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What’s The Best Time To Buy A Health Policy?



People in their mid-20s to 30s often hesitate to buy a health policy, as they don’t forsee health issues in their near future. But some people also invest in health policies because the benefits are an undeniable advantage during a medical emergency when you need to be hospitalized or get an urgent surgery. It’s often a challenge to find out the right age for buying a health policy, but experts recommend the sooner, the better.

These days your one-month salary would round to a week hospital bill, emptying your pocket for the rest of the month. But what if you get sick and don’t have a health insurance plan to pay off your bills? Regardless of your earnings, it is always good to save a small percentage on your health insurance so that you don’t end up having zero balance at the time of hospital bills payment.

What Are the Benefits of Buying A Health Policy at A Young Age?

No matter when you get yourself covered with a health policy, it’s always a good idea. However, there are certain advantages to buying a health policy at a younger age. Let’s look at some of them to help you make a well-informed decision:

1. Financial Independence

When you buy a health policy, whether it’s an individual or family health insurance, it pays for your medical expenses, keeping your savings secure. At the time of an unexpected medical emergency, you may have to pay the bills from your pocket if you have not purchased a health policy. But when you have a health policy, it helps you cover the medical expenses without exhausting your savings.

2. Cheaper Policies with Better Premiums

Premiums for a health policy increase as you age. The reason is that the risk percentage of an insured person increases with age. The premium of a health policy is determined by several factors such as age, medical history, city of residence etc. So, when you buy health insurance at a young age, you benefit from buying a cheaper policy with better premiums.

3. No Requirement for Medical Tests

When you buy a health policy in your late 20s or mid 30’s, the insurer may not require a series of medical tests to prove your eligibility. But, if you plan to buy a health insurance policy in your late 30’s or 40’s, you will be required to undergo medical tests to ensure that you do not have any existing chronic conditions.

4. Income Tax Benefits Up to Rs. 25,000 Per Year

According to Section 80D of the Income Tax Act, 1961, when you pay a premium for health policy, you are entitled to receive income tax benefits, with a deduction of up to Rs. 25,000 per year. If you have chosen an insurance policy of 2-3 years, you can save this amount in taxes for every year in the healthcare vertical.

5. Offers Annual Health Checkups

Young working employees often believe that they don’t require any health checkup or insurance policy as they hit the gym every day and work out for few hours. But the fact is, our lifestyle changes have affected our health to a great extent, and we may not realize it until it’s too late.

In some cases, it can lead to chronic diseases like heart conditions, cholesterol, diabetes, and other health concerns. When you buy a health policy at a young age, the insurer will offer annual health checkups to help you monitor such health changes.

6. Renewal of Policy If Needed

It is necessary to renew the health policy before the policy term ends. It is also an opportunity for you to review the policy benefits to check if they are aligned with your current financial requirements, as they may have evolved in a few years. Therefore, make sure to purchase a health policy at a young age, or you will end up having limited choices.

The present health scenario is disturbing, and people across the nation are going through some tough moments, physically, mentally and financially. Hence covering your health with a suitable health policy can help you a lot during these critical moments so that you don’t have to borrow funds from anyone to meet the medical bills. So, when you buy a health policy, make sure to buy the one that meets your requirements and health care needs.

Additionally, make sure that the insurance provider is one with a trusted name and record such as Care Health Insurance. This will ensure that your financial requirements are met appropriately and in time.

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