Health insurance plans have been providing a protection against illness and increasing the longevity of insured and their loved ones. And buying the same early can help people get multiple benefits including the cheaper premiums. In this blog, we are going to talk about why everyone should look for a health cover plan as early as possible. Lower Premium Rates of insurance premiums highly depend on the longevity of the insured and hence younger policy buyers get an edge here. Usually, young people are healthier and are expected to live longer than their older counterparts. If you buy a healthcare plan when you are young, you will be offeredcheap health insurance quotes. This means you will have to pay a premium much lesser than someone older getting the same coverage and benefits. This may seem trivial in beginning but is going to save a lot in the long run. By buying an insurance plan early, you get a cover for most of the fatal diseases and will have to pay nothing for all the medical as well as surgical expenses, if you diagnosed with any serious illness. Also, there are plans that provide a cover for your in-patient expenses as well as the charges for rehabilitation services. No Medical Exams This falls under the most unique benefits of buying a health insurance early. Usually, every potential insurance buyer has to go through a medical examination so that the insurance companies can get an idea of their health status. Depending on how fit they are, insurance plans with suitable premiums are offered to them. For example, if you are 30 and haven’t been detected with any serious illness, you will be offered insurance plans with cheaper premiums in comparison to a 30-year person diagnosed with cancer, diabetes or HIV. Also, the smoking and alcohol consumption habits have a lot to do with the premium rates and anyone with such habits will receive a more expensive insurance plan. However, you plan to get a health cover at a younger age, you won’t need to undergo the medical examinations. This means you won’t be judged on the basis of your health status and will be provided an insurance at cheaper premiums, regardless of any pre-existing conditions. Lesser Exclusions Almost all insurance plans come with their own set of exclusions and health insurance is no exception. There are certain exclusions for which an insured may not receive a coverage. Some of the most common exclusions include coming suicide, participating in war, riot or any kind of violent activities, participating in racing or other dangerous activities as well as consuming alcohol or restricted drugs. This means if you fall ill or get injured due to the above mention reasons, you may be denied a cover for the same and you will have to take of the treatment expenses by yourself. Moreover, providing the false information to your insurer is also a serious crime and they may deny your claim if they come to know about the same. No Waiting Period Another advantageous benefit from your health cover provider is the removal of the waiting period. Generally, health insurance comes with a waiting period of 2 or 3 years. This means you will have to wait for those 2 or 3 years before you become eligible to completely utilize the benefits of an offered plan. For example, if you have an insurance plan with a coverage of $100,000 waiting period of 2 years, you can’t get a full coverage if you fall ill or get injured before 2 years of buying the plan. But, young policy buyers get an exemption here as they are offered an insurance with no waiting period. This means if you are a young policy buyer, you can utilize your plan benefits as soon as you sign the policy agreement, and this is an advantage big enough to be ignored. Tax Benefits Younger employees having a health insurance are also considered for tax benefits by the state as well as federal govt. If you are the one, you will receive a decent deferral on your taxable income and you will need to pay lesser taxes to the federal govt. This means you get double benefit by buying a health insurance including the protection against illness as well as the deferral of income taxes.
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