Why seafarers should buy Health Insurance?
The exponential upsurge of quality healthcare expenses has made it compulsory for every seafarer to be covered with a health insurance. Health insurance mitigates those unexpected financial burden arising out of an accidental hospitalization or illness.
Apart from the ever-rising medical expenses, the reasons for buying health insurance are:
1. Comes with Lower Premium
Yes only if you buy it when you are young. Yes, the health insurance premium is much lower in this age than when it is in your old age. As you’re less likely to fall sick in this stage, insurance companies offer health insurance plan at a lower premium considering the low-risk appetite. If you compare, the same premium that you pay at your 30s will cost you double in your 50s.
2. Easy to Get Insurance
It’s quite difficult to avail health insurance with existing health issues. Even if you get that cost you a higher premium. If you don’t disclose at the time of buying and claim for a complicacy arising out of such illness, your claim will get rejected by default. At your young stage you less prone to such illness, so availing health insurance is easy.
Apart from the ever-rising medical expenses, the reasons for buying health insurance are:
1. Comes with Lower Premium
Yes only if you buy it when you are young. Yes, the health insurance premium is much lower in this age than when it is in your old age. As you’re less likely to fall sick in this stage, insurance companies offer health insurance plan at a lower premium considering the low-risk appetite. If you compare, the same premium that you pay at your 30s will cost you double in your 50s.
2. Easy to Get Insurance
It’s quite difficult to avail health insurance with existing health issues. Even if you get that cost you a higher premium. If you don’t disclose at the time of buying and claim for a complicacy arising out of such illness, your claim will get rejected by default. At your young stage you less prone to such illness, so availing health insurance is easy.
3. Save More on Tax
The Section 80D of Income Tax Act 1961, benefits the insured with tax benefits for paying the health insurance premium. By health insurance at an early age, you enjoy tax benefit for a longer period as compared to a person who bought it in his/her middle age.
4. Reap the Benefits of Savings
In other words, health insurance is a kind of investment to cover yourself financially against unforeseen circumstances. If you invest at your young age, you will eventually develop the habit of savings. As inflation has a sharp impact on every sphere of our life, by growing the habit of savings you can cope up with this up to an extent.
The Section 80D of Income Tax Act 1961, benefits the insured with tax benefits for paying the health insurance premium. By health insurance at an early age, you enjoy tax benefit for a longer period as compared to a person who bought it in his/her middle age.
4. Reap the Benefits of Savings
In other words, health insurance is a kind of investment to cover yourself financially against unforeseen circumstances. If you invest at your young age, you will eventually develop the habit of savings. As inflation has a sharp impact on every sphere of our life, by growing the habit of savings you can cope up with this up to an extent.
5. No Waiting Period
Health insurance comes with waiting periods such as initial waiting period of 30 days, a pre-existing illness waiting period of 2 to 4 years etc. However, it may differ from insurer to insurer. When you are hale and hearty, you don’t need to claim your insurance. This way you can serve the waiting period easily and a file your insurance without a hassle.
6. Avail Bonus
Health insurance comes with an additional bonus as well. One such bonus is No Claim Bonus that is offered for not claiming your insurance, which ranges from 20% to 50%. The NCB if offered as a discount in the premiums of consecutive years or as a hike in sum insured. When you are young there are less chances of claiming insurance and you can earn a maximum of NCB bonus and can make the best out of your health insurance policy.
Health insurance comes with waiting periods such as initial waiting period of 30 days, a pre-existing illness waiting period of 2 to 4 years etc. However, it may differ from insurer to insurer. When you are hale and hearty, you don’t need to claim your insurance. This way you can serve the waiting period easily and a file your insurance without a hassle.
6. Avail Bonus
Health insurance comes with an additional bonus as well. One such bonus is No Claim Bonus that is offered for not claiming your insurance, which ranges from 20% to 50%. The NCB if offered as a discount in the premiums of consecutive years or as a hike in sum insured. When you are young there are less chances of claiming insurance and you can earn a maximum of NCB bonus and can make the best out of your health insurance policy.
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