Reasons to Get Health Insurance Early in Life

Reasons to Get Health Insurance Early in Life

From an early age, we are taught the importance of being healthy, and about the uncertainty of life. With age, this fact becomes clearer to us, and we understand why we must be careful about our health. As we mature and start shouldering responsibilities, our health becomes the primary enabler that helps us play out our vivid roles. This urgency makes it very important for us to secure our health. With the increasing cost of medical care and rising lifestyle diseases among Indians, getting a health plan has become essential.

Rising medical inflation and soaring medicare expenses have made Health Insurance a necessity for all. While the young and healthy might feel that there is time before they need to depend on health insurance, the fact of the matter is quite different. Medical exigencies never have good timing. But they do have the power to impact us mentally as well as financially. Hence, it is wise to be prepared for them at all times. However, getting health insurance at an early age has numerous other benefits. Let us look at the top reasons for getting medical insurance early in life.

1. Buying Early Means Paying Less

Suppose, you plan to buy coverage of Rs 5 lacs at the age of 25. This plan would cost you around Rs 5000 at that time. Now, if you want to buy the same cover at the age of 35, you would have to pay about Rs 6000. Moreover, if you decide to buy the same cover of 5 lacs at the age of 45, it would cost you around Rs 8000. Hence, getting a health plan early in life will provide you with the lowest premium possible.

2. Rising Number of Lifestyle Diseases

In former times, health insurance was considered to be an element of retired life. So, people approaching retirement were more inclined towards getting a health plan. But today, thanks to the trending sedentary lifestyle, lifestyle disorders have become a common sight, even among young people. Heart-related ailments, lung conditions, cancer, and other lethal diseases are finding us early in life. This gives rise to a pressing need for timely health insurance in life. It not only safeguards people financially but also boosts their morale and spreads health awareness.

3. Developing a Good Claims History

Most financial advisors suggest that health insurance should be bought when one is in the prime of their health. It implies that health insurance must be bought when the body and vital organs are in the best of shape. Since the probability of you raising a claim is the lowest at an early age, it paves the way for you to build a good claims history with the insurance company. Additionally, getting health insurance early leaves no scope for pre-existing diseases, and any illnesses diagnosed later are included automatically. Lastly, a good claims history helps you apply for No-claim Bonus and benefits you in the long run.

4. Passing The Waiting Period Comfortably

When you get a health plan early in life, you open a gateway for long-term safety and financial grounding. Most insurers have an initial waiting period of 2-3 years on primary ailments. Now, if you have already got a health plan at a young age, you will pass the waiting period in the prime of your health. In this phase, you are less than likely to require any medical assitance. So by the time you are truly in need of medical care, your policy will be there to help you in your time of need.

5. Reaping Tax Benefits

If you are earning at a young age, there’s a knitting benefit of buying a health insurance plan also. According to the Income Tax Act, 1961, the premium paid towards health insurance qualifies for tax benefits of up to Rs 25,000. Moreover, if your parents are dependent on you, your tax benefit can even go up to Rs 50,000 for the paid premium of a health insurance plan that is in the name of your parents.

6. Chances of Better Financial Planning

Getting a health plan early not only means that it would cost cheaper but also provides an opportunity to make other suitable financial investments. While adequate medical cover will keep you safe in the wake of medical emergencies, it will also let you invest your hard-earned money in profitable, long-term investments. These factors will weigh in and help you park your money more sensibly.

Based on the kind of cover you own, a health policy could help you pay for services like ambulance assistance, day-care procedures, besides several non-hospital related services. These include dental, chiropractic, optical, physiotherapy, dietary advice and other alternative therapies like Homeopathy and Ayurveda. In case you are looking for more extensive coverage for your family, some insurers will customize your plan for the same. So consider the above reasons and get health insurance as early as possible to reap all its benefits.

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