It is a normal perception that you don’t need health insurance when you are young and healthy. However, the fact is it is always a viable option to buy health insurance early on in life. There are some key reasons which prove why you must invest in a health insurance plan at a young age.
The first reason is related to the unhealthy ways of life which we maintain these days. These include unhealthy eating, no proper schedule of sleep and almost no physical activity. All these are reasons enough to make us lethargic, inactive and at the same time bring upon us many lifestyle related diseases early on in life. So, to tackle these diseases, you need financial support and nothing can be as effective as buying a good health plan to secure you from health related conditions.
The second reason is related to the waiting period in health insurance policies. You may already know that every health plan has a waiting period associated with it. Further, there are waiting periods specific to particular diseases. And unless the waiting period is over, you cannot avail the benefits of your health plan. So, by buying a health insurance policy early on in life you can cover the waiting period when you are still young. This is another reason why you must purchase a health policy at a young age. Moreover, buying a health plan at a young age also helps you to skip the mandatory pre-policy medical check-up.
Another very important reason to buy health insurance early on in life is related to NCB or No Claim Bonus. What is NCB? NCB is a discount that insurance companies offer to the insured for every claim free year. So, if you buy a health policy and if you do not raise any claim on the policy during the tenure of the policy year, you are entitled to avail this NCB discount. So, this NCB can let you avail 10% to 50% discount on the premium that you pay for your health insurance policy. Moreover, this discount gets accumulated with every claim free year. Hence, if you buy a health plan when you are young and away from diseases, you can easily accumulate NCB discounts. This is because you will hardly need to raise a claim in the initial years and thus might be able to collect NCB for consecutive years to lower the premium in the later years when you actually require the health plan for medical purposes.
Further, you also know that a health plan offers the much needed financial support to a family, especially during times when there is a financial crunch and someone in the family falls sick. During such times you can rely on a family health insurance plan to take care of the medical emergency in the household.
As discussed above, now you know why you should buy a health insurance policy at a young age. Let us discuss some more benefits of investing in a health insurance plan while you are young.
- If you buy a health plan at a young age, you are levied with an affordable premium. This is because at a young age you are free from most serious illnesses and so you seem to be an individual with low-risk prospects.
- Also, buying a health plan at an early age allows the individual the liberty to compare different plans and make an informed decision on buying the best policy.
- You can skip the medical test which is levied compulsorily on people who are above 40 years of age.
- Many insurers offer the facility of lifelong renewal if the insured buys the policy at an early age.
Hence, it is clear that buying a health policy in your young age is indeed beneficial. As such many factors determine the premium that is levied on an individual for his/her health policy. The age of the person does play a very prominent role along with other factors like sum assured, co-payment, deductible, additional riders, pre-existing health conditions etc. Thus, if you are young and healthy, you should consider buying health insurance to avail the numerous benefits associated with it as mentioned above.