covered automatically. If one enters a health policy after they turn 60 years old, then most of these plans come with a co-payment. It becomes quite a problem when they go to file claims. No claim bonus is insured on almost every healthy insurance policy when one takes them earlier. The percentage of NCB also varies as per health insurance companies. The cumulative bonus mostly gets accumulated over the years, and this depends one for how many years the policy claim has been made. 

Employer covers are also there these days, but one must not depend too much on that because they are mostly insufficient. These insurances might look to be quite attractive from outside but when it comes to long term solutions, they do not suffice much. In fact, there are many corporate health plans which do not come with needed medical coverage. So, depending only on them can make life troublesome during the time of emergency. Also, one corporate health insurance will not work when one changes their job and start working for other companies. So, it is always a good idea to buy a health plan for yourself and also go for a proper family plan. This can help one to stay financially secure during the time of health crisis. 

People in their 20s also should go for health insurance because there has been quite an increase when it comes to lifestyle related diseases. Many people are vulnerable to that and so buying a health insurance early makes complete sense. 

When thinking of individual health insurance, one can always go for Care Insurance because they come with no claim bonus. Also, one can get comprehensive coverage along with Ayush benefits when they go for one. 

Related To This Story

Latest NEWS