Why Is It a Good Idea to Buy Health Insurance in Your 20s?
Because of the increased health risks associated with a
deskbound lifestyle, it is critical for someone in his early 20s to obtain health insurance coverage. Following the global spread of the Coronavirus, the
need for and popularity of health insurance has skyrocketed.
There are still some people who are unaware of the importance
of having a health plan and the perks that come with it. They only recognize
the need for having health insurance when they are in their mid-30s, and they
later regret not purchasing one earlier.
Reasons Why You Should Buy Health Insurance in Your 20s
The following are some of the reasons why purchasing a health insurance plan at a young age can be beneficial:
1. Low Premium Rates
The amount of premium paid for a health insurance plan varies
depending on the insurance company. The cheaper premium amount is one of the
main reasons to buy health insurance when you're in your early 20s. The age of
the policyholder has a considerable impact on the premium computation. If you
are in your early 20s, you may qualify for cheaper premium rates. As an individual's
age rises, so do the risks associated with his or her health, and as a result,
so does the premium.
2. Tax Benefits
Tax deductions are available for premiums paid from a
policyholder's salary/income toward a health insurance plan. An individual can
claim tax benefits for themselves, their spouse, and their dependents under
section 80D of the Income Tax Act. If you buy a health plan when you're in your 20s, you'll be able to take advantage of the tax benefits for a longer period
of time.
3. Lower Rejection Rate
In India, getting health insurance coverage with a medical
history is difficult. If a person with a health problem has to pay a hefty
co-pay at the time of claim filing or does not have health insurance at all,
this is a bad situation. An individual's health risks are lower when they are
still young. This is why young people are less likely to be turned down when
applying for health insurance.
4. Comprehensive Cover
If you get a health insurance plan in your early 20s, you
will have a lower risk of developing a pre-existing condition and will also be
protected at a young age. This simply means that if the individual is diagnosed
with a condition at a later date, the policy will cover it automatically.
5. Accidental Hospitalization
Despite the fact that you may believe you are youthful and
less likely to have any health problems. Accidents, on the other hand, are
unforeseeable and can occur at any time without notice. As a result, it is
critical to get yourself covered with a solid health plan so that, in the event
of an unanticipated accident, you will have appropriate coverage to cover all
hospitalization costs.