Health Insurance is an essential investment to safeguard one’s health as well as savings. The growing instance of lifestyle diseases even at early ages has only signified the necessity of Health Insurance. As a part of financial planning, it needs to be considered one of the crucial investments because we never know when a medical emergency may arise. 

In an ever-changing world, where medical inflation is skyrocketing, and the risk of health deterioration is high, it is best to purchase a health insurance policy at an early age. Apart from the secured future, buying a medical insurance policy at an early age comes with many perks. 

Less Premium

A high Health Insurance premium is one of the main limiting factors that prevent many of us from investing in one. Although the premium of Health Insurance can be determined by various factors, people’s age plays a vital role in it. Generally, the health risks among people of young age are low compared to the elders. Hence, insurance companies consider young people as low-risk category people because the possibility of them making a claim is comparatively low. As a result, the premium is set low for young-age policyholders. You can have a great deal in getting a comprehensive health insurance plan with wide features at an affordable premium. 

Waiting Period

Most health plans under various categories, such as Individual Health Insurance, Family Health Insurance or Senior Citizen Health Insurance, come with a fixed waiting period. This waiting period can be for covering specific diseases or pre-existing health conditions. Usually, such waiting periods last from two to four years. 

It means that the policyholders can make a claim, which is bound by the waiting period, only after its completion. For instance, if a person has a cardiac ailment as a pre-existing condition, and the PED waiting period under his/her policy is four years, then that person has to wait for four years to make a claim related to cardiac ailments. 

But buying health insurance at an early age helps people pass over the waiting period easily as the possibility of making a claim at a young age is less. This helps people not to undergo a waiting period at the time of their need. 

No Pre-Medical Check-Up

Many health insurance providers make it mandatory for policyholders to undergo medical check-ups before policy purchase. This is to assess the health risk of the policyholders, based on which, the insurers will fix the premium. This pre-medical check-up will usually be made mandatory for people of higher age groups. Some insurers bear the cost of such medical check-ups while others may not. By buying a policy at a young age people do not have to bother themselves with pre-medical check-ups. 

Co-Payment

Co-payment is a cost-sharing agreement between the insured and the insurer. For all eligible claims, the incurred costs will be split between the insured and the insurer. For instance, if a policyholder opts for a 30% co-payment, then they need to pay 30% of the incurred expenses while the remaining will be paid by the insurer, subject to the terms and conditions of the policy document. 

For people in higher age groups including senior citizens, many insurers may make co-payment mandatory. This is not the same for people in young age groups. They can avoid the mandatory co-pay clause and thus reduce their out-of-pocket expenses if they opt for a policy at a young age. 

Less Cost of Waiting Period

It can be a concern for many people for paying hefty premiums and yet not be able to make claims due to waiting periods. This can be mitigated by investing in a health insurance policy at an early age. Because at young ages, the health risks are comparatively lower, hence, a low sum insured may become enough to cover the health needs. As a result, the premium will also be reduced, thus the cost of the waiting period, in a way, is also low. 

Wellness Service

Many health plans nowadays come with wellness services as a default feature. It includes a list of wellness activities that motivate people to lead a healthy lifestyle through rewards. These programs reward policyholders for completing various fitness tasks. They can redeem these rewards in the form of premium discounts. In addition to monetary perks, these wellness activities instill a sense of discipline in people’s daily lives. Buying a policy early motivates people to take one extra mile a day toward a healthy lifestyle, thus promoting their overall health, wellness and financial stability. 

Health Insurance is a valuable investment instrument that offers firm financial support in times of need. Irrespective of age, it is a reliable tool that takes care of medical bills. However, there are various perks associated with it by opting for one at an early age. When people start their careers and mark out their future financial goals, it’s crucial for them to add health insurance to their list. Moreover, people can avail tax deductions for paying medical insurance premiums under Section 80D of the Income Tax Act, 1961.