Health insurance: Sooner the better!

Health Insurance an important decison to be taken sooner.

Sep 03, 2017 10:09 IST India Infoline News Service

We may come across young men and women who may say nonchalantly, “Ah! I’m in the pink of my health, so why do I need health insurance?” Well, the only answer to this question is: “You are in the pink of health today, but you never know what lies tomorrow!” Our changing lifestyles and eating habits make the condition of our health highly unpredictable.

It is always wise to buy health insurance when you are young because of two reasons; first, because it is cheaper, and second, because the benefits are more. We will take a closer look at these two advantages of buying health insurance at a young age.

Cost benefit: Since the young are less prone to becoming ill than older people, insurance companies offer health insurance at a minimal premium. Conversely, since older people belong to the health risk-prone category, the premium payable by a person of 50 years of age will be much higher than premium payable by a person of 30 years of age for the same amount of insurance cover. So, to begin early is to buy cheap.

Other benefits: Since a young person is less likely to fall ill, he is less likely to make a claim for compensation. If a person does not make any claim during a year, he is entitled to get ‘no-claim’ bonus, which is usually a discount of the premium of the policy. Another benefit is that for the same amount of premium, a young person will get higher amount of cover than a person who is older.

Considering the above benefits, it is always wiser to go for health insurance at a young age rather than waiting to take health insurance at an age when the illnesses are most likely to strike.

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