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Why it is good to buy a health insurance at an early age?

Rumors in most cases suppress the facts behind any statement or situation. India is one such country where people still believe in rumors and hearsay. This is due to the elevated levels of illiteracy.

One such rumor doing the rounds among the Indian citizens is in regard to the right time to buy medical insurance policies. Most people think that they have not reached the right age and thus, stay away from these policies. Most people think that old age is the right time to purchase these products. The reasoning is that the human body becomes more susceptible to health problems at that age.

Time and tide, however, wait for no man! None of us plans on getting hurt and falling sick. However, at one point or another, everyone requires medical care. Our lifestyle has aggravated the chances of critical disorders like heart ailments, cancer, tumor, respiratory disease, permanent paralysis, etc. and has in effect endangered our lives.

You need not be above 50 years of age to get a health insurance, changes in our lifestyle have triggered many disorders which make us vulnerable to physical ailments even when we least expect them. The right time to purchase a health insurance policy is as soon as possible.

At the end of the day, it is a protection cover to fight against your unwanted and ill-timed enemies who can adversely affect your health and pocket. Do not think that at 60, you will be more susceptible to diseases and hence you will buy an insurance policy when you are in your 40s. This is a very wrong chain of thought!

The older sections get lower exposure as they plunge into a risk prone category. Most of the time, health insurance gets connected with added apprehensions, like, should it be done after a certain age, especially when one is financially stable. This generally refers to the later stages of life.

But what we tend to forget is that life is unpredictable, and we cannot predict the continuity of a healthy life due to changes in lifestyle, hectic schedules and a rise in the rate of life-threatening illnesses. Therefore, it is always better to be safe rather than sorry.

health monitoring watch

A user demonstrates how a watch can be used to monitor your vital parameters such as heart rate , BP and body temperature. Data collected from such IoT devices are being used by companies to fix health insurance premiums.

Better Safeguards for Emergencies

Buying a policy at the early stages of life means that you are safeguarding yourself from an ill-timed and major setback that might befall you. Human life is prone to changing rapidly, and hence we cannot predict what might happen in the next moment of life.

In such scenarios, purchasing a health insurance plan ensures that you are protected in case of medical emergencies. With the facility of lifelong renewal under health insurance, you do not have to think about the benefits of health care for the entirety of your life. This means that a policy can be purchased at earlier stages of life and will be fruitful for as long as you live.

Even if you are covered by health insurance that is employer provided, it might not be sufficient. The market experiences rapid changes and prices generally tend to only increase. With the rampant inflation in health care costs, the need for health insurance cannot be understated.

Look through any good hospital’s medical bills and then make a comparison with the medical coverage provided by your company. You will be surprised to see the gradual change in prices and the percentage of your cover; hence it is always a better choice to get health insurance of your own rather than relying on the group med-claim coverage to plan properly in case of medical emergencies.

Tax Benefits

Purchasing a health insurance policy at a younger age will permit you to take advantage of tax benefits for a long period of time. You can maintain the premium you disburse as a deduction from your total income under section 80D of the Income Tax Act, 1961.

Lower Chances of Rejection

The probabilities of your health insurance policy getting redundant are next to none as at a young age; you have many productive years ahead of you and lesser chances of health complications.

Exhaustion of Waiting Period

Usually, health insurance policies have a minimum waiting period of 30 days and in certain cases, it is 90 days. Within this waiting period, one is not allowed to make any claims even in the case of emergencies.

Thus, when a policy is purchased in the earlier stages of life, your waiting period will have been exhausted by the time you might need it to go into action and you cannot avail all the benefits of the policy.

For example, diseases like diabetes, cataract, heart diseases, knee replacement, and respiratory illnesses can be triggered when you are progressing towards old age. Under such conditions, you should stay prepared in advance and if you purchase health insurance at a younger age, it shall prove to be greatly beneficial and also work as a financial safeguard towards all these ailments.

At a young age, you shall also get comprehensive deals related to life events such as dental benefits, pre-existing illness coverage, maternity benefits, and sometimes companies even offer a no claim bonus. Thus, buying a health insurance early on is the best course to take and is the most cost effective way to safeguard your future.

You cannot sit back and wait for something bad to occur to you or to your near and dear ones. A quick plan of action now will save and cover you in the near future. “Health is wealth” and in today’s time it is even more justified.

In life’s draining schedule, we can do precious little for ourselves. Hectic schedules and polluted environments both directly contradict the notion of healthy living. What we can do is to take out some precious time of ours to protect the more precious moments to come in our lives.

Health insurance when purchased early can extend the chances of a better and healthier future. Be like the early bird when it comes to your actions and stay protected for life.

Author : 

India Microfinance's editorial board consists of development practitioners and journalists from India and the world who determine it's editorial policy. You can know more about them on the Authors Page.

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