Around 8.3% of Americans still don’t have health insurance. You will need to understand the benefits and get it at the right time.
In this uncertain life, acquiring health insurance can save you from different forms of medical and financial emergencies. Moreover, safeguarding you and your loved one’s health is the foremost thing that everyone should think about, and this is when health insurance comes into the picture. Individuals can easily raise a claim with the help of a health insurance TPA (Third-Party Administrator) and get assistance. A health insurance TPA can be a person or an organization that acts as a mediator between the insurance provider and the individual to settle the claim hassle-free.
What is the Right Age to Buy Health Insurance
Most people think that they need health insurance when their health starts deteriorating or when they start aging. Additionally, some people think since they are young and healthy, they don’t need to purchase health insurance. However, industry experts say that the ideal time to purchase health insurance is when you are in good health, which is between the ages of 18 and 25. Furthermore, because of the poor lifestyle choices, the younger generation is more likely to develop lifestyle disorders like obesity, hypertension, diabetes, and heart conditions.
In addition to this, there are certain advantages that you will receive from buying health insurance at a young age.
Benefits of Acquiring Health Insurance at a Younger Age
1. Reduced Health Insurance Premiums
If you purchase health insurance when you are young, you can take advantage of more inexpensive and favorable premiums. Since you are young and healthy, you will file claims less frequently than older and senior policyholders, and this will convince insurance firms to offer you coverage at reduced prices.
2. Comprehensive Coverage
Insurance companies are more inclined to offer comprehensive coverage at affordable premium payment rates if you get a health insurance plan when you are young. Moreover, to broaden the coverage of your policy’s protection, you also have the option to choose from a variety of add-ons, such as critical illness insurance and personal accident insurance. Additional perks can also be included such as OPD, diagnostic coverage, pregnancy, infant coverage, all daycare treatment, and so on.
3. Different Options to Choose From
Insurance providers offer several policies to young people in comparison to senior citizens. Thus, you will get the advantage of choosing a health insurance policy that meets your needs without compromising on coverage. Having several alternatives will also allow you to do a comparison on the basis of their costs and offered protections in order to choose the best one.
4. Reduced Risk of Rejection
The likelihood of being turned down is modest if you are between the ages of 25 and 30 and apply for a health insurance plan. In contrast, there is a good chance that an application for a health plan will be denied if the applicant is above 40. This is so because people who are old are at high risk of suffering from medical conditions.
5. Shorter Waiting Time
If a person with a pre-existing disease wishes to purchase health insurance, there will be a waiting period of up to 48 months (may vary across insurance providers). At the time of filing a claim, you can contact the health insurance TPA to get it done hassle-free.
On the other hand, since ageing can cause any type of illness, whether it’s a lifestyle disease or another health problem, in some cases, the application also gets rejected by the company due to a serious pre-existing illness.
6. No Advanced Health Tests Requisite
Before approving their health insurance plans, insurance companies usually necessitate aged or elderly individuals to endure medical tests. However, if you purchase a health insurance policy when you are younger, you may be able to obtain the policy without having to undergo any medical examinations. This will save your time and effort.
7. Better Financial Management
Getting health insurance at the right age will give you peace of mind as you will be aware that you are medically secure and can handle any form of medical emergency without worrying about finances. All you have to do is contact the health insurance TPA to file a claim and you will receive financial assistance.
Getting yourself medically secured at a young age will make it easier for you to emphasise your investing and other financial objectives.
8. Tax Advantages
Buying health insurance will allow you to take benefit from tax breaks on health insurance premiums for a longer period of time. Section 80D of Income Tax Act, 1961, enables you to deduct a sizable amount for your own, your spouse’s, and your dependent children’s health insurance coverage each fiscal year.
With the assistance of the aforementioned information, you should now be aware that purchasing health insurance coverage at a young age has several advantages. However, in order to gain benefits, before obtaining health insurance coverage, choose a reputable and trustworthy insurance firm. Consider characteristics such as rapid cashless claim settlement, offered coverages, waiting period, and NCB, among others.