top of page
Health Bima for Young Adults
Younger people are generally healthier and considered lower risk, which leads to lower premiums, buying a health insurance policy at a young age not only gives you greater coverage but also helps you plan your finances in a better way.
Video credit goes to https://www.youtube.com/@HEALTHbima
Reasons To Buy Health Insurance At An Early Age
​
Waiting period: In most cases, health insurance policies have a waiting period, during which you cannot make any claims even if you have a medical emergency. If you buy at a young age, a big advantage in this context, as you would exhaust the waiting period without any concerns.
Low premium: In most cases, the premium charged by an insurance company depends on your age. If you opt for a policy at a young age, you can avail of a lower premium which will be money saving in long term.
Tax benefit: Buying a health insurance policy at a young age will allow you to enjoy tax benefits for a longer period in that you can claim the premium you pay as deduction from your total income under 80D of the Income Tax Act, 1961.However in new tax regime such benefits are not available.
Coverage: Buying a health bima policy at a young age ensures that you have wider coverage with time. Many latest health plans offer wide coverage from day care procedures and vector borne diseases to maternity benefits and OPD expenses among others.
Pre-existing conditions: Buying a health bima in your early 30s will only decrease your financial burden with enhanced benefits. Many health insurance providers exclude many pre-existing conditions from getting covered which defeats the purpose of opting for a health insurance policy.
Bonus: Most insurance companies offer a 'no claims bonus' if there are no claims taken in the preceding year of a policy term. If you buy a health insurance policy at a young age, you can avail of NCB as you will most likely renew your policy every year. As a result, the bonus accumulated increases your coverage amount which will prove to be an advantage at later stages of life.
Wider options: At young age you have better options to choose from rather than in your late 40s. You have the freedom to opt or a plan which best suites your requirements by analysing all the important parameters.
Lower chances of rejection: When you are young, you have many productive years ahead of you and less health complications. As a result, chances of your health insurance policy getting rejected are miniscule.
Financial planning: Buying a health insurance policy at a young age not only gives you greater coverage but also helps you save huge amount of wealth if in future there is any serious medical emergency.
Personal health insurance: The coverage provided by your employer may not suffice to cover your costs. Furthermore, you will run the risk of being uninsured at the time of any job change or loss of employment.
Low premium: In most cases, the premium charged by an insurance company depends on your age. If you opt for a policy at a young age, you can avail of a lower premium which will be money saving in long term.
Tax benefit: Buying a health insurance policy at a young age will allow you to enjoy tax benefits for a longer period in that you can claim the premium you pay as deduction from your total income under 80D of the Income Tax Act, 1961.However in new tax regime such benefits are not available.
Coverage: Buying a health bima policy at a young age ensures that you have wider coverage with time. Many latest health plans offer wide coverage from day care procedures and vector borne diseases to maternity benefits and OPD expenses among others.
Pre-existing conditions: Buying a health bima in your early 30s will only decrease your financial burden with enhanced benefits. Many health insurance providers exclude many pre-existing conditions from getting covered which defeats the purpose of opting for a health insurance policy.
Bonus: Most insurance companies offer a 'no claims bonus' if there are no claims taken in the preceding year of a policy term. If you buy a health insurance policy at a young age, you can avail of NCB as you will most likely renew your policy every year. As a result, the bonus accumulated increases your coverage amount which will prove to be an advantage at later stages of life.
Wider options: At young age you have better options to choose from rather than in your late 40s. You have the freedom to opt or a plan which best suites your requirements by analysing all the important parameters.
Lower chances of rejection: When you are young, you have many productive years ahead of you and less health complications. As a result, chances of your health insurance policy getting rejected are miniscule.
Financial planning: Buying a health insurance policy at a young age not only gives you greater coverage but also helps you save huge amount of wealth if in future there is any serious medical emergency.
Personal health insurance: The coverage provided by your employer may not suffice to cover your costs. Furthermore, you will run the risk of being uninsured at the time of any job change or loss of employment.
One of the common misconceptions about Health Insurance is that it is only necessary for people who are older or have existing medical conditions. However, this is not the case accidents and illnesses can happen to anyone at any age, and it is important to be prepared.
Time and tide wait for no one, goes the old adage. The right time to buy a health insurance policy is the moment you realise that your health costs may only escalate in the future owing to the overall rise in the cost of living among other factors. The sooner you realise the truth, the better it is for you. In other words, you should buy a health insurance policy at a young age to avail of many benefits.
A Health Insurance plan acts as financial protection against medical expenses arising from an illness, disease or injury. It is significant investment that can help you to manage the financial burden occurred due to medical bills and ensure you have access to quality healthcare.
bottom of page