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Health Insurance

Health Insurance

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees. The cost of health insurance premiums is deductible to the payer, and benefits received are tax-free.

Reasons to buy health insurance before you turn 30

  1. Waiting period: In most cases, health insurance policies have a  waiting period ranging from 30 to 90 days, during which you cannot make any claims even if you have a medical emergency. Buying a health insurance policy at a young age is, therefore, a big advantage in this context, as you would exhaust the waiting period without any concerns. 
  2. Low premium: Buying health insurance is cost effective during early ages as one can be free from pre medical tests conducted by the insurers. The policy gets better with lower premium rates as well as gaining a comprehensive plan which is comparatively tough for later stages.
  3. Tax benefit: you can enjoy tax benefits for a longer period as you can claim the premium you pay under sec 80D of the Income Tax Act, 1961.
  4. Duration: Health insurance comes with an upper age limit. Early insurance gives you a benefit of enjoying health insurance for a long period.
  5. Comprehensive deal: Buying health insurance at a young age ensures there is no scope for pre-existing diseases as you will be covered early, and any diseases diagnosed later will be covered automatically. 
  6. Lower chances of rejection: When you are young, you have many productive years ahead of you and less health complications. As a result, chances of your health insurance policy getting rejected are minimized.
  7. Wider options: You will be in a better position to choose from a wide variety of health insurance plans at a young age rather than in your late 40s. 


Health Insurance Plans