Health insurance is essential, more so in today’s uncertain world. The rising costs of hospitalization is an area of concern. Medical costs are expected to increase at a rate double than that of inflation. This makes it vital to get the best health insurance policy that offers complete coverage.
Young people do not worry about insurance as they believe they won’t need insurance until they are older. It is important that young people insure their health before they reach the age of 30. There are many reasons for this, which are explained below.
1) Lower premium
Premium rates for health insurance depend on your age. If you get coverage at a younger age, you need to pay a lower premium. It is financially beneficial to be insured early so that you get to pay a lower rate of premium.
2) Because you need it
Life is uncertain. Pandemics are all around us. Young people today are falling ill and needing hospitalization for various diseases. Instead of fretting over the hospital bill later, it is better to be insured early. This helps you be prepared for all eventualities.
3) You get tax benefits
Spending money to buy health insurance is worth it. Not only do you get health benefits, you also get tax benefits. You can get tax exemption for the health insurance premium under Sec 80D for yourself and your parents.
4) Better financial planning
Financial planning for the future should start early. You need to have a plan for the future that includes planning for your health. Getting insured early is good planning.
5) Pre-existing diseases won’t be a problem
There is a waiting period for pre-existing diseases. If you are insured at a young age, it ensures that the waiting period will be complete when you are older and when you may need coverage for such diseases.
Once you are insured early, you can renew the insurance for life. Remember that is it not possible to get health insurance when you cross 65.
7) Greater coverage
Being insured when you are younger allows you to get more coverage at a lesser price. Apart from hospitalization benefits, you can get OPD expenses and day care procedures at a lesser cost, as compared to what you need to spend when you are older.
8) Avoid rejections
An insurer can reject your health insurance policy application if it is felt you have a higher health risk. This happens as you get older and develop health problems. This is why it is important to be insured when you are young and healthy, so there is no risk of rejection of your application.
The above reasons illustrate why it makes sense to be insured early. The health insurance benefits that this article listed out is reason enough to get the best policy. If you don’t have insurance, then now is the time to go ahead and get it.