For a happy, healthy twenty-something, health insurance is something which does not even exist properly. But every young gun should remember that the earlier investment in a health insurance, the better it results into. If you are young, healthy and hearty, then buying a health insurance can prove to be really easy for your pockets. You get a lot of benefits including a coverage period, low premiums, a higher sum assured and much more. Generally, the amount of health insurance premiums is calculated keeping the age and health conditions of policyholders. The younger and healthier the applicant, the lower is the premium amount.
Surely, there are innumerable reasons proving that health insurance policy at a younger age is a witty decision.
Waiting period in an insurance policy means the time period that a policyholder needs to wait before making claims for surgeries, special ailments or coverage on existing diseases, etc. And we’re talking about claims for medical expenses that are a huge pain to your pockets. If you invest in health insurance in younger age, when you’re still hale and hearty, the waiting period wouldn’t hurt so much and you will be in a better position to make claims without any conditions stipulated by the insurer.
|You may like to Read: What is Waiting Period in Health Insurance?|
A large number of insurance companies have now introduced innovative health plans that cover day to day medical expenses including doctor’s consultations fees. A large number of policies also cover the ever-increasing maternity expenses. In addition, a large number of health plans also cover newborn babies without any extra premium.
If a policyholder doesn’t raise a claim in the previous year of his policy term, then they get a no claim bonus from the insurer as a reward. Buying a health insurance policy in early age can get you the cumulative bonus because most likely a young policyholder will renew his policy every year. Moreover, these accumulated bonuses will increase the total amount covered by your insurance policy which will obviously prove to be a big advantage as the policyholder will grow old and grey. One point that should not be missed out that the range of no claim bonus provided by your insurer varies from 50% to 100%.
Undoubtedly, many health insurance companies happily accept the applications from young applicants; a young applicant can select the best insurance plan from the available wider and better options. If you buy a health insurance policy at your young age, there is a chance you can get a benefit of lifetime renewal too.
In India, you cannot get a health insurance policy easily if you have any medical history. If an applicant gets diagnosed with the life threatening diseases such as heart disease or cancer, then the insurance company can reject his applications or can charge higher rates of premium. Young people are least likely to get rejected by insurance companies in India, as they are less prone to such diseases.
You cannot afford to miss a fact that most insurance companies offer insurance policies to people of upper age with a restriction of the time period. If you buy a health insurance in your early 30s, then you do not have to worry about such restrictions. Buying a health insurance policy in early age gets you lot of benefits for a longer period of time.
|You may like to Read: Health Insurance Buying Guide|
Young working adults have a long and fancy wish-list which incorporates the latest car, a fully furnished flat. This list cannot get perfect without including a health insurance policy and that too when buying an insurance policy have become so much easier. We all know that buying a health insurance in such early age will bring a lot of responsibilities, but we cannot forget that with these responsibilities, lot of benefits are showered too. For a young person who has recently converted into an employee, learning the art of proper financial planning can help him to achieve many goals in life.
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