Why You Should Buy a Health Insurance Plan at an Early Age?

With a sedentary lifestyle, rising number of diseases and constant increase in healthcare prices, having health insurance today has become a necessity. However, most people consider buying health insurance pointless believing it will not give them any returns in the future. On the contrary, buying health insurance at an early age is always a good decision. Read below to know why.

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      8 Reasons to Buy Health Insurance at an Early Age

      After the outbreak of coronavirus, people have realised the importance of health insurance in their lives. Still, many people are not aware of why having health insurance at an early age is of utmost importance. Thus, they buy a health policy late in life and end up regretting their decision.

      Here are some reasons why you should invest in a health insurance plan at an early age 

      1. Low Premium Rates for Extensive Coverage 

      The primary reason to buy a health insurance plan at an early age is that you can get lower premium rates for comprehensive coverage. While calculating the insurance premium, the policyholder's age plays a significant role.

      The insurance company charges a higher premium amount to older people because they are more prone to health risks. Thus, you will have to pay lower premiums for extensive coverage, which includes day care expenses, maternity benefits, OPD expenses, etc., if you buy a health policy in your 20s or early 30s.

      2. No Pre-policy Check-up Required

      Most health insurance companies require people above the age of 40 years to undergo a medical check-up before a policy is issued to them. The chances of discovering a medical condition become higher in this check-up, which could lead to a higher premium. But if you buy health insurance at a younger age, you do not have to undergo a pre-policy medical check-up, thereby, keeping your premiums low.

      3. Easy to Overcome the Waiting Period 

      There is a waiting period in all health insurance plans during which the insured cannot raise a claim for any non-accidental injuries. Any claims for any illness, specific diseases & surgeries, and pre-existing illnesses can be raised once the applicable waiting period is over. The waiting period generally varies from 30 days to up to 4 years. When you buy health insurance at an early age, it becomes easier for you to serve this waiting period as the chances to become ill are comparatively less.

      4. Age Limits 

      Standard health insurance plans come with an upper age limit of 60-65 years. The premium amount rises if you buy a plan after this age limit as it is a senior citizen health insurance plan. Therefore, it is advisable to buy health insurance at an early age and avoid paying higher premiums later in your life.

      5. Pre-existing Diseases

      Buying a health insurance plan as a senior citizen will increase your financial burden and reduce the coverage benefits. Many insurance companies exclude coverage for pre-existing diseases in a standard policy if purchased at a later age. Hence, the purpose of buying a health insurance policy is not truly fulfilled.

      6. No Claim Bonus 

      Many insurers offer a No Claim Bonus (NCB) for not raising a single claim in the preceding policy term. If you buy a health insurance policy at an early age, you can avail this bonus to reduce your premiums as you are less likely to get ill and raise a claim. This bonus may range from 5% to 50% of the sum insured and can be accumulated in the case of consecutive claim-free years.

      7. Lower Rejection Rate 

      When you buy a health insurance policy at an early age, you are less prone to any critical illness or disease than people above the age of 60. Therefore, the chances of raising claims by young people are less. Also, it lessens the chances of getting your claim rejected as in the case of elderly people

      8. Wider Choices of Plans 

      You have wider options when you prefer to buy a health insurance plan at an early age. With a young age and a lower chance of pre-existing diseases, you are eligible to buy most health plans. Make sure to compare various plans based on the sum insured, coverage, waiting period, network hospitals, and other benefits before buying any online health insurance plan.

      Conclusion 

      Health insurance is most beneficial if purchased at a younger age. Why wait to fall ill and be forced to spend lakhs of money on hospital bills? Instead, you can buy health insurance during your 20s and ensure financial protection and peace of mind simultaneously. So, go through the above-mentioned reasons and buy a health insurance plan as early as possible.

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      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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