Reasons Why Buying a Health Insurance in Your 20s is a Good Idea
Published On Jul 17, 2021, Updated On Jul 23, 2021
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It is vital for an individual who is in his early 20s to avail a health insurance plan because of the rising health risks happening due to a sedentary lifestyle. After the outbreak of Coronavirus all over the globe, the requirement and popularity of health insurance has increased significantly. Still there are people who are yet not aware of the need to have a health plan and the benefits associated with it. They realize the importance of having a health insurance plan only during their mid 30s and later regret not buying a health plan earlier in life.
Reasons why You Should Buy Health Insurance in Your 20s
Highlighted below are the reasons why investing in a health insurance plan at an early age can turn out to be a good idea:
Low Premium RatesThe amount of premium paid towards the health insurance plan differs from one insurance company to another. One of the primary reasons to purchase a health insurance plan in your early 20s is the lower premium amount. The policyholder’s age plays a very significant role in calculation of the premium. In case you are in your early 20s, you can get lower premium rates. With the increase in the age of an individual, the risks associated with one’s health also increases and thus the premium also increases with age.
Tax BenefitsThe premium paid towards a health insurance plan by the policyholder from their salary is eligible for tax deductions. According to section 80D of the Income Tax Act, an individual can get tax benefits for themselves, their spouse and dependents. Purchasing a health plan in your 20s would mean that you can enjoy the tax benefits received for a longer duration.
Lower Rejection RateAvailing a health insurance plan with a medical history is not easy in India. If an individual who is suffering from any health ailment would have to pay high co-pay amounts at the time of claim filing or would not get health insurance plan at all. The health risks associated with an individual who is still young is less. This is the reason why young people are less likely to face rejection while availing a health plan.
Comprehensive CoverIf you decide to buy a health insurance plan in your early 20s, then there is less possibility of having any pre- illness and also you will get covered at a pretty young age. This simply means that even if the individual gets diagnosed with any illness at a later stage, it would get automatically covered in the policy.
Accidental HospitalisationAlthough, you may feel that you are young and less likely to have any kind of health related issues. However, accidents are unforeseen and can happen anytime without any warnings. Therefore, it is important to get yourself insured with a good health plan so that if any unforeseen accident takes place you will have adequate coverage in order to meet all the hospitalisation expenses.
It is extremely important to invest in a health insurance plan at an early phase in life in order to enjoy the benefits and coverage obtained from it for a longer duration. By going through the afore-mentioned points you must have an idea why it is ideal to buy a health plan early. So, in case you still haven’t insured yourself under a good health plan then hurry up!
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.