Young people often refuse to buy health insurance thinking that the probability of falling sick at young age is nil or very low. A fastmoving lifestyle consisting of imbalanced diet and irregular sleep cycles have resulted in lifestyle diseases amongst youngsters. While health emergencies may be rare at a young age, one still needs to be prepared for the unexpected. Investing in a comprehensive health insurance protects one against financial hardships as medical costs are ballooning every year.  

Benefits of taking a health cover at a young age:

Waiting Period

Health insurance policies have a waiting period to cover certain diseases. Also, some pre-existing diseases are not covered immediately. Waiting periods vary from 24 months to 48 months. As age related medical problems are not seen in youngsters, taking cover at a young age can see off the waiting period without incurring any medical costs.

No Claim Bonus:

Most of the health covers offer a “No Claim Bonus”. A cash bonus will be added to your insured amount for every claim free year. Possibility of poor health condition is rare when one is young, and benefit of no claim bonus for longer periods can be enjoyed. Thus, a larger sum is available as cover and this buffer comes in handy during medical emergencies.     

Rejection of application:

Chronic diseases are common with age. There is a possibility that insurer might reject the application or load additional premium when one is old or of poor health condition. So, get a health cover at a young age.    

Tax Benefits:

Additional tax saving benefits up to Rs. 25,000 can be claimed for premium paid on a health cover.

Corporate Cover:

Even if your employer covers you under group insurance of the company, it is advisable to have an independent health cover of at least Rs 5 lakhs. This helps in continuity of health cover when one decides to change the job.

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