Nothing is more important than being healthy, because in the end, it’s all the wealth that you have.
To make sure that your health is taken care of it’s important that you start investing in health insurance as a young adult. As medical emergencies always come uninvited, it’s always better to be safe than sorry.
Here are the top 10 reasons why you should buy health insurance at an early age:
1) Less waiting period
In most cases, when it comes to health insurance there is a waiting period ranging from 30-90 days. During this waiting period, the buyer cannot make any claims even if there's a medical emergency. Thus, buying a health insurance by the age of 26 means that you would have crossed the waiting period for ailments such as arthritis, cataracts, and urinary problems etc.
2) Even more comprehensive
When you buy a health insurance at an early age, there's an advantage of a holistic and comprehensive coverage. This helps you enjoy the benefits of a health insurance not only during years of employment but also after retirement.
3) Coverage for pre-existing conditions
A lot of health insurance providers deny coverage for pre-existing medical conditions. Which means, if you're buying health insurance in your 40s then there's always a chance that some of your conditions are not covered in your insurance which ultimately defeats the purpose of health insurance. Buying an insurance later will also increase your financial burden with reduced benefits.
4) More options
Buying a health insurance by the age of 26 leaves you with a better choice. You can choose from a wide variety of packages based on what suits your need the most. Buying it later will increase the emergency factor thus leading to hasty decisions.
5) Lesser chances of getting rejected
Opting to buy health insurance at an early age means a lesser number of pre-existing conditions. This leads to almost no chances of your policy being rejected by the health insurance company.
6) Adequate financial planning
Having a medical insurance as a young adult not only ensures greater coverage but also improves your financial planning. How? You already have enough medical coverage to take care of medical emergencies and can later focus on investing your funds elsewhere.
7) Better safe than sorry
The young and salaried class of India is subjected to a number of diseases due to their sedentary lifestyle. In that case, not having a health insurance will only lead to financial burdens.
8) Greater tax benefits
Under section 80D of The Income Tax Act, 1961, you can pay the premium from the deduction of your salary. Investing in a health insurance as a young adult will definitely enable you to enjoy tax benefits for a longer period of time.
9) Lower premium
Health insurance companies decide the premium depending on your current age. The higher the age, the higher the premium. So, if you invest in a health insurance as a young adult, the amount of premium you pay will be much less.
10) Greater personal security
Health emergencies come unannounced. The coverage provided by your employer might not be adequate to cover all your health expenses should there be an emergency. Buying a health insurance removes such risks and gives you greater security.