Health Insurance in India : Is it the best Investment Option for youngsters?
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How many times do you require to have a visit at the hospital just to realize the importance of having a health insurance? A single medical emergency can make your life vulnerable when you have to foot the hospital bills. It doesn’t matter that you are rich or poor, young or old, being diagnosed with an illness that needs hospitalization could be one hell of an ordeal. Diabetes, stroke, heart ailments, renal failure and similar other lifestyle diseases are increasingly becoming common these days. Medical science, thankfully, has improved in leaps and bounds and there are now great hospitals that carry specialty in the same where many life-threatening diseases can be treated. But it all involves huge cost. The wealthy may be able to afford these expenses, but what about the average middle-class people? Where do they get the money to meet the costs? This is exactly where a health insurance policy, commonly known as mediclaim in India, comes in to cover your expenses to a great extent and help you retain peace of mind.
A happy life is the motive of everyone, whether it is for old age people, children, men, women, teenagers, etc. But still, when it comes to health insurance, normally youngsters do not give much importance to it. You can say that it does not even exist for them. However, youngsters should understand that the earlier they invest in health insurance the sooner they will be able to reap its benefits. If you are young and healthy and hearty then purchasing health insurance will be very easy for you. By purchasing it at the right age, you will be able to take out a lot of benefits from it. Buying a health insurance at an early age offers low premium, higher sum assured wider coverage and a long-term policy among others. There is no doubt in saying that the premium of the health insurance usually calculated on the basis of age and health conditions of the applicant. The younger and healthier you are, the less will be the premium for your policy. There are several renowned companies that offer exclusive plans for youngsters.
Surely, purchasing a health insurance at an early age is a clever decision
Following are the basic reasons that will help you in understanding the importance of buying a health insurance
- No Waiting Period
Basically waiting period refers to the tenure in which policyholder doesn’t have the permission to file any claim. The insurance company won’t provide coverage for claims that a person made under waiting period. However, when it comes to a health treatment there are several things which are associated with the same such as surgeries, special diseases and much more and bearing the cost of the same can be a hectic thing. It can even create a big hole in your pocket, but by investing in a health insurance policy at an early age then you can easily deal with the same. In the case of early investment in health insurance, the waiting period will not hurt too much and you will be surely in a better position.
- Wider coverage
By investing at an early age, you will be able to take advantage of the wide coverage. There are several insurance companies that offer innovative plans through which you will be able to save more at hospitalization expenses. You may even get add-on coverage facilities as well without paying any additional amount.
- Lower Rejection
When we talk about health insurance plans in India, then purchasing a health insurance policy will be difficult if you carry any medical history. In the case of any serious disease such as cancer, then any insurance company would not provide the needful coverage to you and if they offer any plan then the costs of the same will be too high. However, young people who want to invest in health insurance policy would face fewer rejections as compared to others. People who are less prone to such diseases would be able to get better coverage.
- Policy Tenure
You can’t deny the fact that many insurance companies such as National Insurance Company, SBI Health Insurance offer policies with some restrictions such as pre-existing diseases and age factor, but if you insure yourself at an early age then you don’t have to worry about those restrictions.
In simple words, purchasing a health insurance at an early age can be a beneficial thing. It will allow you to get wider coverage and prepare you to face any medical emergencies easily. It will be there to support you whenever you need it. The chances of claim rejections for young insured people are less as compared to others. So, you should surely invest in health insurance today for healthy and secure future.