People at a younger age mostly don’t value the importance of health insurance when they are healthy and hearty. But one should remember investing into health insurance plans at an early age can have good long term benefits. When you are young and healthy then buying health insurance at this age can prove very easy for your pocket too.
Looking from the perspective of how health insurance premiums are calculated, it has lot to do with the age and health of the policyholder .Insurer generally charge low premium for young applicants. But this is not the only reason surely there are a lot of benefits associated with buying a health insurance plan at an early age and to count few are
A) NO PROBLEMS RELATING TO WAITING PERIOD: Waiting period in a health insurance plan is a common phenomenon. Going by the definition of waiting period when somebody buys a health insurance plan, in most of the times the insurer holds a right not to honor your claims in the initial years of the policy for ailments related to surgery, critical diseases and existing health problems. But in case when you are buying the policy at an early age the waiting period doesn’t become a pain for you and you save a lot of money also.
B) YOU CAN GET MORE THAN JUST HOSPITALIZATION COVERAGE: A large number insurers today have started offering innovative solutions other than the basic hospitalization cover. Since coverage for day to day medical expenses, doctor consultation fee and maternity benefits are some of the common coverage which are now part of a regular plan. Buying a health policy at an early age makes more sense for so that easily enjoy the benefits of all these covers by just paying a nominal extra premium.
C) BENEFITS OF BONUS: Insurer always incentivize policyholders by offering discounted premium or increased sum assured in case of claim free years. The maximum amount of benefit which one can think of it is close to 50% to 100% of the sum assured, which is a huge amount of money. When you buy a health plan at an early age your initial claim free years can add lot of benefits to your existing policy which can be used at an older age.
D) AVAILABILITY OF WIDER OPTION: Generally when you are buying health policy at an early age insurer at are also open to offer multiple features to the customers at a much lower premium but which as an option is not available to a older policyholder.
E) LOWER REJECTION RATES: When you apply for a health policy at an age above 30 health insurers are always jittery about accepting the application because of pre-existing ailments and as people at an older age is most prone to health hazards leading to higher rejection rates. This is not the case when you are applying at a much younger age and the insurer would always happy to accept application from younger applicants.
Though a health insurance plan might look like a fancy investment at an early age but the long term benefits are awesome. A young policyholder can always apply for a long tenure policies at the much cheaper cost. So it not just the monetary benefits but there are real benefits for health insurance applicants falling in the early age category.