Health insurance has become of utmost importance with today’s fast life and rising medical costs. As a young individual, you may not be susceptible to any ailments, but as you get older, age-related illnesses begin showing up. Getting health plans at a younger age comes with endless benefits. It is a much-needed financial backup in case any health emergency strikes you or your family. So, let’s look at some reasons as to why you should opt for health insurance at a young age.
Enjoy Lower Premiums
One of the most beneficial features of purchasing health insurance at a young age is the lower premium rate. When you compare the premium quote offered to an older individual, you shall find a huge difference as an elderly person is likely to have certain health issues. Age-related ailments also start affecting you soon which is why the insurer shall charge a higher amount to cover the health risks. But buying a health insurance plan earlier in life safeguards you from such conditions as you are less susceptible to getting diagnosed with life-threatening disorders. Thus, you can enjoy the perks of getting a lower premium quote by securing yourself at a younger age.
Complete the Waiting Period Early
Many policies have a waiting period for certain ailments, pre-existing conditions, particular benefits, and add-ons to be covered under the plan. The period for making claims can range from several months to even some years. So, if a need arises during the waiting period, the claim will not be registered by the insurer. By purchasing insurance in your early 20s, you can wait out the fixed term and reap the benefits when you are older. As a youngster, you won’t be requiring coverage for ailments that have waiting periods and as you age, you shall be eligible to make claims if you renew health insurance without fail.
An insurance provider can reject your application if the risk to cover you are very high. This usually happens when the policyholder suffers from certain illnesses or if they are very old. But at a younger age, you are perceived as healthy and the chances of getting diagnosed with any major health issues are low. Thus, you will not face many rejections from insurers unless you have any pre-existing conditions. Also, you can easily pass the waiting period if you get diagnosed with any ailments in the future.
Avail Higher Coverage
Purchasing a health plan at a younger age presents you with another advantage of getting higher coverage. Health insurance offers many features such as day-care treatment, pre- and post-hospitalisation, OPD benefits, etc. apart from hospitalisation. But as you age, buying a policy with such coverage options can go heavy on your pocket. Thus, it is advised to avail higher coverage by opting for health plans early in life. So, you can be carefree about any health-related emergencies affecting you later in life.
Secure Additional Benefits
Most organisations offer their employees a mediclaim plan to secure their health requirements. Though such group policies come at zero cost, the plan isn’t customised to your specific needs. Any time in the future, if you end up leaving the organisation, you wouldn’t have a health cover to take care of the expenses. And by then, purchasing an individual policy can end up costing you a lot. Thus, a health insurance plan will come handy to safeguard you and your loved ones. The group health policy can act as a backup in case of additional claims.
Get Tax Benefits
Though it is advised to avoid opting for a health plan for the sole purpose of tax benefits, you get dual advantage with insurance. If you purchase a plan for you and your family who are under the age of 60, you are eligible to claim INR 25,000 under Section 80D of the Income Tax Act, 1961. But if your dependent parents are senior citizens, you can claim INR 50,000 for income tax deductions. But this tax benefit can be claimed only under the old tax regime and not the new one. Thus, you can protect the medical needs of your loved ones and enjoy extra perks through tax exemption!
Now that you know the importance of availing a health plan early in life, you can safeguard your health requirements without any hassles! Make use of the ILTakeCare health insurance app for all your insurance-related needs such as easy claim process, pharmacy services, cashless hospitalisation and much more. You can also get an online doctor’s consultation and book an appointment with just a few simple steps!