What is the right time to buy medical insurance?
If you’ve also been thinking about this, don’t worry, you are not alone. The right time to buy medical insurance is always a question of scrutiny and can have different and subjective answers. While some people prefer getting health insurance at an age when medical conditions start striking, some prefer to compound money from an early age.
Image Source: Shutterstock
However, it is generally advised to get medical insurance at an early age. This ensures maximum benefits in light of premiums, cash deposits, reimbursements, and much more. We’ve collated a few benefits of buying reliable medical insurance at an early age for you-
1. Lower Premiums
Getting health insurance at an early age provides you with the benefit of lower premiums. Young individuals trying to buy medical insurance often get lower premiums as younger the age, minimal is the health risk, and therefore lower is the premium amount.
The policies also propose some complimentary benefits on coverage when opted at an early age.
2. Fewer Exclusions
Medical insurance providers often exclude some diseases or chronic medical conditions from policy coverage to reduce the risk from their end. However, if you avail of medical insurance at an early age, you might have fewer exclusions.
3. Tax Benefits
Health insurance plans in India are of diverse kinds. In such a scenario, shortlisting the plan that helps you save taxes can add to the list of benefits. This can be achieved by buying medical insurance at an early age.
According to Section 80D of the Income Tax Act, 1961, you can avail of a tax deduction on the premium amount you pay for the medical insurance policy. You can save upto Rs 25,000 per annum if your medical insurance covers you, your spouse, or your children.
4. Wide Range of Options
There are a few reliable, valuable and exhaustive medical insurance plans available for old individuals. Therefore, to increase your chances of getting the best insurance plan with the most affordable and optimum coverage and premium, buy a full-fledged plan at an early age. Additionally, it is important to choose a reliable insurance provider like TATA AIG. They’ve been in the industry for 20 years and offer reliable and exhaustive health insurance plans along with exceptional services.
5. Lifetime Renewability
According to government regulations, medical insurance policies bear no fixed age of renewability. Therefore, it is advisable to buy medical insurance with a lifetime renewability option so that you can have your health financially secured throughout your life.
6. Escape the Rejection
Getting a medical insurance plan for old age individuals or individuals prone to health conditions is tough and strenuous, and oftentimes, the policy application gets rejected. There also are cases when old age individuals get medical insurance but at hefty premiums that too with minimum amenities.
Therefore, to escape these problems, getting health insurance plans in India at an early age seems a possible and smart solution. It also reduces rejection rates and ensures that you get the best of the options to choose from.
Generally, insurance providers offer a “no claim bonus” to their clients. It is provided when no claims are filed during a specific period. By buying medical insurance at an early age, you increase your chances of getting a no-claim bonus or be eligible to get cumulative bonuses.
Getting medical insurance at an early age uncovers some hidden benefits. By making this wise and pragmatic decision, you can avail maximum benefits from your medical health insurance plans.