In the present times of unpredictability surrounding the pandemic, Health Insurance Plan has proven to be an indispensable asset. It acts as a financial backup during medical emergencies, and it protects you from unforeseen expenditures that can burn holes in your pockets.
There are a vast number of medical policies now available in the market. They offer varying coverage customized to your needs. So, we have Health Insurance Plans for personal needs, family coverage, maternity cover, employees or group insurance plans, etc. The companies charge different premiums for different plans. But with a bit of planning, you can save a good amount on your medical insurance plans, especially, if you start investing in a medical policy from a younger age.
Here we discuss why you should buy a health insurance plan at a younger age.
- Lower Premium – The first and foremost benefit of an early start is that you get lower quotes. The earlier you start investing in a health plan, the lower the premium you need to pay towards the same. For example, the premium for a 5 lakh coverage at 25 will cost you around Rs 3,000 annually. While the same coverage, if you start from 35, will cost you Rs 6,000 annually and similarly Rs 8,000 annually at 45. So, you can save money on health insurance plans if you buy the plan early.
- Waiting Period – Health Insurance companies generally keep new policyholders under a waiting period before taking claims. Pre-existing conditions or maternity benefits fall under the waiting period. The Insurance Company will not cover medical emergencies.
But, there is no provision for a waiting period if you buy the plan at an earlier stage. At a younger age, there are few chances of medical conditions, resulting in no waiting period at all.
- Health Risks – We all are witnessing a tectonic shift in our lifestyles. Gone are the days when diseases like diabetes, heart ailments, etc., were common to the old age groups. Our sedentary lifestyle, pollution, eating habits, gadget addiction, sitting for hours and busy schedules do not allow us time to focus on health. Thus, with increased health risks, you should at least get yourself prepared for any unforeseen circumstances. Having a health insurance plan allows you financial security in times of any medical emergencies.
- Coverage – Health Insurance Companies provide varying degrees of coverage based on the plan and amounts we are ready to forego. They start putting several exceptions in the plans for older applicants, who are more prone to risks. But, at a younger age, you get the best deals at affordable prices. Comprehensive plans in the market for younger ones look after all the medical expenditure. It covers both the pre-hospitalization and post-hospitalization charges of the policyholder. So, the earlier you start, the wider the coverage you get.
- Rejections– The health insurance companies business model is based on risks. The higher the risks of medical conditions, the greater the financial burden on the company. As a result, if the existing conditions are not healthy, the company tends to reject the applications. We see more rejections by the company at later stages of life. Thus, it is advisable to buy the plan when the rejection chances are the least, and you can get the best deal from the company.
- Financial Prudence – Planning your finances from a younger age can save you a lot of money. If you start early, you do not have to worry about buying expensive plans later in your life. A report says most Indians incur their medical expenditures from their life savings, leading them into severe debt conditions. Thus, taking a cue from the statistics, investing in health insurance plans is brilliant, and it can save you from the unwarranted burden on your finances.
Further, you can save on the income tax front. Section 80D of the Income Tax Act allows for deductions of up to 25,000 if you have bought a health insurance plan. Moreover, you get a deduction of 50,000 if you have your parents covered in a medical policy.
- Additional Benefits – Prominent players like the Aditya Birla Health Insurance Company provide additional benefits to policyholders. The HealthReturns Program provides support at every stage of wellness. It rewards policyholders with discounts of up to 70% on premiums if they follow a healthy lifestyle.
To know more about the benefits of buying a Health Insurance Plan, one can contact customer care. Reputed companies provide 24×7 service. For example, Aditya Birla Health Insurance Customer Care Number is 1800-270-7000.
So, it is highly recommended that you start early by investing in Health Policy to reap more benefits. You can customize the health policy as per your needs.
