Health Insurance and Young Age
It is a general misconception that health insurance is required only for individuals belonging to older age groups since they are the ones considered susceptible to critical illnesses. Quite prevalent among the youngsters who need guidance on the uncertainties of life, this perception is unfounded. Often, the value of a health insurance plan is understood during these medical exigencies when it saves you from financial expenses related to hospitalization. Hence, it is advisable to buy a health insurance plan at a young age. In fact, the Indian law allows individuals as young as 18 years to invest in health insurance.
Listed here are a few benefits of buying a health insurance plan at a young age that will help you understand the significance of investing in health insurance in a timely manner: -
The premium of health insurance plans depends upon various factors; one of them being the age of the policyholder. The older the age of the insured, the higher the premium they are required to pay. This is because, with the growing age, a person becomes more susceptible to critical illnesses. As a result, health insurance companies charge a higher premium from them.
Investing in health insurance at a young age enables you to buy a health insurance plan at an affordable premium since the insurer considers you a low-risk policyholder.
Waiting Period Advantage
Almost all health insurance plans have a provision of a waiting period for pre-existing conditions, which means the insured must wait for a certain specific period before their pre-existing medical conditions are covered under the policy. When you invest in health insurance at an early age, you have a head-start in that respect. Because of this, your health insurance plan comes to your aid when you need it in the later run without any limitations like the waiting period.
No-Claim Bonus for Every Claim-Free Year
For every year, when no claim is made against a health insurance policy, the insured gets benefitted with a no-claim bonus. Moreover, some insurance companies also reward the policyholder by increasing the sum assured to a certain specific percentage for every claim-free year. Since there are lesser chances of you falling sick in a young age, the probability of you enjoying no-claim bonus benefits is higher.
Saves You from Financial Burden
Your income is relatively lower when you are young, hence, in case of any unfortunate mishap, the high cost of medical treatments can be demanding on your finances. But, with the support of your health insurance plan, you can remain assured of your finances being secure and focus on your treatment without any worries.
At a young age, when you are making efforts to attain financial stability, investing in a health insurance policy can help you consolidate your finances further by letting you avail health insurance tax benefits. You can claim tax rebate against the money spent towards premium payments of your health insurance policy and give a real boost to your savings.
Considering the benefits mentioned above, investing in health insurance at a young age is certainly a wise decision. Youngsters should consider buying a health insurance plan for their safer and happier life ahead.
Care Health Insurance (Formerly Religare Health Insurance) (CHIL)—the recipient of many prestigious awards such as ‘Best Health Insurance Company’ at the ABP News-BFSI Awards and ‘Claims Service Leader of the Year’ at Insurance India Summit & Awards; is a trusted insurance provider in India that offers a wide range of comprehensive health insurance plans. From the option of availing treatment anywhere in the world to an annual health check-up that ensures your sustained good health –Care Health Insurance (Formerly Religare Health Insurance) has it all!