A majority of the Indian population lacks proper healthcare coverage. As per a report, around 30% of the total population of India do not even possess a health insurance policy. Not only is such coverage crucial for all, but it is also beneficial to acquire medical insurance plans as early in life as possible. Several benefits await policyholders who choose to get such a policy before turning 30.
Advantages of getting health insurance policy before turning 30
There is a misconception that medical insurance is only necessary when one turns older and starts to develop a host of diseases. However, that is not the case. The following are some of the crucial benefits of availing such policies when one is still in their 20s.
i. Insurance premium remains lower
Budgetary concerns are one of the most important factors that one considers when buying a health insurance policy. One of the simplest ways to make even the most comprehensive policies affordable is to acquire the same at an earlier age. Insurers charge lower premiums from younger policyholders because the risk of needing emergency medical care is minimal compared to older individuals.
ii. Non-existent waiting periods
Since younger individuals are less likely to suffer from major diseases, they do not need to endure long waiting periods in their medical insurance coverage. From the very first day, such a policyholder would be completely covered against all diseases that his/her plan supports. Keep in mind that the waiting period can extend to several years, preventing proper financial coverage.
iii. Relying on more than just a group health insurance plan
Individuals in their 20s often mistake a group medical insurance plan their employer offers as an effective policy. However, in most cases, such plans provide minimal financial coverage and may require the policyholder to bear a majority of the medical expenses from his/her own pockets. Opting for a separate policy, on the other hand, can resolve such problems and help you protect your family’s well being.
iv. Easier to handle the premium burden
Generally, individuals in their 20s have minimal financial liabilities. As they get older, their disposable income tends to reduce. Thus, affording a medical insurance policy is easier for younger individuals as opposed to older ones.
v. Better accumulation of no claim bonus
No claim bonus is a special reward on offer to policyholders who complete a policy term without claiming coverage. Individuals in their 20s or 30s are more likely to be able to acquire such a bonus. Utilising NCB can reduce policy premiums during renewals and minimise liabilities further. Moreover, NCB stacks each year; thus, accumulation benefits increase with each claim-free year. Older policyholders might not be able to accumulate these benefits as effectively since they may need to claim coverage more frequently. Use a health insurance premium calculator to figure out exact NCB benefits.
vi. No need to provide medical history
Insurance aggregators do not ask for comprehensive medical histories when it comes to policyholders in their twenties. This reduces the hassle of availing such a plan and makes it less time-consuming.
vii. Avail increased sum insured
Opting for a policy at such a time would also ensure that individuals get the optimal sum insured coverage at minimal premiums.
Thus, individuals who are planning to apply for an insurance policy can visit an aggregator portal once. Insurance aggregator platform enlists various insurance policies from a wide range of companies, and one can compare insurance and find a suitable plan.
To sum up, purchasing a health insurance policy before 30 brings a host of advantages that can aid individuals in receiving the best possible treatment. Moreover, the availability of income tax benefits also helps them to make substantial savings.
