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Why is it good to buy health insurance policy at a young age?

Medical costs are rising every day and that is why it is immensely important that you get a health insurance policy to meet the unexpected medical expenses that you may suffer in case of a medical emergency. Also, it is important that you get the insurance at an early age so that you do not have to spend a huge sum on the premium amount.

Take a glance at the reasons and benefits of buying health insurance at a young age:

  • Most of the health insurance companies have a waiting period that ranges from 30-90 days. During this time period, you will not be able to make any claims. So, buying a health insurance policy at a young age can certainly be a very good decision as individuals who are above the age of 60 years have a bigger waiting period.
  • If you buy an insurance policy at an old age, then you will not be able to enjoy benefits of a comprehensive and holistic coverage.
  • Most insurance companies charge the lesser premium from the young people than from the old people.
  • There is an upper age limit set by each health insurance company. So, if you buy a health insurance policy at a young age, you do not have to worry about the upper age limit.
  • If you buy a health insurance plan at a young age, you will be eligible to enjoy tax benefits for a longer period.
  • Since most employers offer medical insurance facility to their employees but it may not enough to cover your medical costs. Also, you will always be at the risk of being uninsured at the time of job change or loss of employment. Thus, if you buy a personal health insurance policy for yourself, you will be duly covered for any major illness or medical emergency.
  • Some insurers also give the no claim bonus if you have not used the insured sum and have renewed the insurance on time. Such monetary rewards can greatly add to your savings if you start early.

So, if you have just started on your professional career, the first thing that you must do is get a health insurance policy. You can always check for various policies available online and pick the one that is ideal for your needs. Buying a health insurance policy after comparing all the plans available will ensure that you have the best medical insurance policy.

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Friday, 03 July 2020

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