Most people delay their decision to procure health insurance until they are older. This is because they think that they are young and healthy and do not require such coverage. Like most of these people, you may assume that no medical emergency may strike when you are young especially if you follow a healthy lifestyle.
However, life is uncertain and you may never be able to predict when a medical condition strikes. Treating a serious ailment and hospitalization is expensive and may cause havoc to your financial situation. Therefore, protecting yourself and your loved ones from financial distress during such emergencies is important.
Here are six benefits of health insurance when purchased at an early age.
1. Lower premium
The possibility of suffering from serious illness is lower when you are young. Therefore, the insurance companies consider you as low-risk. As a result, the premium paid to procure the health insurance policy is lower, which helps you save money.
2. Waiting period
Whether you buy health insurance online or offline, most plans come with a waiting period. During this time, you cannot file a claim even in case of a medical emergency. Therefore, when you are young, you will be able to complete the waiting period without higher risks of suffering from any health issues.
3. Greater security
The probability of suffering from any major condition is less when you are young, which reduces the premium amount. Moreover, when you grow older, you would have exhausted the waiting period when you avail of health insurance at a young age. As you age, the possibility of suffering from major illnesses is higher. When you buy health insurance online at an early age, you are assured of availing the plan coverage when the need arises giving you greater financial security.
4. Duration
Most health insurance companies levy a ceiling on the upper age limit to buy a health insurance policy. Therefore, if you wait for a longer period, you may be unable to procure medical insurance online or offline due to the age limitation. This is not a possibility when you decide to purchase a health insurance plan when you are young. When you have several productive years in the future and lower possibility of suffering from any medical illness, the possibility of rejection is almost zero. Therefore, you are able to enjoy health coverage for your entire life through renewal.
5. Coverage
One of the biggest benefits of health insurance at an early age is that you are able to maximize the coverage. Insurance companies today offer health plans that come with wide coverage, such as day care procedures, maternity benefits, Out Patient Department (OPD) expenses, and others. If you delay your decision of buying a health plan when you are older, the coverage costs may skyrocket because of the higher risk of medical complications.
6. No Claim Bonus (NCB)
When you do not file a claim during the year, the insurance companies offer you a No Claim Bonus (NCB). If you buy health insurance online when you are young, you are able to accumulate a higher NCB for each claim-free year. The NCB increases the coverage under the health policy, which makes it advantageous, as you grow older. You will be able to enjoy a higher sum insured when you are older and the possibility of suffering from any medical condition increases. The NCB ranges from 5% to 100% of the sum insured in several instances.
Health is wealth and erratic modern living is resulting in the increase of lifestyle diseases. Combined with rising healthcare expenses, an illness may cause financial distress. Therefore, you must safeguard yourself against such possibility with a health insurance at an early age.