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10 Reasons to Buy Health Insurance at a Young Age

Here, let’s explore some reasons to buy health insurance at a younger age.

 

1. Affordable Premium Rates

Age is one of the key factors when determining the amount of premium charged by insurance companies. As you are viewed as a healthy individual in your early 20s, the insurer shall offer you a cost-effective premium. So, if you opt for health insurance at a young age, you will end up paying a lower premium compared to buying the same policy at a later stage in life.

2. No Waiting Period

Most health insurance policies come with a waiting period for several ailments and pre-existing illnesses. During this time, you cannot make any claims, even in case of an emergency. So, the best time to buy health insurance is in your 20s, as many illnesses start showing up with older age, and you shall have exhausted the waiting period by then. Thus, you can easily make claims without any worries as you purchased health insurance early in life.

3. Comprehensive Coverage

By opting for health insurance early in life, you can enjoy comprehensive coverage during your employment and even after retirement. You can stop depending on the insurance plan offered by your employer because you have sufficient coverage. Furthermore, you shall also be secured against pre-existing illnesses that may manifest later in life. This is because any ailment diagnosed after buying a health plan will be automatically included in the policy.

4. Lower Risk of Rejection

When you are young, you have fewer to almost no medical issues or health complications. However, later in life, you may suffer from age-related diseases leading to a higher chance of facing rejection. Thus, it is recommended to buy health insurance online when you are healthier to avail the best insurance policy.

5. Increased Chances of Lifestyle Illnesses

Due to our fast-paced life, increased pollution levels and sedentary work, there is a higher probability of suffering from lifestyle illnesses. It not only affects older individuals but also younger people. So, it is imperative to safeguard your health from any unforeseen medical issues. Hence, your early 20s is the best time to buy health insurance to gain security from the rising healthcare costs.

6. Wider Options

When you buy medical insurance at a younger age, you are in a better position to decide what type of health plan to get rather than when you are older. The insurance provider offers you a wide variety of health policies based on your insurance needs. However, at an older age, there are several other factors that come into play such as your medical history, keeping you from purchasing the best plan.

7. Tax Benefits

Apart from the obvious perks of health insurance, it also acts as a lucrative tax-saving instrument. Though you may not come under the tax bracket as soon as you start earning, it’s a good practice to begin early. So, you can claim the premiums paid towards the plan under Section 80D of the Income Tax Act, 1961.

8. Better Financial Planning

Purchasing health insurance at an early age not only provides you with greater coverage but also helps in better financial planning. When you are secured with adequate health insurance, it will take care of any health emergencies, and you can then divert your finances to other long-term investments.

9. Cumulative Bonus

Most health insurance providers offer a cumulative bonus if you haven’t filed any health insurance claim in the preceding year of a policy tenor. This may range between 5% and 10% of the sum insured. You can avail a cumulative bonus if you buy health insurance at a young age, as you are most likely to renew your health insurance policy every year. As a result, the bonus accumulated will increase your coverage amount, which will be beneficial at later stages of life.

10. Pre-Medical Health Screenings Not Needed

If you buy a health insurance policy after a certain age (around 45 years), the insurance provider may ask you to undergo a health check-up before getting the policy as you are at an increased risk of developing health problems at that age. If the reports of this check-up are not so positive, you will be charged a higher premium. On the other hand, if you apply for health insurance at a younger age, you may not need to undergo any pre-medical check-ups.

How to Buy Health Insurance Online

With most of the services moving online, you can now easily buy a health insurance plan online from the comfort of your home. Here is how you can buy health insurance on Bajaj MARKETS in 5 easy steps:

 

  1. Visit the Bajaj MARKETS site and go to the ‘Health Insurance Premium Calculator’ page.

  2. Provide details of the members to be insured along with your personal information like gender, date of birth, contact details, etc.

  3. Browse through the list of available health insurance plans and choose one that is best suited for you. You can also select certain add-on covers to enhance the coverage of your policy.

  4. Upload the required documents and pay your health insurance premium online.

  5. And that’s it! Your health insurance policy will be sent to your e-mail.

Summing up

Health emergencies can come knocking on your door without much warning. If, and when, the time comes, you need to have the right backup to secure your finances against rising healthcare costs. And what better option than health insurance?

Best Health Insurance Plans Available at Finserv MARKETS

FAQs on Buying Health Insurance Early on in Life

  • ✔️Do health insurance plans come with a waiting period?

     Yes, most health plans come with a waiting period of 30 days after which you can start filing claims under your insurance policy.

  • ✔️What is co-pay in health insurance?

    Co-payment in health insurance is where a certain portion of the medical bills is paid by the policyholder and the rest is covered by the insurer.  

  • ✔️Which type of health insurance should I buy?

     There are various types of health insurance policies available to fulfil your medical requirements such as family floater, individual, critical illness, and more. Check out the types of health insurance plans to help you choose a suitable one.

  • ✔️When should I buy health insurance?

     It is recommended to opt for a health plan as soon as you start your first job. This shall enable you to gain coverage at a younger age and enjoy affordable premium rates!

  • ✔️Is the health insurance premium amount different for every insurer?

     Yes, the health insurance premium may vary from insurer to insurer.

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