Having a health insurance policy in India is crucial. However, it is often seen as something one would get later in life and can be postponed and something that only other people need. Most people end up postponing it until health issues become more apparent.
However, buying health insurance on time, before 30, is extremely important. Also, do not consider turning 30 as some minimum or maximum limit. Just understand that it is important that you buy health insurance as soon as possible. It can be 25 or 35.
In this blog, we discuss the benefits of buying health insurance for young adults before 30!
Reasons Why You Should Buy a Health Insurance Policy Before 30
● Enjoy Low Premiums
When you buy online health insurance, the insurer’s website will ask your age. This is because age is an influential determinant of your medical insurance policy premium. With age, the risk of catching health issues and getting chronic health conditions is very common.
So, as the age increases, the possibility of the policyholder filing a claim also increases. In order to balance the risk, young people are offered policies with lower premiums, and older folks have to pay more premiums. When you get the youngsters’ health insurance before 30, you enjoy low premiums.
● Lifestyle Diseases Closing In
As mentioned above, age brings in the risk of falling sick, having chronic knee pain or back pain and other lifestyle diseases. Lifestyle diseases like diabetes, high blood pressure, obesity, heart issues and stomach issues arise when you cross the threshold of 30.
Especially with a sedentary lifestyle, these health issues are going to hit like a hailstorm. Buying top medical insurance plans well in advance is great to protect yourself from these health conditions.
● Tax Deductible Benefits
This financial benefit seems to attract a lot of youngsters to health insurance. According to the Income Tax Act, under section 80D, medical insurance policy premiums qualify for tax deductions.
This means you can deduct the premium amount from the total taxable income, significantly reducing the tax you pay. What better way to save money than this?
● Customisable Coverage
When it comes to youngsters, health insurance is more beneficial. As a young person, you can assess the kind of health issues you need to protect yourself from.
You can pick a policy that suits your health type. You can buy additional features like maternity benefits, specific illnesses (if you have hereditary illnesses) and personal accidents at a relatively low cost.
● Flexible Coverage Options
As mentioned above, young people are usually not susceptible to lifestyle diseases and severe illnesses. This makes it easier for them to buy low-cost policies for severe illness coverage and specific illness coverage. You can opt for any plan that best suits your needs without being limited by pre-existing conditions or other health issues.
● No Dependency on GHI
Most young people usually rely on the group medical insurance policy offered by their employers. However, there are other factors as well, such as layoffs, job changes and career breaks. It can leave you without any medical coverage. Apart from that, the coverage of employee health insurance for young adults is not sufficient.
Having a personal medical insurance policy ensures continuity of coverage regardless of your status as an employee, giving you and your family consistent financial security.
● Medical and Other Benefits
With top medical insurance plans, you can enjoy medical benefits such as preventative healthcare and a quality hospital network. Preventative healthcare motivates regular screenings, doctor visits, wellness programs and various measures to ensure the early detection and eradication of severe diseases. This saves a lot of money and the trouble of going through traumatic experiences of severe diseases.
One of the many benefits of medical insurance is cashless hospitalisation. Along with this, you can also get add-ons, no-claim bonuses (which are profitable for you since you are young and have less likelihood of raising a claim), a hedge against inflation, and much more.
● Optimal Financial Planning
Investing your money in the top medical insurance plans is one of the best financial decisions you will ever make. You might think that a premium is a non-essential expense. However, that is far from the truth. It will only save you money in the long run.
Ending Notes
Buying medical insurance before you turn 30 is a medically wise, healthy and proactive decision to make. It not only offers you all the above mentioned benefits but also great peace of mind and financial stability. With health insurance for young adults, you can face life and health emergencies with grace and strength.