Health Insurance 105 views March 28, 2020

A health insurance policy covers the medical and surgical cost and expenses which are incurred by the holder of the policy on hospitalisation of the insured during the term of the health insurance policy. In a health insurance plan, coverage is provided for hospitalisation expenses as well as pre and post hospitalisation expenses. The expenses incurred by the insured can either be directly paid to the healthcare provider or hospital directly or can be reimbursed to the insured by the insurance company.

Health Insurance

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When buying a health insurance plan, many individuals try and delay the purchase. They believe that when they are young they are relatively healthy and they don’t need health insurance coverage. That is why the cover is bought when individuals are in their 30s or 40s. But is it wise?

Health Insurance policy is a necessity for every person due to the increasing medical cost and lifestyle diseases among people. As such, delaying the policy is a mistake. You should buy the plan as soon as possible and ensure coverage for yourself and your family. In older ages, as you face medical illnesses, you might not enjoy a comprehensive scope of coverage and so buying young is better. In fact, it is recommended that you buy a health insurance plan before you turn 30. Do you know why? 

Reasons to buy health insurance policy before you turn 30

The top reasons to buy health insurance policy before you are 30 years old are as follows:

Best price

You can receive the best price if you buy health insurance policy early. When you are younger, the probability of facing medical emergencies is lower. As such, the premiums for the plan are also low. As you age, the premium rate increases and it would prove expensive to buy a higher coverage in your older ages.

Insufficiency of Employer’s coverage

When you are in your 20s and are employed, chances are that your employer offers health insurance coverage. Though the employer’s plan provides coverage, with a considerable increase in the healthcare cost you cannot rest assured that your employer cover will be sufficient to meet the treatment expenses.

Lifestyle illness

Nowadays lifestyles of people has led to increased chances of lifestyle disorder such as cancer, heart attack, stroke, lung conditions, etc. Hence it is ideal to insure oneself timely. Health insurance plans offer free annual health check-up encouraging health awareness. You can manage your health in a better easy with this health check-up benefit and prevent it beforehand.

Wider Coverage

Health insurance plans cover more than just hospitalisation cost. Some of new health insurance policies cover daycare procedure as well as OPD apart from just hospitalisation expenses. In comprehensive health insurance plans, you can also cover your newborn baby from birth without payment of any additional premium. Such comprehensive coverage is possible when you buy a plan young when you are free from any illness or medical complication

The comprehensive deal for young buyers

If you buy health insurance policy when you are young then there is less chance of any pre-existing diseases and if you are diagnosed with any diseases later then it will be automatically covered under the health insurance policy

Waiting period

If you buy health insurance plan early or before you turn 30 then you can enjoy full benefits of the health insurance plan whenever you need. Most of the health insurance plans have a waiting period before you can enjoy its benefits and within which no coverage is provided. If you buy the plan at a younger age when you do not need the cover immediately, it will mean that you have already served the waiting period and can claim full benefits later or as and when needed.

Loyalty points

If you do not make claims in a year, you can earn no claim bonus in most of the health insurance plans. Hence when you buy young and do not make claims on the policy, you keep earning no claim bonus. This bonus helps you avail an increased coverage level as the sum insured is increased without increasing the premium. Later on, when you incur a claim, the no claim bonus would provide additional coverage along with the sum insured

Accidental cover

When you are young, you might not suffer medical illnesses or diseases but accidental injuries are possible. These injuries result in hospitalisation and can incur considerable costs. Thus, to protect against the financial implications of accidental injuries, having a health insurance plan is recommended at an early age.

Tax benefits

Health insurance plans allow you tax benefits on the premiums that you pay for the policy. Premiums paid up to INR 25,000 can be availed as a deduction from your taxable income. This reduces your taxable income and, subsequently, your tax liability. Thus, in your 20s a health insurance plan not only provides coverage against medical illnesses, but it also helps you save tax.

Coverage for dependent parents

You can buy a family floater health insurance plan and cover your dependent parents under your policy. This would extend the coverage to your parents too who need health insurance coverage for their frequent illnesses and medical complications.

Conclusion

A health insurance plan is a must to cover against the expensive medical costs which incur if you or your family members face any medical contingencies. A medical emergency can strike anyone, anytime. It is important to be financially prepared. At the time of emergency, you might have to bear the entire burden of all the treatment of expenses and complex ailments which will lead to financial drainage. Such problems will not arise if you buy a comprehensive health insurance policy during the early years or before you turn 30. Since you need to buy a health plan for financial security, why wait? If you buy a policy before you turn 30, you can avail quicker coverage and financial security. The premiums are also low and affordable. It is, therefore, advisable to secure yourself financially for the future as soon as possible without delay.  

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