As humankind has surpassed the pandemic and is still in the recovery phase, the demand for health insurance plans has evidently increased. However, the most vital group- the youth is still a few steps away from the knowledge of why health insurance is important.
The myth that healthy people don’t need health insurance plans as they don’t fall sick is mostly viable among young adults. However, it is not true. Today, through this section, we will decode five benefits a young adult may get if they buy health insurance at a young age.
Benefits of Buying Health Insurance at a Young Age
Underlying are five crucial benefits of a health insurance plan:
- You Can Avail of Insurance at Lower Premiums
Health insurance plans are usually calculated according to the age of the proposer of a health insurance plan. The younger you are lower will be the premium you pay. The reason, you are less likely to fall sick; hence the risk of claiming your insurance is close to the minimum.
2. Easy Coverage for Pre-existing Diseases
Buying a health insurance plan at a younger age can also be easier because you are less prone to chronic illnesses. Therefore, the chances of your health insurance request getting rejected are relatively lower. Plus, by the time any need arises, the mandatory waiting period to be served for pre-existing illnesses shall be over.
3. Higher Coverage
As we mentioned above, you can avail higher coverage at lower premiums if you buy insurance at your early age. Health insurance is not limited to offering hospitalisation expenses only but the scope of coverage is also extended to OPD expenses, alternative treatment expenses, domiciliary tretament etc. Also, the No Claim Bonus reward is another most attractive feature, which can be availed for not claiming your insurance. That will eventually add to your sum insured amount up to 50%-100% as per the policy terms.
4. Benefits of Tax Deductions
While filing tax returns, you can also avail of tax benefits on health insurance premiums up to Rs 25000. Hence, buying health insurance at a young age can also help you to avail tax deductions.
5. Financially Prepared for Emergency
Whether it is an accident or an unprecedented heart attack, a medical emergency and the need for financial aid can arise any time! More than ever, you need health insurance when you are active and are taking risks. Hence, a health insurance plan helps you be prepared for an unprecedented emergency.
Although young age is the age of taking risks, it does not necessarily mean keeping health and finances at stake. Health insurance may not safeguard you from unprecedented ailments however it can ensure that your budget does not get harmed while treating the problems. Thus, health insurance is important regardless of your age.