A fast-paced lifestyle, growing pollution, late hours, demanding schedules, and other factors have put us and our health in a perilous situation. While the average life expectancy has greatly increased, it is also true that the number of diseases affecting children and adolescents is on the rise.
No one can argue that health insurance plans are a requirement in this regard, regardless of age. Due to medical inflation, many people turn to family health insurance to protect themselves from having to pay astronomical medical expenses that could deplete all of their savings.
The ideal moment to purchase health insurance
When you choose to purchase health insurance while you are young, you receive a number of advantages.
Below is a list of some of these advantages:
- The different waiting times
Plans for health insurance may contain waiting periods of up to four years, during which no claims may be filed. You may be confident that you can simply go through the waiting period if you purchase your health insurance coverage when you are young. Other waiting periods, such as those for pre-existing conditions like cataracts and knee replacements, are available in addition to this one. Young people typically do not require coverage for certain conditions. Thus they can quickly get through the waiting periods.
- Comprehensive plans for less money
Young people are given access to a greater variety of health insurance plans and can enrol in them without having to undergo any medical examinations. The age of the policyholder is one of several variables that affect premium costs. As a result, you can get comprehensive and all-encompassing coverage for less money. Many of the most recent types of health insurance provide extensive coverage for things like maternity benefits, daycare treatments, OPD costs, and vector-borne diseases. The longer you stay on your plan, the better coverage you can have because the coverage will only rise as you age. And with the variety of options at your disposal, you have the opportunity to select the one that best meets your demands and requirements after giving it careful thought. *
- Permanent Renewability
Purchasing health insurance as you get older carries a number of restrictions. Before you can use the insurance, you must have medical exams, and many policies have higher age limits for enrolment in health insurance. However, if you purchase health insurance when you are young, you can opt for a policy that includes lifetime renewability, ensuring that you have long-term health cover and access to it.
- Benefits from taxes for a longer time
The cost of individual or family health insurance premiums may be deducted from one’s gross income under section 80D of the Income Tax Act of 1961. You can take advantage of the tax advantages for a longer length of time when you purchase insurance when you are younger. **
- Increasing Bonuses
The “Cumulative Incentive” is a cumulative bonus that almost all insurance companies provide for each year without a claim. When you purchase insurance when you are young, it is likely that you won’t have a difficult time going a year without filing a claim, and since the bonus is cumulative, you can build up a sizable increase in the total coverage amount, which will be very helpful in the future when you will actually need a larger coverage. *
When your medical coverage meets your needs, you are free to concentrate on other long-term investments. In addition to the advantages listed above, there are fewer odds that you will experience health issues. This indicates that the likelihood of your health insurance application being denied is relatively low.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
