You can’t deny the fact that health insurance is something that is financially necessary for all individuals. Considering the soaring medical costs and increase in lifestyle diseases among the people in our country, you never know when a medical emergency can attack a person. This is why a person is advised to get adequate health insurance coverage to protect himself both financially and emotionally.
If you ask any financial advisor, you will find him telling you that it is better to buy a health plan early in life so that you could avoid lifetime loading of 2% on top of your normal premium rate. Here are few reasons to get adequate health insurance coverage while you’re young.
Reason #1: You get low premiums
Once you grow older, you can’t avoid the fact that the condition of your health will deteriorate and you might be subject to regular treatment. On the other hand, when you’re in your 20s or 30s, there will be lower possibilities of poor health. The insurers issue premiums that are based on the condition of your health and your age. If the company considers you as higher risk, you will be charged high premiums. Due to the fact that health insurers deem young people to be low-risk, you’ll pay a low premium and grab the best policy.
Reason #2: Waiting period can be overcome easily
Majority of the health plans have waiting period which ranges to 30 days during which you can’t claim even if there is any medical emergency. Insurers provide waiting period for different conditions like hypertension, diabetes and different ailments. This is why if you can take health insurance at a really young age, the waiting period will be completed before time. You should compare health plans to choose the best.
Reason #3: Less likelihood of rejection
In case the applicant of the insurance policy has some kind of medical condition which marks him as ill, there will be high chances that your insurance applications will be rejected. This is why if you opt for life insurance policy when you’re in your 20s, this possibility will be much less. The insurance companies will also perform a medical test to ensure you’re fit enough for the policy.
Reason #3: Tax perks
Did you know that there are tax benefits too of taking out a policy at an early age? Whenever you’re in your 30s and you get your health insurance coverage, you’ll start reaping benefits of taxes at a rather early age. You can thereby save a considerable amount of money spread over a long time period and this money can be invested in some other profitable financial instrument.
Reason #4: You get to choose from a wide array of options
Since you’re starting off young, you can choose your policy from a wide range of options. The insurance carriers will also let you choose from a pool of plans to make sure you get the best choice.
Therefore, when you’re trying your best to save on your health insurance plan, make sure you start at an early age to get the best out of it.