It is 2018 and life is moving at a lightning pace. To catch up with it, we are trying to squeeze in maximum activities in the limited time we have in hand. Apart from the strain it has on our body, we also have to battle aspects like rising pollution and unhealthy habits to name a few. But on the other hand, life expectancy in India is also on the rise due to advanced medical facilities. But availing those facilities can be a costly affair. That’s where health insurance steps in.
While health insurance is seen as an essential investment abroad, people in India still haven’t really warmed up to the idea. Let alone, explore the benefits of getting health insurance sooner. Hence, let’s get ourselves acquainted to the idea and address in detail why exploring health insurance plans for yourself sooner is of paramount importance.
Benefits of getting health insurance early
Low premium – In most cases, the premium charged depends on the age of the insured person. Hence, getting a health insurance plan earlier would result in lesser premium amounts.
Duration – Most health insurance plans tend to have an upper age limit when it comes to availing them. So, if you start young, you won’t have to worry about age limits and enjoy insurance benefits for a longer period.
Tax benefit – There are some incredible tax benefits that one can get from insurance. For example, you can get a tax deduction on premiums under Section 80 D of the Income Tax Act, 1961. If you are paying premiums for yourself and your parents, you can avail a combined tax deduction under this act. But what is great is the fact that you can avail these benefits for a longer duration by starting young.
Higher chances of approval – With many productive years in hand and fewer health complications, your chances of getting your insurance policy approved is much higher when younger.
Health – Since the chances of life-threatening diseases among youngsters are rising, health insurance can have you prepared for any sudden medical emergencies.
Pre-existing health issues – But even if the former point doesn’t apply to you, you shouldn’t wait to get insurance. If in future you have any pre-existing health conditions when applying for insurance, it might put you at a disadvantage. Many health insurance companies are known to exclude certain pre-existing ailments. Hence, this could defeat the purpose of getting insurance in the first place.
Planning finances – In the event of a sudden illness, your finances can go for a toss, especially if it is a major ailment that you are dealing with. But with a health insurance cover, you have the expenses of medical emergencies taken care of. This gives you ample scope to plan and secure other long-term investments.