1. Younger you are, lesser will be the amount of premium - An individual’s age is the major deciding factor for the calculation of health insurance premium. In fact, there is a steep jump in the premium slab post age 35.
For instance, for buying Rs. 5 lakh health cover at an age of 25 years, you may just have to shell out Rs. 5000. On the other hand, the same policy would cost you up to 20% more at an age of 35, even with no apparent changes in your health indicators.
2. Your employer health cover or group health insurancemay not suffice at the time of medical emergency. As a general rule, the corporate health covers typically have lower sum insured, comes withvarious sub-limits and co-payment limits and may or may not cover your family.
3.Take advantage of the waiting period (for the treatment of pre-existing diseases, surgeries and/or other special treatments). When you’re young, you’re less likely to fall ill. Hence you serve the waiting period when you’re the healthiest.
4. Avail maternity benefits; most relevant at this stage of life. Health policies generally have a waiting period before you can claim for maternity related expenses. If you buy a policy at a young age, then you can easily see off the waiting period. Also, your new born will be covered from birth while no additional premium will be paid by you.
5. Other than serious hospitalization, get paid for day care procedures, ambulance and OPD.Also get covered for a number of non-hospitalization services like dental, physiotherapy, optical; in addition to dietary advice and alternative therapies like Ayurveda and Homeopathy as well.
6. Last but not the least, get tax exemption on the premium you pay for your health insurance policy under section 80D.
The golden rule of health insurance remains that the early you buy the more benefits you gain, it’s an investment for the unseen future. So while consumer expenditure on healthcare is rising in both urban and rural India, it is important to understand that initial financial planning as soon as one starts earning is vital for your financial and physical well-being.