It is advisable to buy health insurance at the right time because it could help protect you from getting into financial difficulties. Our health is being questioned by changing lifestyles and no one knows when they might get into trouble.
Moreover, in a country such as Pakistan, where the healthcare infrastructure is already overburdened and quality medical care is highly expensive, the value of health insurance coverage cannot be overstated.
An Overview of Health Insurance
“The greatest time to plant a tree was 20 years ago,” according to an old Chinese saying. “Now is the next best moment.”
It implies that you should act immediately and avoid postponing important life decisions.
A health emergency might occur at any time. We all confront health dangers at some point in our life, whether we’re young or elderly.
It is recommended that we obtain affordable health insurance coverage at the appropriate time to protect ourselves from financial hardships due to these health emergencies. And now is the moment to act.
You must buy health insurance coverage when working or becoming financially independent.
So, let’s get back to the main point: when is the best time to buy health insurance?
Early On, Purchase A Health Insurance Policy
Many individuals believe that because they are healthy and have no medical concerns, they can wait until later in life to get health insurance, but this is a huge mistake.
You can get cheaper health insurance coverage if you’re in your twenties. When you’re young, you’re less likely to get sick.
As a result, you will be able to obtain health insurance coverage that does not impose any limitations due to pre-existing conditions. People’s susceptibility to illnesses increases as they become older. A medical examination to show your health is not required when you are young.
If you get health insurance as you get older, however, the health insurance company may require you to undergo many medical exams before granting coverage.
If you buy health insurance while you are young, it will cover costly hospitalizations for which you may not have any money if you have only recently begun working.
Other advantages exist as well. Let’s say you bought health insurance early in the policy year and didn’t make any claims.
In that instance, the health insurance provider will pay you a No Claim Bonus (NCB) by increasing your coverage level without any additional expenses for each claim-free year.
As a result, you can keep accruing NCB benefits year after year while paying the same premium.
Why Buy It Now?
Having health insurance can assist you in making better financial decisions and avoid the chance of a health emergency delaying your financial goals.
Another advantage is that paying health insurance premiums qualifies you for a tax deduction under section 80D. You can deduct up to Rs 25,000 in tax in a given financial year.
If you obtain health insurance coverage in your twenties, you may take advantage of the u/s 80D tax benefit.
This will save you a lot of money in taxes in the long run.
When you get health insurance at a young age, you may save money on premiums and have health coverage without any limits like co-payments or caps.
Finally, if you’ve purchased health insurance coverage at a young age, make sure you pay the renewal premium on time.