Why You Should Buy Health Insurance as Early as Possible?

1. Why You Should Buy Health Insurance as Early as Possible? Why You Should Buy Health Insurance as Early as Possible? Our health is prone to several illnesses, owing to today’s fast-paced lifestyle, increasing pollution, hectic schedule, late hour workings, contaminated food, stress, and many more other reasons. Thus, it has become imperative to have a health cover irrespective of income or age. Because of medical inflation, many people are turning to health insurance policies. However, a persistent question that rolls in the minds of many is what is the best time to buy a health insurance policy. Time waits for no one and you never know when you might succumb to any disease or illness. It is always better to be prepared for such elusive times. So, you should buy an insurance policy as soon as possible without waiting for any illness to hit you first. In this piece of content, we will discuss some prominent benefits of buying your insurance policy at an early age. Waiting Period Waiting Period Insurance policies come with a waiting period that may range from 30 to 90 days. During this waiting period, you cannot make any claims, even though you have any medical emergency. A preexisting illness waiting period may extend up to 2 to 4 years, though it may differ from insurer to insurer. So, when you are fit and fine, you don’t need to claim your insurance. Thus, you can easily serve the waiting period.

2. Low Premium Low Premium One of the main benefits of buying insurance policy at a young age is that you can avail of a lower premium. Yes, the health insurance premium is much lower in young age than old age. It is because of the fact that you are less likely to fall ill at a young age as compared to old age. So due to low-risk appetite, most of the insurance companies provide health insurance plan at a lower premium at this stage. Tax Benefit Tax Benefit By buying your insurance policy, you can enjoy tax benefits for a longer time. As per section 80D of Income Tax Act 1961, the insured can have tax benefits for paying the health insurance premium. So, instead of buying an insurance plan at middle or old age, consider buying it at a young age to get tax benefits. Bonus Bonus Many insurance companies offer ‘no claims bonus’ when you don’t make any claims in the preceding year of a policy term. As there are fewer chances of claiming insurance when you are young, you can earn a maximum bonus. In most cases, ‘no claims bonus’ may range from 5 to 100% of the sum insured. So, get the insurance plan as early as possible to make the most out of your health insurance policy. The escalating medical costs have made it imperative to buy health insurance plan. So, these are the main benefits of buying your insurance policy at an early age.