7 Benefits of Buying Health Insurance Early in Life

  • Author :
  • TATA AIG Team
  • Published on :
  • 03/11/2021

At some point of time in your life, you may have to take the support of a health insurance policy, given how medical and health emergencies come in unannounced! There is no denying that the benefits of a healthcare policy can save you from a lot of unnecessary financial hassles. However, a health insurance policy is always better when you buy it in the early stages of your life.

Now, you may feel that getting a health insurance policy early in life is futile unless you are sick, but in reality, this move can really help you avoid many problems which crop up when you try to buy health insurance as a middle-aged or retired individual.

Take the current pandemic for example; no one was prepared for the unexpected attack, but now, with the availability of COVID-19 insurance, things have taken a turn for the better!

Why Should You Have Health Insurance Policy at a Young Age?

There is no right age for buying a health insurance plan. But if you buy a health plan when you are young, it is advisable to do so between the ages of 20 – 30 years. Moreover, if you have just started working at a job and are earning a steady salary, this would be a good time to buy a health insurance policy for yourself or even a family floater health plan.

Here are seven other reasons why getting this insurance policy early is important:

  • Lower Premium Quotes

Your age is closely related to your general physical well-being and, thus, also translated to lower premiums. This means that you carry less health risk, and your insurance provider does not have to take on any risk associated with health problems that mostly affect older people. And hence, you enjoy lower premiums. In fact, the same health insurance policy taken 10 years apart can make a lot of difference to the premium payments you make towards your health insurance plan. To know what affects your health insurance premium, check our health insurance premium calculator.

  • Lesser Health Risks

With age, we attract a lot of health problems due to stress, poor lifestyle choices, slow metabolism and the burden of responsibilities. However, as a younger individual, since you are not at risk of these conditions, and so, you can easily avail of a health insurance policy. At a young age, say, in your 20s, you are less likely to have health problems such as high blood pressure or stress-related lifestyle diseases as compared to someone in their late 30s.

  • Better Health Coverage

At Tata AIG, we enable you to choose from a range of health insurance plans that let you enjoy many health insurance benefits. And when you are younger, you can avail of better health insurance coverage for very affordable premiums. However, if you choose to wait until later, it will only mean receiving the same amount of coverage but at a higher premium. Moreover, our health insurance calculator lets you find a flexible health policy in India that suits your needs.

  • Life-Long Renewability

As per the Insurance Regulatory and Development Authority of India (IRDAI) rules, your health insurance policy can be renewed throughout the policy term. Since most health insurance policies enable renewals up to the age of 65 or 70 years, it is better to get health insurance coverage as early as you can. For instance, the Tata AIG Medicare Plus Super Top Up Health Insurance offers life-long renewals, even if you’re 80 years old!

  • Mandatory Waiting Period

As a younger individual or an older one, your health insurance policy will have a mandatory waiting period, depending on the type of policy you choose. However, as the former, your good health will easily let you pass the waiting period without the risk of being affected by any serious or critical ailment. However, if you are older and are diagnosed with an illness covered under the policy, completing the waiting period can either turn out to be a health or financial risk.

  • Better Financial Stability

When you buy health insurance as a young working professional, you can integrate your health policy planning with the rest of your financial planning. The result? You can plan and manage your finances better, aligning your policies and investments such that you never have to worry about medical and financial emergencies breaking the bank and disrupting your peace of mind. The same level of efficiency in financial planning may be difficult when you have additional responsibilities, bills and expenses, later in life.

  • Low Scope of Rejection

When you are young and apply for a health insurance policy, your application is not likely to be rejected since your age is less, and you are not suffering from any serious ailment unless otherwise. While you can avail of a health insurance plan at any age as per the policy guidelines, your insurance provider cannot be held liable for rejecting your policy if your health condition is not up to the mark at an older age when you file an application.

What Should You Know About Your Health Insurance Policy?

Other than playing a crucial role in protecting in case of a medical emergency, a suitable health insurance plan has other benefits too. For example, there is a health insurance tax benefit that can help you save on your premiums under Section 80D of the Income Tax Act. You can claim a deduction of as much as INR 75,000 for the premiums paid towards your health insurance plan that covers yourself, your spouse, children and your senior citizen parents.

Another important aspect of your health insurance policy is the health insurance claims. You can choose a suitable policy that enables you to enjoy your health insurance benefits to the fullest, even as you file the claims as needed!

You can opt for the Tata AIG Medicare Plus Super Top Up Health Insurance with your base health policy, file a Tata AIG health insurance claim and get added coverage. By topping up your health insurance sum insured, the Tata AIG Medicare Plus Super Top Up Health Insurance protects you from the rising medical costs and lets you file claims without having to worry about the lack of policy coverage in times of need!

In Conclusion

The ongoing pandemic is only one example of how important a health insurance policy can be, no matter what your age. But other than that, there could be several other medical emergencies that you need to be protected against. While you can easily purchase a good Tata AIG health insurance plan with us at any time, it is always a wiser decision to do it early in life for longer policy coverage.

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