Here’s Why You Need to Invest in a Health Insurance Policy As Early As Possible!
We don’t realize the importance of the adage health is wealth, till we truly face a health problem and rue over the fact that we wish to have had invested in a health insurance policy early. We deal with a fast and furious lifestyle, on top of that we have to combat the rising pollution levels, contaminated food, and more.
We are at perpetual risk of several health hazards. Not to forget, medical costs have been at an all-time high. It’s impossible to bear the costs for a common man. So, what should we do? We should invest in a good health insurance policy as early as possible!
It is easier to procure a good policy when you are young and disease-free. Here are more reasons to invest in a health insurance policy before you hit your thirties.
Employer Cover May Not be Sufficient
Though your employer may have provided you with a group health insurance cover, it may not be always sufficient. Mainly because medical inflation is high and your employer-sponsored health cover may not always be sufficient to meet the mounting hospitalization expenses. Moreover, you may face many other issues such as job change or loss of employment and run the risk of getting uninsured. Hence, buy an independent health insurance policy to secure yourself financially.
Rise of Illnesses
A sedentary lifestyle, too much consumption of junk food, and increased pollution levels have led to an increase in non-communicable diseases such as hypertension, diabetes, obesity, lung ailments, and more. Moreover, these diseases can affect you at a very young age. Critical Illnesses such as cancer, heart attacks, stroke, and more have become more common than we would like to think. It is always better to be safe than sorry and prepare yourself for the worst.
Completing the Waiting Period Before Needing it
Health insurance policies now have a waiting period of two to four years for pre-existing illnesses and other diseases such as cataracts, hernia, and more. During such a waiting period, you cannot get coverage for illnesses you suffer from when you buy the policy. If you buy a health insurance policy at a young age, the waiting period may get exhausted by the time you may need to cover the pre-existing illness or specific diseases that need such coverage.
Accumulating NCB in the Initial Years
Many insurance companies come up with a No Claim Bonus, especially if no claims are made in the previous year. When you are young, you may not require medical assistance, so you do not have to make a claim. You can, thus, accumulate the NCB of your plan till you can make a claim. Since most NCBs may increase the Sum Assured, you may enjoy a higher coverage at the same premium in later years when you begin to make a claim.
A Wider Coverage
It is a safer alternative to buy a health insurance policy early in your life and enjoy a wider scope of coverage. Since when you are younger and there is a lesser risk of suffering from a disease at such ages, the insurance company may allow you a more comprehensive coverage than when you get older.
No Pre-Entrance Check-Ups
Insurance companies require medical check-ups only when you go past a certain age – such as 45 years usually – because the older you get the higher are the chances of getting affected by health risks. When you start buying young, you may be able to skip the pre-entrance check-ups. Moreover, if they find out that you run a health risk, the policy may have coverage restrictions and you may have to pay higher premiums. If you want to avoid such restrictions and avoid paying off higher premiums, start young.
Lesser Chance of Rejection
Your health insurance policy gets approved after it undergoes medical underwriting. Medical underwriting may mean assessing your health risk. When you are young and enjoy good health, the underwriting may be favorable and you can get the policy easily. However, when you start getting older and start suffering from medical complications along the way, your medical underwriting may not turn out to be as favorable. If you have severe health complications, the insurer may not approve the plan. Thus, buying the health plan at a younger age may increase your chances of getting the plan approved.
If you are under thirty and still do not have a health insurance policy, it is time you got yourself one! Now is always a good time to choose one.
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