Reasons to Buy Health Insurance Early

India is experiencing an ​11% rise in medical inflation in 2024, making healthcare expensive. Yet, a significant portion of the population-around 30%-still lacks health insurance. With healthcare costs surging, relying solely on personal savings during medical emergencies could be financially devastating.

It's a common misconception that health insurance is only necessary in old age. However, getting insured early is one of the smartest financial decisions you can make. One of the strongest reasons to buy health insurance early is the lower premiums. Younger individuals are less likely to have pre-existing conditions and thus, help them to secure affordable coverage and comprehensive benefits.

In this blog, you'll explore the essential reasons why buying health insurance early is a step toward financial security and a healthier tomorrow. Stay tuned as we dive deep into the key benefits that make early investment in health insurance a wise choice.

Key Hi​ghlights

1. Health insurance is a contract where an insurer agrees to cover medical expenses in exchange for a premium. It protects you from high medical costs by covering hospitalisation, surgeries and preventive care.

2. As of 2024, approximately 30% of India’s population, or 40 crore people, still do not have health insurance. Additionally, medical inflation in India has surged to 11%. This highlights the urgent need to buy health insurance early to avoid soaring costs.

3. Buying health insurance early ensures lower premiums, wider coverage and the ability to clear waiting periods before health issues arise. It’s a smart financial decision to secure your health and savings in the long run.

4. Key reasons to buy health insurance early include locking in lower premium rates, gaining comprehensive coverage, earning no-claim bonuses and ensuring access to advanced treatments as healthcare technology evolves. 

10 Reasons t​​o Buy Health Insurance Early

When it comes to health insurance, getting an early start can make a world of difference. It's not just about protecting yourself from rising medical costs, but also about having access to the best possible coverage when you need it most. By purchasing health insurance early, you can take advantage of a range of benefits that might not be available later in life.

Listed below are the top reasons-

1. Lock in Lower Premiums Early: One of the main reasons to buy health insurance early is the lower premiums. Health insurance premiums ​are based on age and risk factors. If you buy health insurance early, you’ll be considered a lower-risk individual. This means lower costs and more affordable premiums over the years. 

2. Secure Wide Coverage from the Start: ​When you buy health insurance early, you get the advantage of comprehensive coverage before any  pre-existing conditions It ensures that you are covered for a wide range of medical services. If you wait, certain conditions may be excluded from your coverage.

3. Early Access to Advanced Medical Treatments: Another vital reason to buy health insurance early is the access to advanced treatments. When you start early, your policy will evolve with technological advancements, giving you access to cutting-edge treatments such as robotic surgeries or telemedicine facilities. 

4. Clear Waiting Periods with Ease: One of the lesser-known reasons to buy health insurance early is how easily you can clear waiting periods. Health insurance policies usually have waiting periods for specific treatments or pre-existing conditions. By starting early, you ensure that by the time you may need treatment, these waiting periods are already behind you. This is a key reason why buying health insurance early is so advantageous.

5. Build No-Claim Bonus Over Time: ​The longer you have health insurance, the more you benefit from a no-claim bonus (NCB). Consider buying health insurance early so that you can accumulate this bonus over many years.

6. Stay Ahead with Financial Planning: Buying health insurance early is a smart move for financial planning. It protects your savings from sudden medical costs, helping you to manage your finances better.

7. Skip the Hassle of Medical Screenings: ​When you buy health insurance early, you often skip the need for medical screenings that are required for older individuals. This makes the process simpler and quicker and you won’t have to worry about any denied coverage due to health conditions that can come with age. 

8. Long-Term Savings with Early Investment: ​Health insurance can be considered as a long-term financial savings. Healthcare costs are on the rise and delaying insurance will only result in higher premiums and out-of-pocket costs. By buying health insurance early, you protect yourself from future price hikes and costly medical treatments.

9. Peace of Mind and Security: ​Health insurance provides peace of mind, knowing you’re protected from unexpected medical bills. Buying health insurance early offers long-term security, so that you and your family won’t face financial hardship due to medical emergencies.
   

10. Prepare Early for Family Coverage: If you plan on starting a family, buying health insurance early provides coverage for your spouse and children. Many policies offer maternity benefits and family plans with waiting periods, so purchasing insurance early guarantees that you’re prepared when the time comes.​
    

Also Read: Benefits of Health Insurance

The Greates​​t Wealth is Health

"Health is like money, we never have a true idea of its value until we lose it.

In today's rapidly evolving world, where medical costs are skyrocketing, health insurance has become increasingly essential. Securing it early not only protects your future but also offers a range of financial and medical benefits.

Whether it's locking in lower premiums, enjoying comprehensive coverage, or planning for unexpected health issues, the reasons to buy health insurance early are clear and compelling. Don't wait until it’s too late—invest in your health today and protect your tomorrow.

Frequently Asked Questions (FAQs)

1. Is it really necessary to buy health insurance early if I am young and healthy?

   Even if you're young and healthy, it's wise to buy health insurance early. A comprehensive health insurance protects you from unforeseen medical expenses. Accidents or sudden illnesses can happen at any age and having early coverage ensures you are financially prepared for these situations.

2. How does buying health insurance early help in the long term?

   One of the biggest reasons to buy health insurance early is the long-term financial benefits. By locking in lower premiums and accumulating no-claim bonuses over time, you can enjoy adequate coverage at a lower cost. Early investment in health insurance can also help you avoid the high costs associated with medical inflation.

3. Can I upgrade my health insurance plan if I buy it early?

   When you buy health insurance early, you have the flexibility to upgrade your policy as your needs change. When you buy health insurance early, insurers often offer better terms to long-standing customers. 

4. Are there any tax benefits if I buy health insurance early?

   When you buy health insurance, you are entitled to get the tax benefits under Section 80D of the Income Tax Act. This means that you can claim deductions for the premiums paid, which can lower your taxable income and provide you with significant savings.

5. What if I don’t claim any benefits for years after buying health insurance early?

   Even if you don’t file claims for several years, you can get the advantage of accumulation of no-claim bonuses. These bonuses increase your coverage amount at no extra cost. So, even if you don’t need to use your policy early on, you still benefit by securing higher coverage for future needs.