When you are young and don’t have any immediate ailments or medical expenses to cater to, you don’t prioritize planning for health insurance. We often associate health insurance with the elderly section of society.
Yes, it’s important to take all the necessary steps to lead a healthy and fit lifestyle. But it’s also important to plan for unforeseen circumstances. As the old adage goes, prevention is better than cure.
Here are six reasons why you should start early on Health insurance –
Owing to the sedentary lifestyle many of us have these days, diseases and other health issues have increased in the younger age group as well. If you don’t have a health insurance plan, the cost of hospital expenses and medication can eat into savings. If you start early with a health insurance plan, you can go ahead and get treated at the right time and have it covered by the plan.
The chances of having any illnesses besides genetic conditions or unforeseen circumstances at a young age are low. We recognize this and give you insurance plans at a lower premium. This way, you don’t financially burden yourself and you’re covered in case of any emergency.
No Claim Bonus
When you sign up for a health insurance plan at a young age, you have a higher chance of getting a no claim bonus at the end of every year. Typically, you renew your plan year on year, so at the end of the year, if you haven’t incurred any medical expenses, you can avail of a no claim bonus on the plan.
In addition to the benefit of insurance, the premium paid on the health insurance plan can be deducted from your taxable income as per Sec 80D of the Income Tax Act, making it a useful tax saving vehicle as well.
If you take up a health insurance plan post 40 years of age, you will be covered for illnesses and diseases barring the ones you have already encountered up until you sign up for the plan. This is a downside if there is any recurrence of the same illness in the future. If you sign up for a health insurance plan early, chances are you would’ve encountered lesser diseases and you’ll be covered for most of them as per the plan you choose.
At a younger age, you have a chance to choose the best health insurance plan from a wider range of options. It’s best to pick a plan separately for yourself outside of the one that is provided by your employer. In most cases, the plan provided by your employer is not enough to cover the expenses you might have to incur.
You can choose a comprehensive plan or something focused on your requirements. For example, today, you can avail a mental health insurance plan that covers any psychiatric therapy visits and medication that you require to get better. There is also a maternity plan that insures your maternity leave and covers medical expenses incurred for the newborn.
These are just a few of the reasons why it’s important for you to sign up for a health insurance plan earlier on in life. It contributes to a healthy lifestyle and healthy financial planning too. Speak with us today and let us help you pick the best insurance plan that suits your requirement.
According to Section 80D of the Income Tax Act, the premium paid for your health insurance plan can be deducted from your taxable income. It is also a useful tax-saving vehicle for those who want to lower their taxable income by having adequate health insurance coverage.
Start now, and choose the best Health Insurance plan from Chola MS General Insurance which also offers many other health insurance policies!