We’ve all heard the saying ‘prevention is better than cure’. Although we loathed hearing the phrase repeatedly, it started to make sense as we grew older. However, if you were to apply this saying to your life, you would find that it is indeed one of the best practices to follow, especially when it comes to health.
While we try our best to be prepared for any future extremities, we often tend to leave out the most important preventive measure of life – health insurance. Many Indians have a common misconception that health insurance is only for the older age group or people suffering from critical illnesses like cancer. This misapprehension is a leading factor contributing toinsurmountable financial debt, mainly arising from medical emergencies.
However, with medical inflation and the rise in lifestyle-induced diseases, health insurance has become necessary for every age group. Moreover, you can easily find a suitable health policy by exploring the products offered by medical insurance companies.
Now let’s understand how age affects your insurance plan and why health insurance is essential for every age group.
Does Age Affect Your Health Insurance Plan?
To answer the question, yes, it does. Since young people have lower chances of falling sick and being hospitalized, the health insurance premium is low. Similarly, the older you get, the higher the chances of facing health issues, leading to a significant increase in the premium cost. This calculation is followed by most medical insurance companies, which is why buying health care plans at a young age is better and more affordable.
Even though most medical insurance companies charge higher premiums as age progresses, it is crucial to opt for insurance providers that offer maximum policy benefits irrespective of your age – like those offered by Care Health Insurance.
Five Reasons Health Insurance is Essential for Every Age Group
Here are the top 5 reasons why health insurance is essential for people of all age groups:
Investing in a health insurance plan provides you with financial backup and protection against medical emergencies and the expenses that come with them. Similarly, buying a health care plan helps you plan and manage your finances better, especially if you start at a young age. Furthermore, when you have sufficient medical funds to cover health emergencies, you can focus on other investments and grow your savings.
Health policies from most medical insurance companies include tax benefits, which is an excellent reason to buy one. You can claim up to rupees 25,000 worth of deductions on your income tax payment for the premium paid towards health insurance. Better yet, this benefit can be enjoyed by everyone, young or old.
Not many people know this, but for every claim-free year that you have, medical insurance companies reward you with cumulative bonuses. The bonus can be a fixed amount added to your sum insured or a discount when you renew the policy. So, no matter when you buy health insurance, you can easily avail such added benefits.
Almost all medical insurance companies include free annual health checkups in their health plans. This is a beneficial feature as it allows you to keep a check on your health while also giving you ample time to take precautions or treatments.
Whether you’re starting retirement or taking up your first job, a health insurance plan will give you much-needed peace of mind. Moreover, you can focus on yourself, your family, and what’s important to you while medical insurance companies take care of your health needs.
The National Health Profile (2018) talked about how rising treatment costs have led to inequity in access to health care. Moreover, India only spends 1.02% of its GDP on public health expenditure, which is a concerning figure. The financial burden of medical emergencies and hospitalization ultimately falls on the citizens, which is why purchasing a health insurance policy is essential for every age group. The sooner you start investing in your health, the better.