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Insurance Article

Why Investing In Health Insurance At A Young Age Makes Sense

October 12 2016
Investing in Health Insurance

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.

Benefit From Premium Lock-In

Buying an insurance at early stage means the premium amount stays locked in throughout the life of your policy. At 25 years of age, if a person pays a premium of ₹6000, the same amount is locked-in till the policy is redundant. Young health insurance buyers enjoy a longer duration of coverage and get better benefits since they are well under any ceiling age limits.

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

When you purchase a policy at 25, you will have a greater coverage than what you would get at 35. 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, locking in coverage when young is ideal.

Young Buyers Get A More Comprehensive Deal

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 and the coverage will be automatically included in your policy. Maternity benefit, surgery expenses are few such examples.

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 time 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. Since a young person won’t face an immediate medical emergency, he/she would exhaust the waiting period without any need for claiming.

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