We all know the importance of buying a health insurance policy to secure our families against medical emergencies. A health insurance plan allows you and your family to get the best medical care without worrying about the rising costs. Today, you can find a variety of plans to suit your family’s specific medical needs.
While buying a health insurance policy, one of the critical things you must know is the age limit. According to IRDAI (Insurance Regulatory and Development Authority of India), an individual up to 65 years can purchase a health insurance policy in India. However, many insurers in India offer comprehensive senior citizen health insurance policies for individuals aged between 65-80 years.
However, the insurance experts suggest that it is better to buy health insurance at a young age as it allows you to enjoy more benefits.
Let us look at the benefits of buying health insurance while you are young and healthy.
· Waiting period
All health insurance policies have an initial waiting period of at least 30 to 90 days, during which you cannot make any claim. When you buy any health insurance at a young age, you can have an advantage as you can easily get over the waiting period without any concerns since the chances of getting sick may be minimal when you are young. On the other hand, individuals aged over 60 years may have a more extended waiting period.
· Lower premium
Another significant benefit of buying a health insurance policy at a young age is that you can get the coverage at a lower premium. When you are old, you may be susceptible to various illnesses and file a claim. So, to mitigate this risk, the insurers increase the premium.
· Tax benefits
Buying health insurance at a young age would enable you to enjoy tax benefits for a more extended period. You can claim a deduction of up to ₹25,000 on the premium under Section 80D of the Indian Income Tax Act. If you have purchased a policy for your parents aged more than 60 years, you can get an additional deduction of ₹25,000.
· Pre-existing conditions
Pre-existing condition refers to an illness or disease that you may be diagnosed with when buying the policy. In such a situation, the insurer may exclude the condition from getting coverage scope or increase the waiting period for the same, which defeats the whole purpose of buying health insurance.
You may not have any health issues when you are young, and you can easily get coverage with standard terms and conditions without any hassles.
· No-claim Bonus or NCB
Most health insurance companies offer no-claim bonus benefits for every claim-free year. The benefit may be in the form of an increased coverage amount or discount on premium upon policy renewal.
When you are young, you may not feel the need to file a claim. This means you can keep accumulating the NCB for a more extended period, and you can increase the sum insured by up to 50{8a820592dcb037882bb9601b604d7ac9a737feb92ca6fee69ff0c32e86b1bce7}.
Final Word
Thus, with so many benefits, it is advisable to buy a health insurance policy at a young age and make the most of it.