10 Reasons Why You Should Purchase A Health Insurance In Your 20s

Due to the obvious increased health risks associated with a sedentary lifestyle, it is critical for someone in his early 20s to obtain health insurance coverage. It's a critical time in your life, and your choices could have a significant impact on the rest of your life. Following the global spread of the Coronavirus, the need for and the appeal of health insurance has skyrocketed.

There are still some individuals who are unaware of the importance of having a health plan and the perks that come with it. They only recognise the need of having health insurance when they are in their mid-thirties, and they subsequently regret not purchasing one sooner. To know and understand the importance of getting health insurance in our 20s, read on.

What Are The Reasons That One Should Purchase Health Insurance In Their 20s?

Following are the reasons that one should take account when purchasing health insurance in their 20s -

1. LOW PREMIUM RATES - The age of the policyholder has a considerable impact on the premium computation. When you're in your early twenties, you may qualify for cheaper premium rates. As an individual's age rises, so do the risks connected with his or her health, and as a result, so does the premium.

2. TAX REBATES - Tax deductions are available for premiums paid from a policyholder's wages toward a health insurance plan. An individual can claim tax advantages for themselves, their spouse, and their dependants under section 80D of the Income Tax Act. If you buy a health plan when you're in your twenties, you'll be able to take advantage of the tax benefits for a longer period of time.

3. LOWER RATE OF REJECTION - Insurance applications may be denied if the applicant has a major medical condition that develops later in life. When you're in your 20s, the chances of your application being denied are much smaller. Furthermore, while registering for a health plan, insurance firms may not need you to attend a medical check, making it easier to purchase the coverage online.

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 implies that if the individual is diagnosed with a condition at a later date, the insurance will cover it automatically.

5. ACCIDENTAL HOSPITALISATION - Despite the fact that you may believe you are youthful and much less likely to get any health problems. Accidents, on the other hand, are unforeseeable and can occur at any time without notice. As a result, it is essential to get yourself covered with a solid health plan so that, in the event of an unanticipated accident, you will have appropriate coverage to pay all hospitalisation costs.

6. NO WAITING PERIOD - This period might last anywhere from two to four years, depending on the plan you choose. Buying health insurance while you're young saves you money since you'll be able to skip the waiting period when you don't need it.

7. NO CLAIM BONUS - This is an annual bonus or reduction depending on the number of years you have gone without filing a health insurance claim. You can also have your No-Claim Bonus transferred when you renew your insurance.

8. INSUFFICIENT EMPLOYER COVER - It's not a good idea to rely solely on the medical coverage provided by your job. Employer-provided medical insurance may appear appealing at first glance, but it does not give a full long-term answer. The bulk of business health plans are inadequate in terms of medical coverage. In such situations, you may find yourself in difficulties during an emergency.

9. LIFESTYLE ILLNESSES - These lifestyle-related disorders affect people in their 20s as well. One of the key reasons why purchasing medical insurance at a young age makes perfect sense is because of this.

10. PRE-MEDICAL HEALTH CHECKUPS ARE NOT NEEDED - If your health records are poor, you will be forced to pay a higher premium or your request may be denied by the insurer. Purchasing a health insurance policy would be a good option if you want to pay lesser rates and avoid coverage limits.

Endnotes

It is critical to invest in a health insurance plan early in life in order to benefit from the benefits and coverage it provides for a longer period of time. After reading the above ideas, you should have a better understanding of why it is advantageous to get a health plan early.

Also read - Health Insurance With OPD - Everything You Want To Know!

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.