November 29, 2021

5 unknown benefits of buying health insurance at young age

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It has been observed that many Indians spend a huge chunk of their income towards purchasing medicines, healthcare and getting treatments. However, most of these people often remove a large chunk of expenses from their own pockets because they do not have health insurance and eventually, they cannot handle the financial burden of hefty medical bills for too long either. 

However, you will not have to carry the burden of hefty medical bills and healthcare if you opt for a health insurance policy and buy the plan well in advance.

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There are many benefits of buying health insurance at an early age, as you not only make provision for the hefty hospitalisation bills in advance but also have a secure future financially. Moreover, with a health insurance policy, you can not only afford the best-in-class treatment but also enjoy various other benefits like transportation to the hospital and cashless coverage, to name a few. 

Then, there is always the tax benefit that comes along with insurance plans, which can also help you plan your finances better from an early age itself. 

Here are some of the benefits that come with buying a health insurance policy at an early age:

  1. Lifestyle Illnesses Are On The Rise

There are innumerable lifestyle-related diseases that have been on the rise in present times, and the onset of the global pandemic has only made matters more serious. Mostly, everyone in India has felt the need for an insurance policy to cover them and their families in such distressing times. Lifestyle-related diseases can result from less activity, stressful work life, unhealthy eating habits and many similar reasons.

  1. Planning For Your Needs Better

Buying a health insurance plan is like safeguarding yourself against uncertainties in life with a risk management tool. As a result, you can effectively tackle health emergencies and the financial turmoil that could possibly accompany hefty medicare expenses and hospital bills.

  1. Offers You A Comprehensive Deal

The younger you are, the more comprehensive your coverage can be. There are many term insurance benefits that are lucrative for earning individuals but buying in at an early age offers you every possible scenario you can imagine. 

At an early age, you are obviously fitter and less prone to disease and illness, and hence, insurance providers line up to offer you the insurance cover of your choice and every rider you can wish for. Any disease that you are diagnosed with later will have already been covered in your health insurance beforehand.

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4. Helps Plan Your Finances Early On 

Not only does it help you put money aside for your hospitalisation and treatment in the future, but it also helps you set ethics towards your finances. You can easily start paying premiums from an early age itself and pay lesser to because the younger you are, the fitter you will be, and that would mean affordable and smaller premiums for a comprehensive health cover. 

Not only this, but you will also be able to plan your tax playing right when you have started earning as health insurance also offers a number of ways you can save tax at ease. 

5. Covers More Than Just Hospitalisation

From offering annual health check-ups to day-care treatment and from in-patient hospitalisation to OPD and charges for domiciliary hospitalisation, your health insurance will cover it all. 

Having immediate access to treatment and hospitalisation is one of the major needs of every patient, and your health insurance policy can ensure you get an ambulance cover in your policy itself. 

Your family can ensure you reach the hospital safely and in time while the health insurance cover can look after the expenses incurred in the transit. In addition, a number of non-hospital services like dental, optical, chiropractic, optical and even services like dietary advice and Ayurvedic or Homeopathic treatment options can be added to customise your health insurance accordingly.

Apart from these benefits that a health insurance policy in India offers its policyholder, there is also the tax benefit that one can rely on. Under section 80D of the Income Tax Act of 1961, you can claim a deduction on your tax payment against the premiums you pay towards this policy annually. 

Besides, if you are paying a premium for a dependent parent’s policy, then you can claim tax deduction there too. Health insurance has multiple advantages for every individual and family but buying it at an early age surely offers you an edge. Make it a point to compare policies from different insurance providers and customise the cover to suit yourself and your family members aptly. 

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