Reasons Young People Should Buy Health Insurance
Updated On Dec 01, 2020
The rising cost of medical treatment has made health insurance a major consideration for every individual. Health insurance has always been significant for the elderly, however, with the changing times, the young generation has started understanding its need in their lives. No matter how young or fit, people in their early years of life should consider purchasing one of the best health insurance policies. Contrary to people's thinking that being young doesn't come with the need for health insurance, the fact is that young people too need security in terms of health and finance. This ultimate protection can only come if they possess an ideal health insurance policy from one of the best health insurance companies.
Whether you are in your early twenties or about to turn 30 in a year or two, go ahead and purchase a health insurance policy to prevent financial concerns in the future. Rest assured, your health insurance policy will prove to be a worthwhile purchase and superior support whenever the need arises. In case, you still need reasons, find out the prime ones below.
Reasons Young People Should Buy Health Insurance
1. A Vast Range of Policy Choices - When you are young you get a wide array of health insurance plans to choose from. Unlike in the case of senior citizens, you don’t have to restrict your needs with the number of health insurance policies. What's best is that when you buy health insurance at a young age, you get the flexibility of renewing your policy on the basis of changes taking place during the various stages of your life. While you may enjoy single coverage as of now, adding your spouse and children won't be an issue in the future when the time comes.
2. Low Premium Costs - It is usually noticed that the risk of getting illnesses increases with the growing age. That is when the requirement of health insurance appears more. What’s also a fact is that premiums increase with the growing age. Since the chances of getting ill at a young age are less, health insurance companies charge less premium from young individuals.
3. Overcome Waiting Period - Most health insurance policies come with an initial waiting period of 30 days. One cannot file a claim during this period even in case of an emergency. When you buy a health insurance policy in the younger years of life, you complete your initial waiting period and other waiting periods for various conditions before even the need arises.
4. Low Rejection Chances - Usually, the possibility of health insurance companies rejecting an application occurs in the case of senior citizens. When you are in your 20s or early 30s, the possibility of application rejection is quite low. In addition, health insurance companies may not even require you to undergo any kind of medical test while applying for a health insurance policy to enable an easy buy.
5. Group Health Insurance May Be Insufficient - You may have the security of your group health insurance policy, but remember it will expire the day you quit your job or switch the company. It is important for you to have a health insurance policy to support you in case you are left with no group health insurance.
6. Better Financial Planning - Once you are done purchasing your health insurance policy, you will be able to invest your funds in other long-term investments. Whether there are accidents or any cases of emergency, neither your savings nor your long-term investment plans will go in vain.
7. Tax Benefits - On buying health insurance in your 20s, you become eligible for tax benefits under Section 80D of the Income Tax Act on the premium amount you pay for your policy. By buying health insurance early, you gain the advantage of these tax benefits from an early age.
Conclusion
Buying health insurance at a young age will help you secure yourself in terms of health and finances. It may seem a big responsibility to bear at a young age, but rest assured it will benefit you in the long run in not just one, but many ways. So, do not think of health insurance as a burden in your young, carefree years of life, and go ahead with your plan purchase today itself.
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.
