So, the earlier you invest in a mediclaim insurance policy, the better prepared you will be to face a medical emergency. Moreover, investing in a good health insurance plan before you turn 30 has other monetary benefits.
Here are the top five reasons to buy health insurance before you turn 30:
1. Lower premium charges: When you invest in a mediclaim policy at a younger age, your health risk is comparatively lower than those who buy health insurance at an older age. Further, the chances of young individuals (25-30 years age group) being diagnosed with severe ailments are predictably lower than other older age groups. This reduces the risk and, in turn, the liability for the insurance company. For these reasons, the premiums charged for mediclaim insurance plans for younger individuals are lower. You can get comprehensive coverage at low premiums than if you invest in a mediclaim policy at an older age.
2. Monetary and non-monetary benefits: Good health insurance plans grant you a no claim bonus (NCB) for every year you don’t file a claim. This bonus can reduce your future liability and monthly expenses.
Buying a mediclaim policy at a young age allows you to overcome the specific conditions of health insurance plans. For instance, mediclaim policies have a waiting period for pre-existing health issues, surgeries, special treatments, etc. When you are young, chances are, you may not need these benefits urgently. So, if you pass the waiting period at a younger age, you will have access to all benefits when you need them in the future.
3. Tax benefits: When you are in your 20s, you have lower financial income and fewer financial liabilities. Sound investments like mediclaim insurance plans can help protect you against health uncertainties. Your mediclaim policy premiums are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.
4. To reduce health risk: Undoubtedly, hectic schedules, unhealthy eating and lifestyle habits, increasing stress and sedentary jobs have increased the risk of health issues, such as cholesterol, diabetes, heart problems, etc., even in the younger population. This is one major reason why you should invest in a good health insurance plan early in life. It enables you to be financially prepared to face health problems. Good health insurance plans provide free regular health check-ups, which can help you keep your health vitals in check, diagnose a disease in its early stage and get the best possible treatment.
5. Overcoming limitations of group health insurance: A group health insurance policy is not sufficient to cover your health expenses. It also has several other limitations. These policies only offer limited coverage, and, in most cases, you have to bear the health bills later. Moreover, most policies come with a room rent cap or other restrictions on benefits. A standalone mediclaim policy negates the limitations of group health cover, ensuring complete protection for your health and related expenses.
Good health insurance plans are a prudent investment of the present that will reap significant benefits in the future. When you buy mediclaim insurance at a younger age, you can reap the full benefits of a mediclaim policy and be secure against health uncertainties.
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Whether you are trying to lose weight or making a shift towards a healthy life, understanding your BMI (Body Mass Index) is one of the first necessary steps you can make. The BMI calculator can indicate your body’s fat content based on your weight and height. Once you have a clear view of this, you can go through different health insurance plans on the PNB website and secure your future financially against the growing healthcare costs.
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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