Buy Health Cover When You’re Young

Private sector employees often ignore the need for a health cover as they are generally covered by group health policies, which take care of their immediate needs. For the self-employed, the ability to leverage their business’s working capital to meet liquidity requirements for healthcare, typically, decreases after retirement. Thus, the need for a retirement health cover becomes all the more important as people retire early and live for longer periods. There are three reasons for starting one’s health insurance journey early. First, it is economical. Most health plans now come with substantial no-claims bonus and some plans also allow for doubling the coverage by using this feature. Second, health plans usually have a waiting period of 1-4 years. So, buying early ensures that the waiting period is over by the time one actually needs the plan. Also, there is the element of...