Experts say that the day you start earning money or become financially independent, you should buy health insurance coverage on the same day.
Health Insurance: Due to the Kovid-19 epidemic, awareness about health has increased among the people. The importance of health insurance policies cannot be overlooked in such times. There is a famous Chinese proverb,
The best time to plant a tree was 20 years ago. The second best time is now.” This means that you should get all the important work done as soon as possible and avoid delay in taking important decisions of your life.
It is impossible to predict when we will have to face a health emergency. Whether we are young or old, we may have to face health-related problems at any stage of our life. In these emergencies, money is not a problem, so that it is advisable to buy a good health insurance policy at the right time and the right time is now.
You should buy health insurance coverage the day you start earning money or become financially independent. Let us know when is the right time for you to buy a health insurance policy?
What are the benefits of buying a health policy at a young age
Often people think that they are completely healthy and they do not need a health policy at the moment, but this is a big mistake. When you turn 20, you can buy a health policy at a reduced cost. Generally, when you are young you are less prone to any serious diseases.
As people get older, the chances of getting sick increases. When you are young, you do not need any medical test to prove yourself healthy. Conversely, if you buy an insurance policy after ageing, the insurance company does various medical tests before issuing you a health policy.
One advantage of buying a health policy at an early age is that you usually do not have savings at this age. In such a situation, that is, in case of deteriorating health, you will not need to worry about money.
It has other advantages. For example, suppose you have purchased a health policy at an early age and have not made any claim during the policy year. In this case, the insurance company gives you a No Claim Bonus (NCB) by increasing the size of your cover for all claim-free years at no extra charge.
Why Buy Health Insurance Policy Now?
Having health coverage can help you do better financial planning. With the help of this, your financial goals will not be affected due to health emergency. Apart from this, you can also avail tax deduction under section 80D while paying premium for health insurance.
You can claim tax deduction up to Rs 25,000 in a financial year. If you buy a health policy at the age of 20, you can start getting tax benefits under section 80D from an early age. This way, you can save a lot of tax in the long run.
What to do if you miss buying a health policy at an early age?
You can buy a health insurance policy at the age of 30 or 40 without medical test. If the age of the person buying the insurance policy is more than 45 years, then most of the companies ask for a medical test.
If you are above 45 years of age and you do not have any pre-existing health-related illness, you can buy a health policy only after undergoing a medical examination as prescribed by the insurance company.
As you age, it becomes difficult to get a health policy due to poor health. Once you cross the age of 60, your health insurance options are reduced. Some companies may offer you a policy designed for senior citizens but the premium will be higher.
