Don't Delay In Buying Health Insurance

Friday, May 16 2025
Source/Contribution by : NJ Publications

Health insurance is a financial safety net that protects you and your loved ones from unexpected medical expenses. Despite its undeniable importance, many individuals postpone purchasing a health insurance policy, assuming that they are healthy and do not need it immediately. However, delaying this crucial decision can have severe financial and medical consequences. 

Many young, fit, and health-conscious individuals often question the need for health insurance. They believe that their active lifestyle protects them from illnesses, making insurance an unnecessary expense. However, the truth is that the best time to buy a health insurance policy is when you are young and healthy. Investing in health insurance early offers financial security, wider coverage, and several long-term benefits. Here’s why you should act now and secure your health insurance at the earliest, regardless of your current age & health condition.

Health Risks are Unpredictable

Life is uncertain, and health issues can arise at any time, regardless of age or fitness levels. Accidents, chronic diseases, or sudden medical emergencies can lead to significant financial burdens. Having a health insurance policy ensures that you receive quality medical care without worrying about hefty hospital bills.

More Options, Better Coverage

When you are young, you have access to a broader range of health insurance plans, both basic and comprehensive. As you grow older, the risk of chronic diseases such as asthma, diabetes, hypertension, and cancer increases, restricting your insurance options. Many insurers impose limitations, higher premiums, or outright deny coverage to individuals with pre-existing conditions.

Additionally, young policyholders can opt for higher sum insured amounts, such as Rs. 50 lakhs or Rs. 1 crore, at lower premiums. In contrast, older individuals may struggle to find high coverage amounts due to increased health risks, making comprehensive insurance costlier and harder to obtain.

Maternity Benefits for Future Planning

For young couples, purchasing health insurance early is a smart move, especially when considering family planning. Many health insurance plans offer maternity benefits, covering prenatal care, delivery, postnatal care, and medical expenses for newborns.

However, most maternity benefits come with a waiting period ranging from 9 months to 3 years. By investing in health insurance early, you can serve this waiting period in advance, ensuring coverage when you need it without financial strain.

Beat the Waiting Periods

Health insurance policies come with specific waiting periods before claims become eligible. Some key waiting periods include:

• First 30 days: No claims allowed except for accidents.

• Initial 2 years: Waiting period for specific diseases/treatments like cataracts, hernia, and joint replacements.

• Maternity waiting period: Typically between 9 months and 3 years.

• Pre-existing diseases waiting period: Usually 3 years.

By purchasing a policy early, you can serve these waiting periods when you are less likely to require claims, ensuring uninterrupted coverage when needed.

Enjoy Wellness Benefits

Many health insurance policies now include wellness benefits that promote a healthier lifestyle. These may include annual health check-ups, vaccinations, and preventive screenings. Such services not only help in early detection of medical conditions but also reduce long-term healthcare expenses.

Moreover, insurers reward policyholders who maintain an active lifestyle. Regular exercise, yoga, swimming, and running can earn wellness points under certain plans. These points can then be redeemed for discounts on renewal premiums, ranging from 5% to 50%, making insurance even more cost-effective.

Lower Premiums: Save More in the Long Run

Age is a crucial factor in determining health insurance premiums. The younger you are, the lower your premiums, as insurers consider younger individuals to be at lower health risk.

Existing ailments also lead to higher premium rates. By purchasing insurance early, you can lock in lower premiums and enjoy long-term savings. Over time, these savings accumulate significantly, making early investment in health insurance a financially prudent decision.

Skip the Pre-Policy Medical Tests

As you age, insurers require pre-policy medical tests to assess your health status before issuing a policy. Individuals over 45 or those with a pre-existing condition often have to undergo these tests. If any medical issues are detected, insurers may increase premiums or deny coverage.

However, young individuals usually do not require medical tests, leading to hassle-free and quicker policy issuance. By getting insured early, you can avoid these extra medical requirements and secure a policy without complications.

Maximize No Claim Bonus & Guaranteed Cumulative Bonus

Health insurance providers offer a No Claim Bonus (NCB) to policyholders who do not make claims during the policy year. This bonus increases the sum insured at no additional cost, typically ranging from 5% to 200% of the initial sum insured.

For example, if you start with Rs. 5 lakhs, your sum insured can increase to Rs. 20 lakhs, Rs. 25 lakhs, or even Rs. 50 lakhs over the years without extra charges.

A Guaranteed Cumulative Bonus (GCB) works similarly but applies regardless of claims made. This means your coverage continues to increase over time, offering better protection against unforeseen medical emergencies. When you don't delay in buying health insurance, you can take full advantage of these benefits to maximize your health coverage.

Conclusion: Act Now, Secure Your Future

Health insurance is a crucial part of financial planning and long-term security. Delaying the decision to buy health insurance can prove costly in the long run. Whether you are young and healthy or have an existing medical condition, securing health insurance today ensures financial protection and peace of mind for the future. 

By investing in a plan today, you safeguard your future, protect your finances, and ensure access to quality healthcare when needed the most. Waiting too long can lead to limited options, higher costs, and restricted coverage due to age-related medical conditions.

Don’t wait until an emergency strikes-act now and safeguard your health and finances.

Make the right choice today. Buy your health insurance now!