Health is wealth; this has been known and understood for ages. Yet, the fast paced lifestyles, rising pollution, hectic schedules and late hours have put our health in a very precarious position. Today, healthcare has become a major concern all over the world and it is not helped by the fact that healthcare costs are rising. It is true that the overall life expectancy has significantly increased, but there is also an increase in the number of healthcare problems. Therefore, health insurance plans have become a necessity, regardless of what age you may be. People are also opting for health insurance due to medical inflation, or else they can wipe out their entire savings in medical bills.
It is essential to remember that the ideal time to invest in health insurance policy is when you are young. It is a given that healthcare costs are only going to rise further. Therefore, it is ill-advised to delay investing in health insurance. Opting for health insurance at a young age can provide several benefits. If you are unsure, here are some great reasons to consider doing so:
The Different Waiting Periods
The waiting period associated with health insurance plans ranges from 30 days to almost 4 years, during which you cannot make a claim. If you are investing in health insurance at a young age, you can rest assured that you will be able to cruise through the waiting period without any problems. Other than this waiting period, there are others that deal with pre-existing ailments and diseases, such as knee replacements, cataract etc. When you are getting health insurance at a young age, you don’t have these health issues and this enables you to complete your waiting period without any problems.
Great Plans at Lower Premiums
Another perk you enjoy when you invest in health insurance at a young age is that you don’t have to undergo a medical checkup and you are provided with a greater range of policies to choose from. The premium for a health insurance policy is based on several factors, one of which is the age of the policy holder. Hence, buying a policy at a young age means that you can opt for a comprehensive plan and pay a lower premium for it. A variety of latest health insurance plans offer plenty of coverage including day care procedures, vector borne diseases, maternity benefits, OPD expenses and more. In addition, the coverage only increases as you get older so you can get better coverage when you have the plan for longer.
Lifetime Renewability
There are numerous caveats associated with investing in health insurance in older age. You have to undergo medical checkup first and various policies come with upper age ceiling for entry purposes. But, when you are buying it at a young age, lifetime renewability is an option. This ensures that you remain covered for a long period of time and can benefit from extended coverage. You can also get tax benefits for a longer time period when you get a policy early.
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