Soaring costs of medical treatment has made it essential in today’s day and age to have some form of backup plan to tackle medical emergencies. These medical exigencies come unannounced leaving no time to prepare yourself mentally or financially. Coupled with that, the ongoing pandemic has further emphasised the importance of having such safety net.
Considering these situations, what better than a health insurance policy? Not only does it safeguard your finances but also offers mental peace knowing a you already are prepared for such contingent event. In addition to it, most employers are offering health insurance plans as an additional benefit to salary perquisites. However, they might not always be enough. So, if you are getting started with your career, these reasons make it essential to have a health insurance policy early in life.
#1 Limited coverage under group insurance plans
Group insurance policies are those health insurance plans that are offered to all those associated with a common organisation. This is most popular in workplaces where employers offer health insurance as an added facility to salary perks. However, group health insurance in India may not always provide adequate coverage. While the policy is picked to suit all employees, it lacks customisation to get it just right for you. Thus, relying solely on a group insurance plan isn’t advisable and should consider either a family health insurance or an individual cover.
#2 Affordable premiums
Health ailments are not prone during young age. Hence buying an insurance policy early in life will ensure you get the same coverage at a pocket-friendly cost. As you grow older, the premium starts to increase since more and more ailments start to grip. But not when you buy a health insurance policy early in life. Also, it is advisable to purchase a critical illness insurance at a younger age if you have a family history of certain ailments.
#3 Cumulative bonus
Health insurance policies are purchased with a motive to cover the contingent ailments that may or may not arise. But it doesn’t imply a claim shall be made during every policy tenure. Thus, insurance companies offer cumulative bonus as facility wherein the sum insured of your policy is increased for each consecutive claim-free policy tenure. This cumulative bonus facility gives the benefit of a higher coverage for the same premium.
#4 Waiting period
Buying health insurance at a young age helps you get done with various waiting period requirements. Different policies require you to have different waiting periods. These may be either to cover specific conditions or just on an overall basis. One such example is when you buy a maternity cover in your family health policy. This maternity coverage has waiting period of 24 months to 48 months depending on your insurer. Thus, buying early helps to complete all such waiting durations in the terms of your policy.
#5 Retirement planning
Lastly, early investing in health insurance cover helps you plan for your retirement where income opportunities are limited and there is increased dependence on medical support. With the right insurance policy having lifelong renewability, these health ailments can also be covered during retirement helping you preserve your retirement corpus.
These are the different advantages of buying health insurance early in life. While you pick a suitable policy for yourself, make use of a health insurance premium calculator that can help to compare as well as get a suitable coverage for a pocket-friendly price. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
