When to Buy Medical Insurance?

It is never too late when it comes to getting the right form of medical insurance. It is suggested that as soon as you are eligible to avail insurance, you should consider it. The Covid-19 pandemic has just brought along a greater focus on physical well-being, and health insurance is just one of the many tools to explore that can safeguard you. Common illnesses and diseases are on the rise in youngsters due to unhealthy eating habits, work stress, and inadequate sleep.

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Here are some more reasons why it is advisable to buy medical insurance as a young adult in your 20s – 

  • Affordable – When deciding the periodic premium to be paid, age is the most important factor taken into consideration. The younger you are, the less premium you have to pay to avail benefits. This makes it a viable option for individuals just starting their careers. This correlation exists as, since you get older, the threat of health complications increases, which warrants a higher premium. Youngsters should definitely look to buy medical insurance for this sole reason itself.
  • Waiting Period – A waiting period is a time duration before a certain list of conditions is covered under your chosen health insurance policy. This period starts from the moment you buy medical insurance and typically varies between 2-4 years. This is why purchasing medical insurance at a young age is a good option since you ideally would not face any health complications during this waiting period. For example, if you buy medical insurance between 45 and 60 years of age, you would be at a higher risk in the waiting period since you would not be able to avail benefits in case of any emergency. 
  • Tax Benefits – The premium of any family health insurance policy or health insurance policy that policyholders pay from their earnings is qualified for a tax deduction. As stated in section 80D of the Income Tax Act, 1961, one receives tax benefits for premium paid for medical insurance for themselves, their spouse, and children. If you plan to buy medical insurance at a young age, you can enjoy these tax benefits for a much longer period of time. This can also be looked at as a form of investment that will help you in the long run.
  • Comprehensive Coverage – Planning to buy medical insurance early grants the policyholder the benefit of a large coverage. The likelihood of having any pre-existing conditions or complications are extremely low. Any illnesses that get diagnosed later on will automatically get covered by the premium.
  • No Compulsory Pre-Medical Checkups – Individuals above a certain age, might undergo pre-medical health checkups due to increased risks to health. If you buy medical insurance early, there is no need to undergo these pre-medical checkups.
  • Low Possibility of Rejection – It is quite tough to buy medical insurance with a history of medical complications. For example, an individual diagnosed with heart disease or some type of cancer would receive small coverage amounts or none at all. The risk of a young and healthy individual getting stuck in this position is significantly lower.

Along with these benefits, new-age medical insurance plans go beyond typical hospitalisation coverage and offer safety against a wide variety of healthcare requirements. These plans are dynamic and natural and can be customised as per one’s personal needs and requirements. It is also now possible to buy medical insurance online – which saves times & effort with a hassle-free digital process. For example, Care Health Insurance is a leading health insurance policy provider offering a diverse range of options for youngsters to secure themselves at a young age.

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