5 Reasons To Buy Health Insurance At An Early Age

“I am young, healthy, and fit. Why do I need health insurance?” That’s a question that may have crossed your mind. And though it may seem counter-intuitive, the best time to buy health insurance is when you are young and fit. When you buy health insurance at an early age, you get cheaper cover and are unlikely to have any pre-existing conditions. Here are the top 5 reasons to buy Health Insurance at an early age:

The cost of medical treatment continues to rise, and young people are increasingly realizing that a comprehensive health insurance cover is an integral part of a good financial plan. The pandemic reminded us that the costs of hospitalization are not always manageable without the right support, and making a small investment towards your health today can pay off significantly when you need it most. A good health insurance policy not only provides you critical financial cover during an illness but also provides you the comfort that you do not need to manage medical costs alone.

If you are young and considering buying a health insurance policy for yourself or your loved ones, then chances are you will not need to undergo medical tests to get the coverage you need. Most insurance companies ask policy seekers to undergo extensive medical tests if they are above a certain age. With Health Edge Insurance, you can get all the cover you need, along with optional riders, in just a few clicks without any health check-ups.

Imagine this: early in your policy term, you fall ill, and you claim your entire sum assured. In most cases, this would mean that you do not have any medical cover left for the rest of the year. Not so with a policy like Health Edge that offers you unlimited refills of your sum assured. This ensures that medical treatment for yourself and your loved ones is not limited by the sum assured and you are fully secured against unexpected medical costs.

Another reason to invest in health insurance is the tax benefit. Under section 80D of the Income Tax Act, you can claim deductions for payment of health insurance premiums. While such tax benefits are also applicable to senior citizens, early investment in health insurance means you get this tax benefit for a longer period. The best part is that the dual benefit of lower tax and health insurance is not just limited to you.

Under Section 80D, you can claim tax deductions of up to Rs.25,000 for buying health insurance policies for yourself, your spouse, and your dependent children. You can claim an additional Rs.25,000 if you buy health insurance for your parents. If your parents are aged over 60, the limit increases to Rs.50,000. That means you could potentially reduce Rs.75,000 from your taxable income while providing those you care about with the protection they need.

The younger you are, the lower your premiums tend to be, as insurers consider you a lower underwriting risk because of your age. Insurance providers offer health insurance to individuals as young as 91 days old. You can get an individual health insurance policy when you turn 18. Buying insurance early also means potentially more coverage, no pre-existing conditions, lifetime renewability, and the ability to ride out the waiting period easily. If you are looking to lock in these benefits, Health Edge Insurance offers you greater cover at lower premiums, with a wide range of riders and customization options.

No matter your age, buying health insurance is a smart choice. But buying a good policy like Health Edge when you are young and fit, can be more beneficial in the long term. Especially when it comes to your finances, having your health insurance in place can make a big difference.

Download the SBI General Insurance app to manage your Health Edge policy on-the-go.