What is the Right Age to Purchase Medical Insurance?

Amidst our hectic schedule, rising pollution, unhealthy eating habits, we must find a way to care for our health. Medical insurance has become an integral part of our lives and it helps cover expensive medical treatments. We all know that purchasing medical insurance is important, but what is the right age to purchase it? Read further to know the answer:

Can I Buy Health Insurance for the Future?

While there is no hard and fast rule about when health insurance must be bought, it can be more beneficial if bought when young. Young people have to realise the importance of health at an early stage in life and begin to save for medical expenses since medical treatments are very expensive. Health insurance can be bought ahead for the future and one can enjoy several benefits when the policy extends for a long-term and was purchased when one was young and in top health. 

Why Should You Buy Health Insurance Early? 

Low Premium

One of the main reasons health insurance must be bought when young is because we are comparatively healthy when young. Insurance companies decide the premium rate depending on the needs and health of the person. If one is young, the likeliness of a claim is low and hence the insurance premium cost goes down.

Waiting Period

Insurance companies have a certain number of years that policyholders must complete before they can make an insurance claim. This period is known as the waiting period and if health insurance is bought when young, they can wait through the period without any concern.

Enjoy No Claim Bonus Benefit

If insurance is bought earlier on in life, one might not have the need to make claims. For each claim-free year, insurance companies offer an NCB benefit which is a discount provided at the time of policy renewal. This can be accumulated over the years and one can avail up to a 50% discount.

Tax Benefits

Under Section 80D of the Income Tax Act, 1961, one can avail tax benefits for themselves, spouse, and dependents. The premium of any health insurance policy that policyholders pay from their salary is qualified for a tax deduction. When health insurance is bought early, one can enjoy the benefits for longer.

Group Mediclaim is Insufficient

Employed people are covered under the Group Mediclaim insurance plan that is offered by the employer of the firm. This policy covers up to 5 family members until one works at the firm. While this plan is a huge advantage, it is insufficient. If one buys individual health insurance, they could enjoy better coverage.

Increase in Lifestyle-Related Diseases

Young people too are vulnerable to lifestyle issues such as diabetes, hypertension, obesity, etc. This is an essential reason to buy insurance when young.

There are several health insurance policies available today. Make sure you visit various insurance websites and do your research before you purchase a policy. Consider buying insurance when young as it is a wise investment option. Click here to know more about health insurance policies available!