Five Reasons To Get Health Insurance In Your 20s
Being in your 20s is an amazing experience where you are able to experiment and explore new things. It is an important phase in your life and your entire future may be influenced by your decisions. A crucial but often overlooked decision is purchasing a health insurance plan. You may not be aware of the benefits of availing of health coverage at an early age.
Here are five reasons why you must Buy Health Insurance in your 20s.
1. Lower premiums
As you grow older, your health deteriorates and you require regular medical treatment. However, in your 20s you are healthy and the possibility of ill-health is lower. The insurers levy premiums based on the age and health condition of the insured. If the company perceives higher risk, it will charge higher premiums. Because health insurers consider youngsters in their 20s low-risk, you will pay a lower premium to avail of the Best Health Insurance Plan. However, it is recommended that you use an online premium calculator to determine the premium amount.
2. Overcome waiting period
Most health plans have a waiting period of 30 days during which claims are disallowed even in the case of an emergency. Furthermore, insurers include different waiting periods for various conditions, such as diabetes, hypertension, and other such ailments. Therefore, when you avail of health coverage at a young age, the waiting period is completed before the time when you may actually need to use the benefits under your policy. It is recommended you compare health insurance plans offered by various insurers to choose the lowest waiting period.
3. Lower possibility of rejection
Insurance applications may be rejected if the applicant suffers from a serious medical condition which may happen at a senior age. The possibility that your application is rejected is significantly lower when you are in your 20s. Moreover, insurance companies may not require you to undergo medical examination while applying for a health plan, which makes it easier to buy the policy online.
4. Tax benefits
The Income Tax (IT) Act offers tax benefits on the premium amount under Section 80D. When you buy health coverage in your 20s, you will be able to take advantage of these tax benefits from an early age. This will help you save a significant amount of money over a longer period of time and you may invest it in a mediclaim policy for your parents.
5. Wider range of options
When you apply for health coverage in your 20s, you will be able to choose from a wider range of options. Insurance companies may allow you to pool the Best Insurance Plans to ensure you make the accurate choice. In addition, you have the flexibility of renewing the plan based on the changes occurring during various stages of your life. You may opt for a family plan that covers your spouse and children later.
With your newly found financial freedom, staying healthy may not be your top priority. Yet it is important that you avail of health coverage at an early age to enjoy the maximum benefits.
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