Why investment in health insurance at a young age is beneficial?
Why investment in health insurance at a young age is beneficial? 27th Nov 2019
Life is an enigma; it has countless possibilities with many struggles. The uncertainty of one's life is what makes it worthwhile and horrifying at the same time. Some investments made at the correct time could bear fruitful results for future; like opting a well-rounded
health insurance policy
for you and your family. Health insurance in today's time is not a luxury but a vital necessity given the rising healthcare costs and out of the world lifestyle choices by today's millennial.
Experienced financial advisors highly recommend buying a health plan in the early stages of life as premiums on health insurance increase with one's age. The premium criterion is based on the health history, age, lifestyle etc. of the insured candidate.
Here are the reasons to testify why do you have to take it now at the peak of your health?
Early age investment means full benefits – Opting for a health plan at a young age as early you start working will provide maximum coverage for your health scares. It also makes for a smart financial decision because of lowest possible premimum paid by you.
Poor Lifestyle Choices is on the Rise – You don't need to be 60 to require medical coverage. The laid back lifestyle has prompted entry to life-threatening illnesses like cancer, tumours and threats to the heart, brain, lungs. Hence, it is crucial to safeguard your health continually. Besides this, medical policies offer yearly checks ups to encourage health awareness.
Waiting period for the cover – There are specific listed ailments such as hernia, Cataract, ENT disorder for which there is a waiting period of one to two years before you get them covered. So starting early is always a more comprehensive option.
Hectic work-related travel – The corporate worklife demands your time and extensive travel. A healthcare plan that covers both domestic and International medical emergencies along with well suited International medical benefits is yet again a very sensible choice.
The policy covering pre and post Hospital charges – Mainstream medical expenses, the cost of OPD (out-patient department), diagnostic tests have likewise ascended as of late which has made it considerably imperative for one to invest in healthcare policy. Your healthcare plan covers not just surgical or any other hospitalization costs but also the expenses brought forward via OPD and miscellaneous tests before and after a fixed time as set in the policy.
Rebate on Income Tax – Another merit of investing in a good healthcare plan is that the insured is eligible for tax exemption under section 80D of the income tax act on the premium paid for the health insurance policy.
So don’t let this crucial decision of your health take a back seat and invest in health insurance at a young age. In adition to it, when you buy a health insurance policy at an early age, you receive the benefit of lifetime renewability. You can renew health insurance online and enjoy the extended coverage for a long time.