Why You Should Buy Health Insurance Early In Life For Better Coverage

These days, people face new health challenges regularly, and no one can predict when a medical emergency will strike. Health risks affect individuals of all ages, making health insurance essential to protect against unexpected financial burdens.

So, the best time to get coverage is now—before an emergency arises. As soon as you begin earning or achieve financial independence, securing a health insurance policy should be a top priority.

Buy Health Insurance At An Early Age

Most people tend to believe they are healthy, so they postpone getting health insurance until later in life, but this decision may lead to major problems. People in their twenties can obtain health insurance at prices which tend to be more affordable. Typically, you are less likely to suffer from any serious health condition when you are young.

Health policies allow you to purchase insurance without any limitations regarding pre-existing medical conditions. The risk of disease increases for humans when they reach advanced age. When you are young, there is no requirement for a medical test to prove you are healthy. The insurance company requires multiple medical tests to approve a health policy when you decide to purchase insurance during older years.

The health policy purchased at a younger age will cover hospital expenses that need to be paid when you have no financial backup during your first years of work. 

The user receives several advantages. For example, suppose you have purchased health insurance early and don’t make any claim during the policy year. The health insurance company will provide you with a No Claim Bonus (NCB) through coverage expansion when you maintain claim-free status for each year without extra costs. You can keep building NCB benefits every year, which will lead to better health coverage at your current premium rate.

Why Should You Buy Now?

Health insurance coverage helps people create better financial plans while protecting their financial targets from being disrupted by unexpected medical emergencies. The payment of insurance premiums gives you the advantage of tax deduction under section 80D. You can claim tax deductions up to Rs 25,000 in a financial year. The health cover purchased in your 20s will enable you to receive tax benefits from section 80D at an early age. You can reduce your tax payments extensively over time by following this approach.

What To Do If You Missed Buying Early?

People can buy health insurance policies during their 30s and early 40s without needing to go through a medical examination. Most health insurance companies require health check-ups if the buyer’s age is above 45 years.

The insurance company needs to know about your existing medical conditions before you can buy a health insurance policy. The health policy will continue to exist, but it will require a waiting period of about 2 to 4 years before it starts covering pre-existing conditions.

The older you get, the harder it becomes to get health insurance because your health starts to decline. The insurance choices available to you reduce when you reach your 60s. Most insurance providers would decline to cover you but some insurers might provide coverage for seniors at elevated costs. The insurance provider may set limits on the treatment of certain conditions and they may require you to pay part of the cost when you file an insurance claim. 

Young people who get health insurance at an early age pay lower premiums while getting full coverage with no restrictions like co-payment or capping.