Twenties is the era when the youth is entering the workforce and along with it comes long working hours, improper eating habits, next to no physical exercises, long distance travel, food adulteration and increasing pollution levels. All of these bring about a paradigm shift in the lifestyle making them prone to health risks.
Further, with the rising cost of inflation and the rapid increase of healthcare costs as well, even small medical procedures can cost a huge amount.
Not only that, we all had witnessed how the deadly Covid-19 Virus had hijacked the entire nation and the world in 2020 causing a huge turmoil.
Thus, it is all the more reason why one should consider buying a health insurance policy at the earliest.
Let’s look at 5 reasons why you should consider buying health insurance before you turn 30.
Low Premium Amount
Health insurance premium amount is determined by many factors such as age, medical history, sum insured, etc. However it is a pragmatic decision to buy a health insurance policy when you are in your 20's, so that you have to pay a lesser amount of premium. Because if you choose to buy health insurance when you are in your 30's, the premium amount would be much higher. Hence buying early not only helps you in streamlining your budget and expenses but also helps you save money in the long run.
Increase in Lifestyle Diseases
When you are in your 20's, the corporate culture operates out a philosophy of "Work Hard & Work Long'' and it is expected of you to pour in your heart and soul endlessly to the job and in this process of working hard and long hours, not eating healthy, practically no time to exercise, not getting enough sleep, long distance travel and the constant pressure of meeting targets and deadlines causes a lot of stress and anxiety among individuals. In your 20's, somehow the body is somehow able to handle these pressures but as you grow old, lifestyle diseases such as high blood pressure, diabetes, health ailments, cholesterol, begin to crop up and you never know when a disease or an illness can attack you all of a sudden. Hence having a health insurance policy at least keeps you protected from financial burdens and much more.
More Beneficial
There are several benefits of buying health insurance early such as it negates the waiting period. There are certain requirements of the policy that require you to go through the waiting period for the treatment of pre-existing diseases & surgeries. You may not need them now, but as you age, you never know you may require it in the future. When you buy the policy early, what it means is that you would have already served the waiting period, so when the time comes you wouldn't need to wait to avail the benefits. Further, you can earn a loyalty bonus. Most health insurance policies offer a loyalty or no claim bonus if the customer continues with the same policy year on year. In addition, it helps you plan your finances wisely. Thus, when you buy a policy early, you can avail of better benefits and also make full use of the policy.
Insufficient Group Health Insurance
There are certain companies that provide health insurance for their employees. In these cases, a part of the premium is borne by the employer however the coverage extended is limited. Also, there might be capping on the room rent charges. In an event, if the employee decides to leave the company, the health insurance policy is of no use. Hence a standalone health insurance policy is recommended so that the individual is not dependent on the company. In this way, the policyholder can avail comprehensive protection and the sum insured benefits.
Claim Tax Benefits
Money saved is money earned. As per Income Tax Act, 1961, health insurance can get you upto a maximum of INR 1 lakh every year in income tax deductions under section 80D.
Conclusion
There is never a right time or age to buy health insurance. The sooner it is purchased, the better benefits can be availed. A comprehensive health insurance policy can offer a variety of services and covers not just hospitalisation expenses but also takes care of other costs such as ambulance service charges, daily treatment, medicines, etc.. and provide financial security as well. Along with considering the above mentioned points, you may want to seek advice from professional experts in order to choose a health insurance policy that suits your needs. Time and health are extremely precious. Once gone, it doesn't come back. Hence the sooner you take advantage of health insurance in your 20's the better it is.
