If you check the medical expenses, nowadays a short trip to the hospital can easily cost you anything between Rs.10,000 to Rs.50,000 or even more. When you are young and energetic, it is obvious not to feel vulnerable to the health issues that you face later in life. However, medical emergencies are like those annoying uninvited guests that can knock on the door anytime, and they often stay for a while. Thus, it is better to be prepared for them all the time then being sorry later.
Learn why you should buy a health insurance plan in your 20’s
1. Premium increased with your age
When it comes to health insurance policies, age is one of the major factors that play a role in deciding the premium. When you start early, chances of you falling ill or needing medical care are slim. Thus the insurance companies consider people in their 20s as low-risk clients that mean you will be charged a lesser premium. But the more you wait to start your health insurance plan; the premium will get expensive. There is always a chance of some genetic disorder you do not know about or some underlying health issue that can pop up all of a sudden. Also, you cannot be sure all the time that you are not going to be in an accident in your life. In such cases, the health insurance plan will come in handy.
2. Drastically changed lifestyle
In the last few decades, the lifestyle in every section of the society has changed drastically. The complexity of our daily life has increased, and we have become more prone to diseases. The younger generation is more open to binge drinking, unhealthy food, night-outs and dependency on technology. All these factors are affecting health in a way that the chances of falling ill are higher than ever. Getting a basic health insurance policy from the day you start earning will provide coverage in case you get a lifestyle-related disease or meet with an accident. Based on your requirements, you can choose the plan and get a better cover.
3. Employer cover is not as good as you think
Many reputed companies in India provide a Group Health Insurance coverage for the employees. The premium is affordable, and it often covers a lot more than you have asked for. However, there are some drawbacks associated with such policies. The sum assured under this type of policy does not depend on your needs, but it depends on the designation and salary. Some group policies will not provide health cover to the rest of your family. Thus getting an additional health insurance plan for self and family is a good idea. Please keep in mind that when you change the job you will lose health cover and the new employer may not provide health insurance at all.
4. It is not about just the hospitalization
Health insurance policies provide a lot more than just hospitalization. They cover OPD, cost of medicine, daycare procedures and more. You can even get maternity benefits and care for the new-born baby with the help of add-ons. Based on the level of cover, the company can provide you cover for ambulance service, dental cover, optical and dietary advice, alternative medicine-based treatment and more.
5. Tax Benefits
In the end, there are always tax-benefits associated with the health insurance plans you buy. Under the income tax act section 80D, you can save a substantial amount by investing in health insurance policies. The tax benefit is not limited to the insurance you bought for yourself but also for spouse, children, and parents. The total amount that you can claim as a deduction in a year is Rs.5,000.
You cannot be sure about your health even if you are in your 20s. Sooner or later, you will realize how important health insurance policies can be. Choosing to buy a health insurance plan early will substantially reduce the premium cost. Health insurance policies will also help you in saving taxes. In the long run, a comprehensive health insurance plan can save you from financial losses occurring due to hospitalization or accident. By choosing the right health insurance plan, you can secure the financial future of you and your family.