As we gear up to celebrate International Youth Day on August 12, it’s time to focus on a significant aspect of our lives. Youth has its fair share of fun and adventure, but this is also the time to make wise financial decisions to ensure peace of mind and protection. Especially, those decisions related to health. We can face a medical emergency anytime, and a comprehensive healthcare policy helps cover the expenses without denting our savings.
Why Buy Health Insurance Early in Life?
This International Youth Day, gift yourself a health insurance policy to ensure peace of mind and financial protection against health emergences. Health insurance for youth comes with several benefits. Here’s why you must purchase a health insurance policy when you are young and healthy.
- Cost-Effective Premiums: The premiums are affordable if you purchase health insurance early in life. The premiums for young policyholders are low as the risk of falling sick is low.
- Waiting Period: This is the number of days you must wait before making a claim on your healthcare policy. Usually, all healthcare policies have a cooling period (i.e., an initial waiting period) of 30 days from the date of the policy’s issuance. Also, pre-existing diseases come with a waiting period of one to three years. However, the waiting period for pre-existing diseases varies from one insurer to another. It may also be different for various policies. When you are young, the chances of being diagnosed with a severe medical condition are less, which ensures that you will easily be able to complete the waiting period.
- Financial Security: During any medical emergency, it is necessary to cover the cost of the treatment. This can cause hefty financial losses if you do not have a comprehensive healthcare policy. With a health insurance policy, you can cover the expenses in the time of emergency. Your insurer will cover the cost of hospitalisation, pre- and post-hospitalisation, medicines, doctor’s consultation fees, diagnostic tests, and more.
- Coverage for a wide range of ailments: A sedentary lifestyle and/or hereditary factors can lead to several health issues. Hence, health insurance is a must-have to cover the expenses related to various illnesses.
- Tax Rebate: A significant benefit of investing in a healthcare plan is the tax rebate under Section 80D of the Income Tax Act (1961). You can get a tax rebate of INR 25,000 for premiums paid for your healthcare policy.
Wrapping Up!
It is necessary to have health insurance for young individuals, as unforeseen medical emergencies can strike at any age. Also, keeping medical inflation in mind, health insurance will act as a safety net. It will help you cover the expenses, provide peace of mind, and let you avail of quality healthcare. Hence, purchasing a healthcare policy at an early age lets you reap significant benefits, including lower premiums and tax rebates.