Reasons Why You Should Invest In Health
Health is genuinely healthy, but late-hours, hectic schedules, rising noise, and a fast-paced lifestyle have, among other factors, made us and our wellbeing very precarious. Today, health is a big problem in India, which is not helped by the fact that health care prices are continually increasing. Although average life expectancy has risen dramatically, the number of diseases affecting young people is also on the rise.
To this respect, there is no doubt this health care policies are a must, irrespective of the status. Despite financial expenses, more families turn to their health care to stop paying large medical costs that can wash out their whole savings.
The Best Time to Buy a Health Insurance Policy
The best time to buy a health insurance policy is as early as possible. One can easily foresee that health care costs are only going to rise in the future; therefore, a delay in buying health insurance is ill-advised. There are several benefits that you get when you opt to buy health insurance at a young age. Some of these benefits have been listed below:
The Various Waiting Periods
Health insurance plans have waiting periods that may range from 30 days to 4 years days during which no claims can be made. If you buy your health insurance policy at a young age, you can be sure that you can easily ride out the waiting period. Apart from this waiting period, there are others regarding pre-existing diseases and ailments like cataract, knee replacements, etc. When you are young, you generally don’t need coverage for such ailments, which allows you to complete the waiting periods without any issues.
Comprehensive Plans at lower Premiums
When you are young, you can avail health insurance plans without any medical check-up, and you are offered a wider range of policies. Premium rates depend on a number of factors, one of which is the age of the policyholder. So, you can get comprehensive and holistic coverage at lower premiums. Many of the latest insurance plans offer wide coverage that covers vector-borne diseases, daycare procedures, OPD expenses, maternity benefits, etc. Further, the coverage will only increase as you get older, so the longer you are on your plan, the better coverage you can get. And with the numerous plans available to you, you have the freedom to opt for a plan after due consideration, to choose one that suits your needs and requirements the best.
Lifetime Renewability
Buying health insurance at an older age comes with numerous caveats. You have to undergo medical check-ups before you can avail the insurance, and a lot of policies also come with upper age ceilings for entry into health insurance. But, when you buy a health insurance policy at a young age, you can look for a policy that offers lifetime renewability, and ensure that you remain covered for a long period of time and can avail extended coverage.
Tax Benefits for a Longer Period
According to the Income Tax Act of 1961, under section 80D, one may claim the premium paid towards individual or family health insurance as a deduction from their total income. When you buy insurance at a younger age, you can enjoy the tax benefits for a longer period of time.
Cumulative Bonuses
Almost all insurance companies offer a cumulative bonus for every claim-free year, called the ‘No Claims Bonus’. When you buy insurance at a young age, chances are that getting through a year without claims might not be that hard, and as it is a cumulative bonus, you can accumulate a significant increase in the total coverage amount, which will be very helpful in the later years when you actually need a larger coverage.
Better Financial Planning
Buying a health insurance policy at a younger age lets you access better health coverage. It also helps in planning your finances in a better manner. When your medical cover is adequate according to your needs, you can focus on making other long term investments.
Apart from the above-mentioned benefits, there are fewer chances of you suffering from health complications. This means that the chances of your application to buy a health insurance policy being rejected are next to negligible.
Check out more benefits and importance of health insurance plans in details!