Perks of Buying Health Insurance When You Are Young
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There is a common saying “health is wealth” which indicates how important it is to stay healthy. The importance of health awareness has increased even more ever since the outbreak of Covid-19 happened. At present, more and more individuals are inclined towards buying health insurance plans to get protection against uncertainties. Moreover, with so many insurance companies offering health insurance plans, it often becomes difficult to pick the right health insurance plan. In addition, it is also important to buy a health insurance plan when you are young. Read on to understand the perks of buying a health insurance plan when you are young.
What is Health Insurance?
A health insurance plan is a contract between an insurer and insured where the former agrees to compensate for financial losses in case the policyholder succumbs to a health emergency. With a health insurance plan, you can get coverage for hospitalisation expenses, health check-ups, critical illness coverage, and many more. Based on the sum insured that the policyholder chooses, a certain amount of premium is paid out. The premium also varies from insurer to insurer, so it is important to check about this and make sure to pay it on a timely basis.
Benefits of Buying Health Insurance When You Are Young
It is a wise idea to purchase a health insurance plan when you are young in order to get certain advantages. The ideal time to invest in a health insurance plan is between 20-30 years as the liabilities during this time are quite less. In addition, there are many other benefits of buying a health insurance plan when you are young such as the following:
- Lower Premiums: When you are young, the chances of getting affected by health problems are lower. This is why insurers fix lower health insurance premiums for individuals buying health insurance plans when they are young. For instance, a health insurance plan with 3 lakh coverage can have a Rs. 5000 premium when you buy it in your 20s. On the other hand, if you buy the same plan in your 30’s, then the health insurance premium will be higher, say Rs. 7000.
- Tax Benefits: You can save on your income tax deductions, thus getting tax benefits on buying health insurance plans.
- Greater Coverage: If you buy a health insurance plan when you are young then due to lesser health risks, you can get greater health insurance coverage that too at affordable rates.
- Lesser Dependency: On buying health insurance plans when you are young, you will have fewer dependents and thus it will be easier to buy the best health insurance plans at affordable premiums.
- Chances of Rejection are Lesser: When you buy health insurance at a young age, then the chances of getting your health insurance rejected are lesser. This is simply because the chances of falling ill at a young age are lesser.
- Pre-existing Diseases: Based on the pre-existing diseases, the waiting period in health insurance plans increases. However, when you buy a health insurance plan when you are young there is a negligible chance of being affected by pre-existing diseases.
Take Away
Thus, there are ample benefits to buying health insurance plans when you are young. From getting tax benefits to affordable health insurance premiums, it is always a better idea to invest in a health insurance plan when you are young.
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