Reasons to buy health insurance in your 20s
While you are in your early 20s life is all about fun because you truly wish to make every moment count. It could be anything from learning a new language to taking that much awaited adventure in life, this phase is truly meant to be the foundation stone of your life. The choices and decisions you make now will truly have a deep impact on your lifestyle in the coming years. Right from taking decisions regarding investments, savings to shaping your future, everything holds a crucial place while you are in your 20s. It is also the right age to secure your finances which may drain due to the possible health threats. Hence, buying a health insurance at an early age is truly important.
Benefits of buying health insurance at an early age
Pay Less Get More: Health insurance companies fix a lower premium, if you are under 30. They consider young adults or all those who are in their 20s as low health risk individuals. Hence, your premium isn’t too high. So, getting a cover while you are young will help you save a lot.
Bye Bye Waiting Periods: Usually health insurance companies have waiting periods for various pre existing diseases. For example, if you are a diabetic then any treatment related to this disease will be covered post 3-4 years of waiting period. If you buy a health insurance plan when you are fit then these years would simply pass without any hassle. In future, unfortunately if you are ever diagnosed with any of the diseases except for AIDS then you are covered without implying any waiting period.
Say Hi to Cumulative Bonus: When you do not make any claim under your health insurance your insurer rewards you with cumulative bonus in the form of increasing your sum insured without charging you an additional premium. For ex: To start with if you have chosen a sum insured i.e your totals cover as 5 lacs and you do not making any claim for a year your insurer will reward you with a 5% cumulative bonus. So, on renewal you will get a total cover of Rs. 3 lacs and Rs. 25,000, however your premium does not rise due to the cumulative bonus just that your overall health cover increases.
Save Taxes Secure Health: Buying a health insurance policy at an early age also helps you save taxes. Under section 80D you can save taxes. Isn’t it a crucial tax savings tool? You can also buy health insurance plans for your parents and if they are senior citizens you get to save more. The deduction under Sec 80 D is limited to Rs. 25,000 for health insurance taken for self or family and Rs. 25,000 for health insurance taken for parents. (In case of senior citizen it is maximum of Rs. 50,000).
Accidental Hospitalization: Though you may feel young age doesn’t invite diseases but what about accidents aren’t that unpredictable and can happen at any life stage without warnings? You need to have a health insurance plan in place so that if any untoward accident takes place you will have sufficient cover to take care of the expenses.
Do not think health insurance policies are made just for making a claim while hospitalization, but it also help in you in more than just one way.
Why should you stop postponing your decision to buy a health insurance plan?
Growing responsibilities: As you grow old your financial responsibilities rise so it’s better to safeguard your medical expenses how than regret later. Going ahead you can add your spouse and kids in your health insurance plan.
Inflation: Development in medical science has increases the life expectancy ratio; however the treatment costs are also rising by every passing day. Hence, if you do not secure yourself now you may end up paying higher premium later on.
Wide coverage against diseases: Buying early will give you a comprehensive cover right from the initial stage. You don’t have to worry about any disease coverage in future.
Get a health insurance cover right now and secure your health and ensure financial security. So that, a big medical expense does not hamper you’re saving.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.