Living without health insurance is the modern-day equivalent to riding without a helmet. When you ride with a helmet, you can be certain of not incurring any severe damage in the event of an accident. And quite similarly, when you have a health insurance policy for yourself or your family, you can lead a stress-free life given that the hospitalization costs will be taken care of in case of any serious medical emergency or condition.
Okay I know it was not a very good analogy to put here, but hey, you understood it pretty well, right?
You need to understand that fact that health issues do not come with a prior notification like, "Hey! Save as much money as you can, I'm coming to drain your all savings! Be prepared!"
I wonder how wonderful it would have been, if it were.
But nope! It doesn't work like that. It's not fair I know. It works in a totally opposite way. And therefore, health insurance is a must if you want to lead a life without spending each night thinking about an unforeseen illness that could come out of the blue taking toll in your life-long savings in a blink of an eye.
Now let's come back to the main topic, I have seen a lot of people neglecting health insurance although they want to buy. Their point is, they don't want to buy it right now and the reason behind this that they generally give me is, "I am pretty young right now so there are very low chances of me falling sick. I will buy it some years later, maybe in my mid 40s. I doesn't matter"
Oh c'mon. Give me a break. IT MATTERS!
And I do not understand the fact that whether or not they understand the fact that the longer they wait to buy a health insurance policy the more likely they are to repent later. Plus, if you make the decision of buying health insurance when you are young and well, the premium will be comparatively low.
The reason behind this?
Health insurance companies generally charge the premium amount on the basis of your current age. So if you buy a mediclaim policy at an early age, you can avail it in exchange for a considerably lower premium when compared to buying it later, maybe in your mid 40s or whatever.
And, in straight words, you are going to regret your decision sooner or later for not buying health insurance at an early age.
Okay, you can take it like this: Health insurance is something that you should consider buying when you don't really need it because when the circumstance will play its dice, you may not get one when you need it.
There are a bunch of reasons to consider buying a good health insurance policy at an early age, but here I am only going share with you the top 10 reasons now.
So shall we begin? Okay, here we go.
1. Waiting Period
If you are reading this and don't know what this 'waiting period' actually is, let me explain.
Waiting period basically stands for the time span during which you cannot claim some or all benefits of your health insurance policy from your insurance provider. There are various types of waiting periods namely disease-specific waiting period, maternity benefits waiting period, pre-existing disease waiting period, initial waiting period, etc.
In this context, you need to keep in mind that the duration of the waiting period, as well as its terms and conditions, may vary from one insurer to another. To break it down in simple language, you will not be eligible to get any reimbursement or coverage from your health insurance policy/health insurance provider during the waiting period.
In most of the cases, health insurance policies generally come with an initial waiting period ranging from 30 to 90 days. Please note that the waiting period for pre-existing illnesses could be as much as 48 months, depending on the insurer.
Like I already said, during this waiting period you will not be eligible to make any claims even in the event of a medical emergency. And even if you file a claim, it will be rejected by your health insurance company.
So here the secret is, if you consider buying health insurance at an early age when you are young, you will have the time to exhaust the waiting period without any concerns.
Also note that there is a waiting period for various ailments such as urinary tract stones, cataract, arthritis, knee replacements and so on. Most of the health insurance companies declare at least 10 to 15 ailments which come with a waiting period. In some cases, individuals above 60 years have a longer waiting period.
2. Enjoy Comprehensive Cover
If you consider buying a health insurance policy at an early age, you can enjoy the long-term benefits of a comprehensive mediclaim policy. As a result, you can enjoy a greater security during employment and even after retirement.
It is important for you to understand that most health insurance policies on offer today come with a limit on
upper age. So it's quite apparent that if you buy a health insurance policy at an early age, you no longer have to worry about this age limit. And as a result, you can enjoy the benefit of health insurance for a longer duration of time.
4. Wider Coverage
Buying a health insurance policy early makes sure that you get better and greater coverage. Presently, a number of different health plans are offering wide-ranging coverage from vector borne diseases and multiple day care procedures to OPD expenses and maternity benefits among others. In short, your decision to buy health insurance at a young age will increase the costs of your coverage due to more medical complications as you grow older.
5. Pre-existing Conditions
If you buy health insurance policy in your late 40s, it will do nothing but increase your financial burden with reduced benefits. There are a number of health insurance companies in India that exclude various pre-existing conditions from getting covered which crushes the point of buying a health insurance policy.
Almost all the health insurance companies offer a ‘No Claims Bonus’, also known as NCB, if you do not file any claim in the preceding year of a policy term. So, if you buy a health insurance policy at an early age, without any doubt you can avail cumulative bonus since you will most likely renew your policy every year. Consequently, the accumulated bonus will increase your coverage amount. It will certainly prove to be a great advantage at later stages of life when you are old and grey. It's important to note here that in most cases, the No Claims Bonus (NCB) may range from 5% to 100% of Sum Insured.
7. Wider Options to Choose from
If you choose to buy a health insurance policy at an young age, you will be in a better position to choose from a wide range of health insurance plans when compared to buying health insurance plans in your late 40s. You will have the freedom to g for a mediclaim policy which best suites your requirements after analyzing all the significant factors and parameters.
8. Lower Chances of Rejection
When you are in your early stage of life, when you are young, you have many productive years ahead of you. In addition to that, you are likely to suffer less health complications too. As a consequence, the odds of your health insurance policy getting rejected are very low.
9. Better Financial Planning
If you buy health insurance policy at an early age, it not only gives you superior coverage but also helps you plan your future finances in a better way. Since you will have sufficient medical cover to take care of any health emergencies of yourself or your family, you will be able to focus on making other long-standing investments.
10. The Modern Lifestyle and Poor Health
Poor lifestyles have led us to a boost in the occurrence of numerous diseases related to heart and lungs claiming lives at a young age. It is a distressing truth that, now, health insurance is no more relegated to senior citizens. The salaried and young segment of India’s population is mainly susceptible to a number of diseases. Therefore, buying health insurance at the early stage of your life calls for immediate action.
If we talk about the present scenario, the medical expenses have increased exponentially. Sudden hospitalization costs can burn a deep hole in your pocket. Therefore, the importance of having a good health insurance policy at a young age should never me undervalued. And if you are employed and you are covered under the mediclaim policy provided by your employer, let me tell you, the coverage offered by your employer may not be sufficient enough to cover your medical costs.
In addition, you will wander around with the risk of being uninsured at the time of any job change or loss of employment. So buying a personal health insurance policy at an early age is an absolute necessity to deal with the consequences of today's lifestyle and rapid environmental changes.
Also note that if you buy a health insurance policy at a young age, it will allow you to enjoy tax benefits for a longer period. Under 80D of the Income Tax Act, 1961, you can claim the premium you pay as deduction from your total income.
The above-mentioned 10 reasons should be enough for you to consider buying a health insurance plan at a early age. Do not delay in a good work that will benefit you in the long run. Check out the top health insurance plans that we have in store for you.