Covid-19 has divided the world into pre-covid and post-covid times. While many areas of life have been affected by this deadly disease, one of the strongest ripples can be seen in the health insurance sector.
Though more and more people are now open to health insurance, there are many who still are procrastinating investing in one. One of the most commonly asked questions is “What is the correct time to buy a health insurance policy in India?”
Thankfully, the answer to this question is quite straightforward, and the answer is “Now!” The younger you are, the better for you.
When Is The Correct Time To Purchase Health Insurance Policy In India?
Most youngsters feel that health insurance is something that is needed only after you are in your mid 40’s. This approach, however, is quite incorrect. While it may seem quite obvious that most young people do not have major health issues, this certainly does not mean you do not need insurance.
Rather, experts suggest that you buy an appropriate health insurancepolicy as soon as you start earning.
Therefore, if you are in your mid-20s or early 30s, it is the best time to invest in a suitable health insurance plan. Having said that, even if you have crossed this age, fret not. It's never too late to buy health insurance. There are many health insurance plans that are specially designed for senior citizens as well.
Why purchase a health Insurance policy as early as possible?
Any individual who is above the age of 18 years can purchase a health plan. So is 18 too soon to buy health insurance? No, it is not.
Let us take a look at some of the benefits that you can seek when you invest in a suitable plan early on:
- It will be cheaper
One of the key factors that influence your policy premium is your age. An older policyholder is a high-risk client who may make regular claims. Thus your health insurance premium will be much cheaper than an older applicant.
- You will get over the waiting period in time
Every health plan comes with a waiting period that can range from 30 days to 4 years. Certain treatments and procedures have a long waiting period. For example, maternity expenses generally come with a 4-year waiting period. So if you are a 26-year-old woman, planning to start a family only after you turn 30, it would be best to cover the waiting period before only.
- You may not require medical screening
Though even senior citizens can purchase a health plan, they generally need to undergo a few basic health check-ups before they are eligible for one. Such conditions are mostly not applicable to young people who enjoy good overall health.
- You may not require medical screening
Though even senior citizens can purchase a health plan, they generally need to undergo a few basic health check-ups before they are eligible for one. Such conditions are mostly not applicable to young people who enjoy good overall health.
- You will be eligible for bonuses
As an individual in the prime of life, it is most likely that you will stay healthy. This way, you would not have to make claims and slowly accumulate No Claim Bonuses.
- You will be eligible for tax benefits
The health insurance premiums are tax-exempted, and you will thus be able to save a big chunk on taxes.
- You have just started saving
Digging into your newly built savings to pay hospital bills can be quite upsetting. With a suitable health plan, you will have a financial backup that will take care of such expenses.
- You have a healthy lifestyle
Most young people today are very conscious about their health and are careful about their lifestyle habits. Not falling into addictions can bring more stability and discipline. Having a healthy routine is easier when you start paying attention early on.
Wrapping it Up:
Today, there are about a dozen health insurance companies that claim to be offering the best health insurance in India. While most of them offer comprehensive policies, it is best recommended that you do proper research about the company as well as the plan you are planning to select. Before you buy health insurance, compare different policies and companies. Make sure you browse through the reviews and ratings given to a company as well. Comparing health insurance plans online is an easy process and can greatly help in choosing the best health insurance plan for you and your loved ones.
Also Read: What is Cashless Hospitalisation?
