Advantages of buying health insurance at an early age
Advantages of buying health insurance at an early age 07th July 2021
There is a myth that young and healthy people do not need health insurance. An unhealthy lifestyle, irregular eating habits, and no time for exercising are the main reasons for premature illnesses even at a very young age. So, it has become necessary for everyone to have health insurance irrespective of age or income to cover themselves against lifestyle-related diseases. Getting health insurance at an early age brings many benefits and features. We explain a few of them here.
The main benefit of getting health insurance at an early age is low premium costs since premiums are calculated based on risks. When a person is young, the risks involved regarding their health are lower; therefore, the premium will be low. It is advised to get health insurance as soon as a person turns 18. A child below the age of 18 can get coverage in the parent’s insurance policy.
Wide range of medical coverage options:
Another advantage of availing of health insurance at an early age is the comprehensive coverage options for diseases. Fortunately, treatments and medications are available for all diseases. Some of these diseases can cost a fortune if the expenses are not covered by health insurance. Health insurance policies provide a lot of financial support in case of any emergency. Also, there are lifetime renewal options if the policy is purchased in an early stage.
Every year, if a no-claim is made for the health insurance policy, the policyholder is rewarded with a bonus. Thus, for a policy purchased at a young age, it is very likely that you make no claim during the policy tenure and can get benefits of cumulative bonuses.
Income Tax advance:
Purchasing health insurance brings income tax benefits to you. Under 80D of the Income Tax Act, 1961, you can get a tax refund on the yearly premiums you pay for the insurance. It helps you in your financial planning from a very early age of earnings.
Low rejection rate:
Getting a health policy, adding the top-ups and other features is much easier for the young people than the elders. As mentioned earlier, getting the higher coverage or additional feature will cost you relatively less with a low rejection rate. You can enjoy more benefits of comprehensive and holistic coverage than the policies and coverage applied at a later age.
Avail more discount for online health insurance:
During pandemic times, visiting an insurance company and purchasing health insurance is not feasible. Most of the companies now offer discounts and other advantages if applying online. Online health insurance saves you money by recommending the best deals and well-suited policies depending on your requirements. Some websites even have the expertise to suggest plans that match your exact needs.
Like the other mandatory official documents such as driving license and PAN card, it should be your responsibility to purchase health insurance once you turn 18. Negligence in the matter of health is the worst mistake to make. Wisely choose the plan that can cover all your medical expenses for the long term.