Benefits of buying your health insurance policy at a younger age

Health insurance has become one of the basic necessities of life. It will help you to give a financial cushion to yourself and your family against medical emergencies that might grapple at any point of time in life. It is a must in developing country like India wherein the cost of healthcare is relatively high and each individual should buy adequate medical insurance cover.

Health insurance plans can go a long in smoothening out your medical urgency which might turn ugly and complicated if one is not well prepared in advance. If you're not adequately covered it can hamper your financial goals as well. In spite of so many benefits and being a necessity of the hour, still many youngsters deprive of having a suitable health insurance policy. Ideally, there are different kinds of health insurance plans in India such as individual health insurance, family floater health insurance, women-oriented health policies, senior citizen and critical illness plans. You can purchase the policy as per your medical requirements and financial coverage.

So, here are a few benefits explained on why you must buy health insurance plan in your early 30s:

Lesser Premium: Individual's age will play a decisive to calculate the premium costs. When you're young you tend to be healthy and stay fit, however, as you age you grapple with minor health issues, illness, etc. Thus, there tends to be a steep rise in the premium slab post-30-35 with every passing year.  If you buy a policy with "X" cover value for around Rs 5000 at the age of 25 years, you will have to shell additional 20% towards the premium costs for the same amount of cover post 35 years.

Employee health cover is limited: It's a common tendency amongst individual that since they are covered under group medical insurance or corporate plans they don't have to opt for additional health cover. However, it’s a big mistake because corporate health plans have a lower sum insured. They come with sub-limits and co-payment limits as well. It will prove insufficient for your family.

Waiting Period: You won't be able to cover any particular disease right from day one of your policy purchase. Every company has a waiting period of around 3-4 years before incorporating the treatment under the plan. Thus, when you're young and less likely to fall ill you can serve the waiting period. You can then take advantage of free medical treatment for any pre-existing diseases, surgeries, or special medical attention. Similarly, women can avail maternity benefits if they buy a policy at a younger age. It's better to plan in advance so that your newborn gets covered right from the birth with no additional premium paid by you

Low costs Deal: Since you're fit and free from any form of the pre-existing disease, medical insurance companies will offer you discounts on your premium costs. They are willing to offer customized plans that will suit as per your medical needs and give the best financial cover.

Tax Exemption: Under section 80D you can avail tax benefits on the premiums paid towards a health insurance policy. The maximum amount of deduction under this act is capped at Rs. 15,000 and Rs. 20,000 for senior citizens. And if you pay the health insurance premiums for yourself as well as for your senior citizen parents, then the deductions can be clubbed and you will be entitled to a total deduction of Rs. 35,000.