4 Advantages of Buying Health Insurance Early in Life

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What makes buying a health insurance plan more important than ever? Well, there are several reasons. The rising uncertainties, lifestyle-related diseases, inflating medical and hospitalization expenses, are just to name a few. Unfortunately, if any of your family member or you suffer from any life-threatening illness in future, it can exhaust all your savings, making life even more difficult in such sensitive times. 

To fight such uncertainties, you should buy health insurance, which can secure your life as well as your savings. How so? It provides financial assistance during medical emergencies and pays a portion of medical expenses depending on the amount of sum insured. This saves you from paying hefty medical bills and suffering from financial crisis to meet other expenses.

When you begin earning, the sudden onslaught of financial responsibilities can seem daunting. But, understanding the value of financial instruments such as what is life insurance, health insurance and its long-term benefits can allow you to plan for your future efficiently. 

Besides, securing coverage for your health has become more of a priority in recent times since lifestyle diseases have become more common at a younger age. So, let’s discuss some advantages of buying health insurance early in life so that you can make the most of it:

1. Less Expensive

Buying health insurance at a younger age can cost you significantly lesser than at a later age. This is mostly because insurance companies cover the risk of a policyholder. An older person is at a higher risk of suffering from medical conditions that require substantial support from the plan. 

So, the insurance company may charge a higher premium for health insurance according to your risk profile. However, a younger person is relatively healthier and can secure health insurance coverage at lesser rates. Moreover, when you are older, any pre-existing medical conditions will affect the cost of health insurance. 

2. Protect Your Savings

When you buy health insurance, you are protecting your savings which can take a hit in case of a medical emergency. The coverage of a health insurance plan allows you to separate the savings from the money needed for healthcare. 

Therefore, it is crucial to go for an adequate sum insured when you purchase health insurance. Usually, you should buy coverage of at least six times of your salary to have a reasonable amount of assistance at uncertain times. 

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While estimating the amount, even inflation in the healthcare sector should be considered. With the increasing cost, your estimates as per current charges won’t give you equal benefits later.  Depending on your needs, medical history, number of earning family members, etc., you should decide the right amount. 

3. Cover Possible Health Risks

Preparing for the uncertainties of life is always a good idea. While you can lead a healthy lifestyle and take necessary measures, it is difficult to predict when a health problem may occur. Therefore, getting coverage with health insurance for possible health risks makes sense at an early age, when you can. 

Different insurance companies provide you with a different set of benefits; a few of them are common. While buying a health insurance plan, you should necessarily check for:

  • Room Rent Allowance
  • Daycare treatment
  • Network hospitals coverage
  • Coverage of Pre and post-hospitalization expenses
  • Coverage of Health Checkups
  • Sub-limits for certain expenses and treatment

These benefits and the amount of coverage vary across the companies, and you should necessarily check these before signing up for any medical insurance.

4. Better Financial Planning

It is safe to say that tools like health insurance are a vital element of any person’s financial plan for life in today’s time. While you may not have much say in life’s happenings, you can certainly prepare for it well. 

As the health insurance industry evolves, it has more specifications and covers more types of illnesses. You have multiple options of health insurance plans to choose from, that can suit your requirements aptly.   

Whether you want to opt for insurance for pre-existing illness or maybe pregnancy? Or for the treatment availability abroad? Or for health coverage in general? There are several insurance plans with different rider benefits, which even provides coverage for diabetes, heart disease, etc., for different age groups. 

Moreover, buying a health insurance plan does not only provides health coverage; it also offers tax-saving benefits on the invested amount as per Section 80D and 80U of the Income Tax Act, 1861. So, you can use the health insurance plan to your benefit in more than one ways. 

Buying an insurance policy from credible insurance providers like Max Life Insurance provides you with maximum possible benefits depending on the policy you’ve opted for. They disclose all the specifications, terms and conditions clearly to avoid any confusions later, with end-to-end assistance to help you choose an appropriate health insurance plan depending on your fund availability and needs.

You deserve to live a happy and worry-free life!

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