The best of 5 Insurance Advisor

Insurance Essentials
There are many explanations why experts encourage
people to purchase health insurance while they are
young. It has numerous advantages, which are described
below:
1.Waiting period: Most health insurance plans have a
30- to 90-day waiting period during which you are
unable to file any claims, even though you have a
medical emergency. Purchasing a health insurance policy
at a young age is thus advantageous in this sense since
you will be able to complete the waiting period without
any worries. Many illnesses, such as cataracts, urinary
tract stones, knee replacements, arthritis, and so on, have
a waiting period. Most insurance companies list at least
10 to 15 conditions that include a waiting period. In
certain cases, people over the age of 60 have a longer
waiting time.
2.Comprehensive: If you purchase a health insurance
policy when you're young, you'll be able to benefit from
comprehensive and holistic coverage. As a result, you
will feel more secure both during your jobs and after you
retire.
3.Low premium: An insurance provider's premium rate
is usually determined by the current age. You can get a
lower premium if you buy a policy while you're young.
4.Duration: It's important to keep in mind that most
health insurance plans have an upper age limit. You
won't have to think about age limitations if you purchase
a health insurance policy while you're young, and you'll
be able to reap the benefits of health insurance for a
longer period.
5.Tax benefit: Purchasing a health insurance policy at a
young age allows you to take advantage of tax
advantages for a longer period so you can subtract the
premium you pay from your total income under Section
80D of the Income Tax Act of 1961.
6.Coverage: Getting a health insurance policy while
you're young means you'll have more coverage. Many
new insurance programs cover a wide range of services,
including daycare practices and vector-borne illnesses, as
well as maternity compensation and out-of-pocket
expenses. In other words, when you get older, the
insurance premiums will rise due to further medical
problems.
7.Pre-existing conditions: Purchasing health insurance
in your late 40s would only add to your financial strain
by reducing your benefits. Many health insurance
companies refuse to cover many pre-existing conditions,
which defeats the intent of purchasing health insurance.
8.Incentive: In the absence of any claims in the
intervening year of a policy term, most insurance
providers receive a "no claims bonus." You can get a
cumulative benefit if you purchase a health insurance
policy when you're young and you'll most likely extend
it every year. As a result, the bonus you've accumulated
increases the amount of coverage you have, which can
come in handy later in life when you're old and grey. In
most cases, the no-claim bonus will range from 5% to
100% of the amount insured.
9.More choices: If you start looking for health insurance
when you're young, you'll have more options than if you
wait until you're in your late 40s. You have the option of
selecting a package that best meets your needs by
analyzing all relevant parameters.
10.Lifelong renewal: You can opt for lifetime renewal of
your health insurance plan and thereby, avail of extended
coverage. Consequently, you can for your entire life by
opting for the renewal of your policy.
11.Poor health: Sedentary lifestyles have led to an
increase in the occurrence of many diseases related to the
heart and lungs claiming lives at a young age. The young
and salaried segment of India’s population is vulnerable
to several diseases.
It's important to remember that a health insurance plan
covers the whole family, not just the person. There are
Family Floater health insurance policies that suit the bill
if you are young and married. Remember that purchasing
health insurance at a young age is the first step toward
being prepared for unknown health risks. Work on the
body while still purchasing a health insurance policy for
peace of mind!
MAY 2021 | 25 | www.insightssuccess.in