The best of 5 Insurance Advisor

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WhyShould You PurchaseHEALTH INSURANCEWhile You'reYOUNG?Many teenagers follow the mantra of bingewatchingtheir favorite shows or going to thegym and doing whatever it takes to stay inshape. That's a great way to stay amused, informed, andsafe, but it may not be enough! Risk awareness must alsobe a part of their everyday lives, especially when itcomes to financial matters.Health emergencies can strike at any time and withanyone, regardless of age or income. Furthermore, thetension associated with work-life balance and lifestylechanges is taking a toll on much of our well-being.Medical technology is improving all the time, but newerdiseases, such as COVID-19, are on the rise as well. Inall of this, one thing seems to be looming: the increasingcost of hospitalization.As a result, the best way to combat rising hospitalizationcosts is to purchase a health insurance plan and enjoypeace of mind. By paying a portion of the healthinsurance coverage (known as the amount insured) as apremium, one guarantees that the insurer covers thepolicyholder's medical bills.But “I am young and safe, so why should I purchase ahealth insurance plan?” is a popular misconception. Let'slook at why young people need to understand the valueof purchasing health insurance early in life.The Best Time to Buy a Health Insurance Policy:According to the wise saying, time and tide wait for noone. When you realize that healthcare expenses are likelyto increase in the future as a result of the overall rise inDr. (Ms.) Satinder MalhotraAbout the AuthorDr. (Ms.) Satinder Malhotra is a teacher, an author, aresearcher, and an interior designer. She is the Founderand CEO of Signature Interior Designs.She is a successful woman who has earned several awards,written books, and has been an inspiration for all. IndiaIconic Education Awards have conferred the Best Teacherof the year 2021, Institute of Scholars, Bangalore, also hasawarded her for InSc Research Excellence Award 2021 andAsian Education Awards has conferred her with twoInternational Awards i. e., the Best Author of the Year andthe Best Researcher of the year, 2021. She has beenconferred The Best Interior Designer of the Year 2021 bySME Bizz Entrepreneur’s Star Awards and the WomenEntrepreneur of the Year 2021 by Global TriumphFoundation. Signature Interior Designs has been nominatedas the Best Interior Design Firm of the Year 2021 byTeaching Excellence Awards.the cost of living, among other factors, it's time topurchase a healthcare policy. It is in your best interests torecognize the facts as soon as possible. To put it anotherway, you can purchase a health insurance policy whenyou're young to take advantage of a variety of benefits.MAY 2021 | 24 | www.insightssuccess.in
Insurance EssentialsThere are many explanations why experts encouragepeople to purchase health insurance while they areyoung. It has numerous advantages, which are describedbelow:1.Waiting period: Most health insurance plans have a30- to 90-day waiting period during which you areunable to file any claims, even though you have amedical emergency. Purchasing a health insurance policyat a young age is thus advantageous in this sense sinceyou will be able to complete the waiting period withoutany worries. Many illnesses, such as cataracts, urinarytract stones, knee replacements, arthritis, and so on, havea waiting period. Most insurance companies list at least10 to 15 conditions that include a waiting period. Incertain cases, people over the age of 60 have a longerwaiting time.2.Comprehensive: If you purchase a health insurancepolicy when you're young, you'll be able to benefit fromcomprehensive and holistic coverage. As a result, youwill feel more secure both during your jobs and after youretire.3.Low premium: An insurance provider's premium rateis usually determined by the current age. You can get alower premium if you buy a policy while you're young.4.Duration: It's important to keep in mind that mosthealth insurance plans have an upper age limit. Youwon't have to think about age limitations if you purchasea health insurance policy while you're young, and you'llbe able to reap the benefits of health insurance for alonger period.5.Tax benefit: Purchasing a health insurance policy at ayoung age allows you to take advantage of taxadvantages for a longer period so you can subtract thepremium you pay from your total income under Section80D of the Income Tax Act of 1961.6.Coverage: Getting a health insurance policy whileyou're young means you'll have more coverage. Manynew insurance programs cover a wide range of services,including daycare practices and vector-borne illnesses, aswell as maternity compensation and out-of-pocketexpenses. In other words, when you get older, theinsurance premiums will rise due to further medicalproblems.7.Pre-existing conditions: Purchasing health insurancein your late 40s would only add to your financial strainby reducing your benefits. Many health insurancecompanies refuse to cover many pre-existing conditions,which defeats the intent of purchasing health insurance.8.Incentive: In the absence of any claims in theintervening year of a policy term, most insuranceproviders receive a "no claims bonus." You can get acumulative benefit if you purchase a health insurancepolicy when you're young and you'll most likely extendit every year. As a result, the bonus you've accumulatedincreases the amount of coverage you have, which cancome in handy later in life when you're old and grey. Inmost cases, the no-claim bonus will range from 5% to100% of the amount insured.9.More choices: If you start looking for health insurancewhen you're young, you'll have more options than if youwait until you're in your late 40s. You have the option ofselecting a package that best meets your needs byanalyzing all relevant parameters.10.Lifelong renewal: You can opt for lifetime renewal ofyour health insurance plan and thereby, avail of extendedcoverage. Consequently, you can for your entire life byopting for the renewal of your policy.11.Poor health: Sedentary lifestyles have led to anincrease in the occurrence of many diseases related to theheart and lungs claiming lives at a young age. The youngand salaried segment of India’s population is vulnerableto several diseases.It's important to remember that a health insurance plancovers the whole family, not just the person. There areFamily Floater health insurance policies that suit the billif you are young and married. Remember that purchasinghealth insurance at a young age is the first step towardbeing prepared for unknown health risks. Work on thebody while still purchasing a health insurance policy forpeace of mind!MAY 2021 | 25 | www.insightssuccess.in
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