By A famous adage goes ‘health is wealth’. In the current scenario with rising costs of medical care, health insurance can probably be considered to be wealth insurance too! A health insurance policy can help you protect your hard-earned savings when you fall ill, thus saving you from a lot of financial troubles.
Now, you may have heard people tell you to buy health insurance as soon as possible. More specifically, you may have been advised to buy health insurance at a younger age – ideally in your 20s when you just start working. So, is it a good idea to buy health insurance early on? The answer is a definite YES! There are many benefits to buying coverage when you are younger…let’s take a look at some of these –
- Premiums are way cheaper
It is no secret that health insurance premiums are much more affordable when you are young. This is because you pose a relatively lower risk to the insurer in your 20s. When you reach your 30s and 40s, you will end up paying much more if you are buying coverage for the first time. So, be wise and buy health insurance early on to enjoy cheap premiums. You can even look into buying multi-year coverage so that you enjoy a better deal on your premium.
- Complete the waiting period
Most of us rarely face any major health issues when we are young. This is why these are the best years during which one should buy health insurance and complete the waiting period for pre-existing diseases. This way, when you actually need to make claims later on, you have already fulfilled the waiting period requirement in your health insurance plan and can thus go ahead and make claims for pre-existing illnesses.
- Build on the cumulative bonus
For every claim-free year, you receive a benefit known as the no-claim bonus. This is given as a percentage of increase in your health insurance plan’s sum insured each year. The percentage can start at around 5% and go as high as 50%. Since you are less likely to make claims in your younger years, you can simply enjoy accumulating the no-claim bonus and let your sum insured increase at no extra charge to your premium.
- Lifestyle diseases are increasing
Finally, it is important to bear in mind that a lot of us are falling ill at a much younger age than our parents. This is because lifestyle diseases such as diabetes and heart disease are on the rise. While it is important to stay fit to keep illness at bay, it is also essential to have health insurance to tackle the heavy bills if you do fall ill.
We hope that the information here has proven to be helpful for you. Do make sure to conduct proper research and choose the best health insurance in India for yourself and your loved ones. Take care!
