You have often heard the saying ‘health is wealth’. However, rising pollution, bad food choices, late hours, hectic schedules, etc., are major setbacks to maintaining good health. More and more youngsters are getting affected by lifestyle-related diseases. The cost of healthcare has also been rising nowadays. Hence, a sudden illness or medical emergency can result in huge medical bills.
Investing in a good Health Insurance Policy is essential to avoid this situation. It is even better when you buy Insurance at a young age.
Benefits of buying Health Insurance while young
Investing in Health Insurance at a young age can provide you with the following advantages:
- Low effect of waiting time
Health Insurance usually comes with a waiting period. For example, your plan may not compensate you for treating diseases that might occur during the first 30 days of buying the policy. However, when you buy Insurance at a young age, you can exhaust this waiting period without concern.
- Lower premium
Buying a Health Plan when you are 25 will cost you a lower premium than investing in it at 35. The cost increases as you age. Hence, opting for Insurance as early as you can lets you take advantage of a low premium.
- Increase in lifestyle diseases
A sedentary lifestyle has increased the chances of diseases like heart disease, stroke, lung conditions, etc. These diseases are also affecting young people. Hence, it is necessary to insure yourself in time to protect yourself from high healthcare costs.
- Comprehensive coverage
The earlier you buy a Health Policy from a General Insurance company, the lesser the chances of having pre-existing diseases since you are insured while still young. This detail is important if the Insurance does not cover pre-existing conditions. However, the plan will automatically cover any disease you might suffer from later.
- No fear of ceiling
Some Health Insurance Policies come with a ceiling on the upper age, i.e., you cannot buy such a policy if you have crossed the age limit mentioned. However, when you buy Health Insurance while still young, you need not fear the age limit. You can also enjoy health coverage for a longer duration.
- Better financial planning
Buying your Health Insurance Plan early on not only makes the premium affordable but also makes better financial sense. Medical emergencies like accidents, sudden illnesses, etc., happen without warning, and adequate medical cover ensures your medical bills are covered hassle-free. Insuring yourself at a young age also prevents your finances from taking a hit and allows you to invest your hard-earned money elsewhere.
Besides this, buying Health Insurance and paying your premium saves your taxes every year under the Income Tax Act.