Evolving existence and the continued Covid-19 pandemic deliver our well being into focus. We repeatedly face new challenges to our well being. The well being infrastructure is already overwhelmed in our nation. So, we can not ignore the significance of medical insurance insurance policies.
A well-known Chinese proverb teaches us, “The best time to plant a tree was 20 years ago. The second best time is now.” It means it’s best to act now and keep away from delays in taking crucial choices in your life.
We by no means know when a well being emergency will strike us. Whether we’re younger or previous, we’d face well being dangers at any stage of our lives. It is advisable to buy medical insurance coverage on the proper time to guard ourselves from stepping into monetary difficulties due to these well being emergencies. And the appropriate time to take action is now. The day you begin incomes cash or grow to be financially unbiased, you should get medical insurance protection.
So, let’s come again to an vital query: When is the appropriate time so that you can purchase a medical insurance coverage?
Buy A Health Policy At An Early Age
Often individuals really feel that they’re wholesome with no medical circumstances, and so they should purchase medical insurance at a later stage of their lives, however this can be a large mistake. When you’re in your 20s, you should purchase a well being coverage at a decrease price. Typically, you’re much less prone to endure from any critical well being situation when you’re younger. Therefore, you may get a well being coverage with none restrictions for pre-existing illnesses. As individuals grow old, they grow to be extra inclined to ailments. When you’re younger, there isn’t a requirement for a medical check to show you’re wholesome. In distinction, for those who purchase insurance coverage whenever you get older, the insurance coverage firm might ask you to undergo a number of medical checks earlier than issuing a well being coverage.
If you purchase the well being coverage at a younger age, it’ll pay for costly hospitalisations for which you will not normally have any financial savings in case you have simply began working.
There are different advantages. For instance, suppose you’ve bought medical insurance early and don’t make any declare throughout the coverage yr. In that case, the medical insurance firm offers you a No Claim Bonus (NCB) by growing your cowl dimension for each such claim-free yr with none further costs. So, you may proceed to build up NCB advantages yr after yr and luxuriate in a lot greater well being cowl whereas paying the identical premium.
Why Should You Buy Now?
Having well being protection may help you do higher monetary planning and get rid of the danger of disruption in attaining your monetary targets because of a well being emergency. Another profit is that fee of premiums in the direction of medical insurance permits you the advantage of tax deduction u/s 80D. You can declare tax deductions as much as Rs 25,000 in a monetary yr. If you purchase a well being coverage in your 20s, you can begin getting the tax profit u/s 80D from an early age. Thus it can save you a number of taxes in the long run.
What To Do If You Missed Buying Early
You should purchase a medical insurance coverage when you’re in your 30s and even early 40s with out present process a medical check-up. Most medical insurance firms require well being check-ups if the client’s age is above 45 years.
If you’re above the age of 45 and don’t have any pre-existing well being ailment, you should purchase a well being coverage by merely present process a well being check-up prescribed by the insurance coverage firm.
If you’ve some pre-existing illness, you should disclose the identical earlier than buying a well being coverage. You will nonetheless get the well being coverage however with a ready interval of round 2 to 4 years for getting a canopy towards the pre-existing illness.
As you get older, it turns into increasingly more difficult to get a well being coverage because of deteriorating well being. Once you cross the age of 60s, your medical insurance choices shrink. Few insurance coverage firms would need to cowl you although just a few might give you a coverage particularly designed for senior residents however at a excessive premium. They might cap the remedy of particular illnesses or ask you to co-pay when there’s a declare.
Buying medical insurance at an early age can profit from low premiums, and you’ll get pleasure from well being cowl with none restrictions resembling co-payment, capping, and so forth. Last however not least, after getting purchased a well being coverage at an early age, by no means fail to pay its renewal premium on time.
(The writer is CEO, Bankbazaar.com)
Source: www.financialexpress.com”