spreading_knowledge
KF Rookie
"The early you invest, the better!"
But wait, health insurance is not an investment where you get returns, rather a safety net to protect ourselves from unforseen medical emergencies. Isn't it??
Yes, that's correct! But buying a health plan early in your life is always better than doing it later similar to other investments. You may ask why?
First things first, buying a health policy early does not mean the premiums would be lesser. The premiums will still increase due to medical inflation, age, price hike by insurer, in the future.
This is bad, right?
NO! Because this happens with every health insurance policy in the market. Before issuing a policy, insurance company looks at things like age and health conditions of the individual. This is done because the insurer does not want to right away issue policies to say senior citizens or individuals having critical health conditions or someone who is looking to cover a health condition immediately after policy purchase. At the end of the day, insurance companies do not want to take the risk blindly.
So, here are the simple reasons why buying a health insurance policy early helps:
1. You will have access to comprehensive policies available in the market (most of the good plans have maximum entry age restriction of 65 years)
2. At young age, you are less prone to medical issues, or may not have any past or existing health conditions, hence insurer will issue the plan easily.
3. Say you got a plan early, you would have served the waiting periods in the next few years that are mandatory in every health insurance policy. In case any health complication arises in the future when you get older, it would be covered immediately as you would have already wrapped up your waiting periods.
4. Assuming you are fit and healthy individual, you can get your hands on a really good health policy without paying anything extra.
By extra I mean, loading charges which are levied over and above the base premiums by insurers if an individual has any medical issues. The loading percentage differs from insurer to insurer though, also depends on the severity of the medical issue.
5. Lastly, this is not a very significant benefit, but it does matter at one point.
Say you bought the plan when you were unmarried, you can add your spouse and kids in the future to the same plan and form a floater plan (combined plan for multiple members) based on their eligibility.
So, if you are still thinking whether or not to buy health insurance, take this post as a sign and GO FOR IT
But wait, health insurance is not an investment where you get returns, rather a safety net to protect ourselves from unforseen medical emergencies. Isn't it??
Yes, that's correct! But buying a health plan early in your life is always better than doing it later similar to other investments. You may ask why?
First things first, buying a health policy early does not mean the premiums would be lesser. The premiums will still increase due to medical inflation, age, price hike by insurer, in the future.
This is bad, right?
NO! Because this happens with every health insurance policy in the market. Before issuing a policy, insurance company looks at things like age and health conditions of the individual. This is done because the insurer does not want to right away issue policies to say senior citizens or individuals having critical health conditions or someone who is looking to cover a health condition immediately after policy purchase. At the end of the day, insurance companies do not want to take the risk blindly.
So, here are the simple reasons why buying a health insurance policy early helps:
1. You will have access to comprehensive policies available in the market (most of the good plans have maximum entry age restriction of 65 years)
2. At young age, you are less prone to medical issues, or may not have any past or existing health conditions, hence insurer will issue the plan easily.
3. Say you got a plan early, you would have served the waiting periods in the next few years that are mandatory in every health insurance policy. In case any health complication arises in the future when you get older, it would be covered immediately as you would have already wrapped up your waiting periods.
4. Assuming you are fit and healthy individual, you can get your hands on a really good health policy without paying anything extra.
By extra I mean, loading charges which are levied over and above the base premiums by insurers if an individual has any medical issues. The loading percentage differs from insurer to insurer though, also depends on the severity of the medical issue.
5. Lastly, this is not a very significant benefit, but it does matter at one point.
Say you bought the plan when you were unmarried, you can add your spouse and kids in the future to the same plan and form a floater plan (combined plan for multiple members) based on their eligibility.
So, if you are still thinking whether or not to buy health insurance, take this post as a sign and GO FOR IT
