While health insurance is essential for everyone, it becomes crucial for those who have retired from work. Wondering why? Well, your corporate health insurance no longer covers you when retired. At this point, you'll need personal health insurance to cover any unexpected medical expenses. Whether it's a sudden illness or an accident, health insurance will help you stay financially equipped to deal with the medical bills. The question remains, when is the best time to buy a health insurance policy? Well, It's highly beneficial to get health insurance early on in life rather than waiting till retirement. Read on to find out why.

1. Low Premiums

Health insurance premiums are significantly lower if the policy is bought at a young age. This is because young people are much less likely to fall ill than retired people. Premiums are much higher for older people or those who have a history of critical health problems. 

2. Waiting Period

Usually, health insurance policies come with a waiting period that typically ranges from 30 to 90 days. The waiting period is applicable for at least 10 to 15 illnesses like urinary tract stones, cataracts, knee replacements and arthritis amongst others. During the waiting period, you cannot file any claims in case of medical emergencies. If you buy health insurance at a young age, it's more likely for you to exhaust the waiting period without facing any concerns in the meanwhile. On the other hand, people at retirement age are at an increased risk of developing a health problem and requiring treatment before the waiting period ends. Also, in some cases, there can be a longer waiting period for health policies for individuals over the age of 60.

3. Tax Savings

Buying health insurance early on in life allows you to take advantage of the tax benefits. Under 80D of the Income Tax Act, you can easily claim the policy’s premium as a deduction from your net taxable income.

4. Wide Coverage

Buying a health insurance policy early on in life can help ensure that you have greater coverage. Many of the latest health insurance plans provide wide coverage, including everything from vector-borne diseases and OPD expenses to maternity benefits and daycare procedures. All in all, the coverage costs will only increase when you grow older.

5. No Claims Bonus

There are many insurance providers that offer no claims bonus to those who do not file any claims during the preceding year of their policy term. These bonuses can range anywhere from 5% to 100% of the sum insured. If you get health insurance at a young age, you can enjoy cumulative bonuses every year while renewing your policy. The bonus accumulated will help increase your coverage amount, which can prove to be quite advantageous when you are older. 

With so many benefits of buying a health insurance policy at a young age, there really is no reason to wait till retirement, is there? Just make sure you choose the best policy that meets all your needs and provides broad coverage.