As the adage goes, health is the most valuable wealth we have. Unfortunately, however, most of us start taking care of our health only after reaching our mid-thirties or forties. The same holds true for health insurance too.
Also, by the time we buy health insurance plans, we regret not making the purchase earlier in our life. In this article, we will talk about people in their twenties and discuss reasons why you should get a health insurance policy at this age.
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Top Reasons Why Getting Health Insurance in Your 20s is Beneficial
Here are the reasons to buy health insurance for 20-year-olds:
Premiums are Very Low
When an insurer determines the premium of a health insurance policy, one of the first things it considers is the age of the policy seeker. For people in their twenties, the premium for health insurance plans is very low. This is because health risks are lower than for people in their 30s or 40s.
Hence, you can get covered for any sudden illness or disease at an affordable premium cost. You can use the health insurance premium calculator to know the health insurance quotes and to compare health insurance plans.
No Impact of the Waiting Period
This is a crucial benefit of buying health insurance at a young age. Typically, health insurance companies have a clause of a waiting period after you buy the policy. During this period, you cannot raise a claim for certain diseases, surgeries, pre-existing illnesses, and specific treatments. The waiting period is usually between two and four years.
When you buy a health insurance policy in your twenties, you are relatively healthier and can get through the waiting period without needing health coverage. On the other hand, if you were to buy health insurance at 45 or 50, the waiting period could coincide with an illness or medical treatment for which you might not receive coverage.
Tax Benefits
When you pay a health insurance premium from your salary, you qualify for Section 80D deduction under the Income Tax Act, 1961. This section offers a tax deduction for health insurance policies taken for self, spouse, and dependents. If you take a health insurance policy in your twenties, you can avail of these tax benefits from a younger age.
Better Coverage
Usually, health insurance plans exclude pre-existing illnesses. When you buy a health plan in your twenties, the possibility of a pre-existing illness is low. Therefore, you can get better coverage and optimum benefits of health insurance. Also, if you get diagnosed with any illness at a later age, it automatically gets covered under the policy.
Insufficient Employer Covers
Many organisations offer health insurance to employees. Most people assume that these policies are sufficient to manage any sudden health emergency. However, in many cases, the employer cover is found to be lacking comprehensive coverage. Also, if you change your job, the new employer might have an inadequate health plan for employees. This can expose you to financial risks if a medical emergency occurs.
Coverage From New-age Illnesses
The twenty-first century is a period of increased dependency on technology and a sedentary lifestyle. Add to it the ever-increasing pollution levels in the world, and there are lifestyle-related illnesses like diabetes, hypertension, obesity, etc., that are surrounding people in their twenties. In addition, with increasing medical costs, having a health insurance plan can ensure that you don’t burn a hole in your pockets managing the treatment costs.
No pre-Medical Health Check-ups
Typically, insurers insist on a pre-medical health check-up for policy seekers who are older than 40. This is because increasing age results in an increase in health risks. Once these check-ups are done, the insurer goes through the reports and might charge a higher premium or deny the policy if the health risks are high. Generally, there is no pre-medical screening in your twenties, making it hassle-free and cost-efficient to buy a health plan.
Summing Up
While most people in their twenties think they don’t need health insurance, the reasons listed above make health insurance for 20-year-olds a sensible purchase. Remember, we live in a fast-paced world with increasing risks to our health. Also, with medical costs increasing, having a health insurance plan can ensure that in the event of any illness or disease, your medical treatment costs are covered.
Hence, you don’t have to worry about finances when you are already worrying about your health or the health of a loved one. Hence, if you are in your twenties and don’t have a health insurance policy yet, you can start by looking at the Arogya Sanjeevani policy details. This is a basic plan mandated by the IRDAI to help young people get health insurance. Good Luck!