Why Is An Investment In Health Insurance At A Young Age Highly Beneficial?
People have this misconception that health insurance plans should be bought only when you are getting old. But health complications do not merely depend on age. Family’s medical history, lifestyle, etc. also plays an equally important role. Besides, taking health insurance at an early age comes with tons of benefits. Some of those prominent advantages include:
- Increasing Health Risks
A health insurance plan covers various diseases like kidney failure, diabetes, heart diseases, etc. Typically, people are likely to deal with these issues after 35 years of age. This means that when taking insurance policy at an early stage, you are generally safe from contracting any life-threatening ailments. So the financial risk related to your health is significantly less when you are in your twenties.
- Lower Costs
The premium of a health insurance policy depends on the health risks of an individual. Like we mentioned above, when you are in your 20s, the chances of contracting serious health issues are often quite low. When the risk is lower, the amount of figure will also reduce drastically. You will be able to get comprehensive coverage against a significantly lower premium. And when you take the same plan at the age of 40s, you might end up making double in terms of premium.
- Reduced Waiting Period
A lot of health insurance plans come with the waiting period on a lot of conditions prior to the claim can be covered under the insurance. A few examples of such conditions are maternity benefits, some pre-existing conditions. This period can vary from a couple of months to years. Until the waiting period is over, people cannot access their health insurance plans. When you take a health insurance policy at a young age, you can pass this waiting period without worry about any medical emergencies.
- Renewability Ease
The Insurance Regulatory and Development Authority of India or IRDA had declared that health insurance plans could be renewed in all cases. But the maximum renewal age for these policies is set between 65 and 70 years of age. However, if you take policy at an early age, you have the benefits of leveraging lifetime renewability.
- Lesser Rejections
Insurance providers have the right to reject a health insurance plan. Typically this occurs when there is a greater health risk, which means that the age of the insured individual is high. But when health insurance plans are taken at an early stage, you have greater chances of the insurance companies to accept your claim.
- Better For Your Finances
It is well-recommended to start planning for your finances at an early stage. If you invest in a health insurance plan in your 40s or while you suffer from a disease, there are high chances of your finances going haywire. Therefore, it is smarter to secure the finances related to medical emergencies at an early stage. This way, irrespective of the level of emergency, you will always stay prepared.
Final Thoughts Above reasons make it quite evident why we should take health insurance policy at an early stage. With your health covered, you can be more at ease.