Health

Is it Beneficial to Buy a Health Insurance Plan While You Are Still Young?

Contrary to the general notion that young people do not need health insurance, the present situation is such that availing health insurance at a young age is a smart choice.

Now, this change in notion has been experienced over the years in the form of a large number of health policies that are being purchased by young adults across the country. In fact, the younger lot of people have been ardently following this trend of buying health plans in their 20s just after grabbing their first jobs.

So, what has impacted this change?

Well, among the key reasons include – people becoming smarter, especially the young populace. They know and understand the benefits that can be accrued by purchasing health insurance policies when they are young.

And the second reason is associated with lifestyle related illnesses, which are becoming so prominent these days. In fact, not only elderly but even the younger lot of people are getting engulfed by the numerous new and emerging diseases in the present time.

Further, the sudden outbreak of diseases like the recent Covid-19 pandemic is another reason why people now want to stay protected under the cover of health insurance.

Hence, those who are informed and care about their own wellbeing along with the wellbeing of their family members, are turning towards health insurance at a young age.

Now, if you ask  –  Is it beneficial to buy a health insurance policy when you are still young? The answer is, of course it is. There are several benefits of buying a health plan at a young age. So, if you are aware of these benefits, you must buy a health insurance plan to cover yourself at the earliest. However, if you are unaware about these benefits, you can understand all about them in this blog.

Below are some key benefits that one can gain by buying a health plan in their 20s or early 30s.

Benefits of buying health plan when you are young

  • Pay less Premium – It is quite simple that you would be paying less premium if you buy a health plan at a young age. This is because when you are young you are free of diseases and do not pose a liability to the insurer. So, you can get a health plan at a very nominal premium price.
  • Avoid Pre-Policy body check-up – So, if you buy a health plan at a young age, you can spare the tension of getting a body check up done as a mandatory requirement of buying health insurance for people above 40 years old.
  • Complete Waiting Period smoothly – Most health insurance providers add the cap of waiting period to avail the benefits of the insurance. Also, they have waiting periods for many pre-existing diseases as well. If you buy a health plan when you are young, you can pass this period smoothly as you are not likely to get many diseases at a young age.
  • Avoid the age limitation factor – There is an age limitation or upper limit of buying health insurance. So, if you buy a policy at a young age, you can avoid this limitation as well. Further, the premium amount will also be less if you buy a policy early on in life.
  • Avail NCB Benefits – This can be stated as one of the most significant benefits of buying a health plan early on in your life. If you buy health insurance in your 20s, when you are fit and healthy you are not likely to raise a claim that often. Thus, you get the opportunity to accumulate NCB points , which help in lowering the premium price of your policy. NCB is the reward that insurers give policyholders for not raising a claim during a policy tenure. So, if you do not claim your health plan this policy year, you can earn NCB in the next policy year and lower your premium by 5 to 50%.
  • Get wide choices of Policies – When you buy a policy at a young age, you get the option of buying from a wide variety of plans. This is because you would be healthy when you are young and thus would be eligible for more choices.

Now you know why it is beneficial to opt for a Health Insurance Plan at a young age.  So, get started, look for a plan, do research and comparison and buy the best policy suiting your requirement. Buying a plan from Paybima, a trusted insurance broker, would be the most viable option in this regard.

 

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