Most of the Indian youth do not opt for health plans at an early age because they believe they only need such policies when they are older or to cover critical illnesses. However, modern living is stressful and lifestyle disorders are affecting young adults every day. Almost 40% of the Indian youth suffer from conditions that require medical intervention.
Here are five reasons why you should avail of health cover during your formative years:
Medical inflation is on the rise, which makes it important to avail of a health insurance policy with an adequate sum insured. If you are not covered with a health plan,you may find it hard to meet healthcare expenses in the future. Such a situation can harm your financial well-being.
- Lower premium
The premium on health insurance plans increases as you grow older. Therefore, buying a policy at a younger age will help you acquire higher coverage at an economical cost.
- Higher coverage
You will most likely not have any health-related problems or pre-existing ailments when you are young. This enables you to procure higher coverage from insurers.
- Policy benefits are available when needed
Most medical insurance plans have waiting periods for special treatments, some surgeries, and pre-existing conditions. When you buy coverage at a younger age, you have already served the waiting period. So, you can avail of the cover when required.
- Financial planning
If you buy acashless health insurance plan early, your premium reduces. Moreover, such a policy helps in overall financial planning. A huge percent of claims in the 19–35 age range is for poisoning and injuries. Another big category of insurance claims is ‘accidental injuries’. Moreover, genitourinary ailments and infectious diseases affect several young adults primarily because they have higher exposure to public facilities and other external environments. A health plan covers the costs of all these. With this policy, you need not dip into your savings or seek help from friends and family to manage. Additionally, the premium paid on health cover is eligible for tax deductions under section 80D of the Income Tax Act, 1961.
If you are a student studying away from home and suddenly find yourself unwell, how would you cover hospitalization expenses without mediclaim insurance? Having a health plan when you travel for studies ensures that you can pay for treatment costs. Without insurance coverage, your parents may have to spend their savings or even avail of a loan to meet the high expenses incurred for your medical emergency.
Several students pursuing higher studies work part-time to support themselves. Many insurers offerhealth insurance plans at affordable premiums for such hardworking students.
We recommend that you don’t delay any further. Procure an insurance policy for yourself today and avail of the myriad benefits!