Insurance

Why You Should Get  Health Insurance at a Young Age

If you are a ’20 something’ professional, you might think that worrying about health insurance is something that should be reserved for your late 30s. However, there are many benefits of getting health insurance before you turn 30. These reasons have no connection with your current health condition. Irrespective of your health and age, it is advisable to buy medical insurance at a young age. Here are a few compelling reasons for buying a health plan at the earliest.

  1. Low health insurance premium

The health insurance premium will depend on the age and there is a rise in the premium amount once you cross 30. If you buy a health plan when you are 25, you might pay a low premium amount as compared to the premium you would have to pay if you buy a plan at the age of 33. Health insurance plans have a low premium for young policyholders.

  1. Rise in illnesses

We all have hectic schedules and sedentary jobs, which have led to a rise in lifestyle disorders. Problems related to diabetes, cholesterol, lung, or even heart could arise at any age. Due to stressful lifestyles, young adults are affected by hypertension. This is a huge reason why you need to buy online health insurance at an early age to keep you protected in case an illness or disease strikes.

  1. Group insurance is never sufficient

The need for health insurance cannot be overstated with the rising cost of healthcare. If you think that your employer’s insurance cover is enough for you, you might be wrong. The company’s coverage might not be adequate to look after your medical expenses at an older stage in life.

  1. Early purchase has numerous benefits

There are some requirements of a health plan where you need to go through a waiting period in case of a pre-existing condition. When you buy insurance at a young age, you might not need these benefits immediately but at an older stage of life, you might need them urgently. At that time, you will be unable to make the most of these features because of the waiting period. If you take the policy at a young age, you will not have any pre-existing condition and you will be able to make the most of your policy.

  1. Aids in financial planning

In addition to the benefits at a low premium, buying health insurance at a young age will help in financial planning. Your health plan will cover for any unfortunate accidents or medical emergencies. Your savings will not be hampered and you can utilize your hard-earned money for investing in different products. This will help you achieve your long-term financial goals. You will also be able to get a tax exemption on the premium you pay for the health insurance policy under Section 80D of the Income Tax Act, 1961.

As a young adult, you have recently started earning and it is the best time to make an investment in a health insurance plan. Considering the benefits of investing early, there is no reason to delay the purchase. If you invest in a health plan now, you will get numerous benefits in the long term. You can also get a customized plan as per your needs.

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