Buy earlier to get more out of your health insurance
Health is wealth. Millennials enjoy the luxury of health, and at times take it for granted. You are in the 25-29 age bracket and you think you have a whole life ahead of you to take a health policy, after all, you still have time to get settled in your life.
This approach has helped no one, least of all the person with a health insurance premium to pay. Buying at a younger age ensures that you invest in a health policy at a pocket-friendly rate.
Not convinced? Take a look at why you really should reconsider buying a health insurance policy when still young and restless.
Cheaper Plans
Age determines the cost of health insurance. The logic applied by the insurers is fairly simple; the younger you are less likely are to develop illness and ailments. As people age the quality of health subsides; especially towards middle age; and they start developing various impairments. Hence, the cost of premium that you pay when you are 25 will be much cheaper than what you pay in your 40’s.
Low Premium Benefit
Buying an insurance at early stage means the insured starts his insurance coverage with a low premium amount. A person who purchases insurance policy at the age of 25 years, will have lower premium as compared to that of a 40-year old. Having said that, the premium amount can change and is subject to factors such as change in age slabs, revision of tax laws and change in the product itself.
Rise In Lifestyle Diseases
Living in a fast paced life has made us sedentary. We no longer enjoy the same quality of health that our ancestors enjoyed. The rise of lifestyle diseases like obesity, diabetes, hypertension, heart-attacks are all stress induced. If you need only one reason to buy a health plan, this should be it.
Lower Coverage Costs
Health plans today come with wide range of features like maternity benefits, emergency ambulance charges, pre- and post-hospitalisation expenses, all of which will cost more as you age. Hence, purchasing an insurance policy when still young will ensure all the above benefits are covered, at lower costs.
Young Buyers Get Coverage Early In Life
If you are young, the chances of any pre-existing diseases are usually minimal. Thus, if you purchase a comprehensive policy you will be able to claim for any such treatment in years to come, as pre-existing illnesses are covered only after a certain waiting period. Maternity benefit, surgery expenses are few such situations that you can get covered for.
Not Discouraged By Waiting Period
Insurance is often opted when the need or a health crisis is anticipated. It creates dire necessity where you have to make do with the available options and features in times of distress. In addition, many treatments have waiting period of 30-90 days before the claim can be processed.
All this hassle can be reduced when you purchase a health policy at an earlier stage. A health insurance policy gives comprehensive protection against the medical exigencies that can come up at any time. It is always better to be prepared to face them head on, rather than regret later on.