Being in the 20s is an exciting phase in life. If an individual is in his 20s and is financially independent, then he/she can live life on his/her terms. During this phase, we start living on our own and start making our own decisions. Moreover, during this phase, young individuals have a high risk-taking ability as they don’t have bigger responsibilities to share.
However, the 20s also play an important role in creating a strong financial backup in the long term. Thus, an important decision like taking care of health is very crucial to ensure that one leads a better life as he/she grows old. If a person is in his/her 20s and has already started earning, then he/she should surely consider opting for a medical insurance plan. The best health insurance plans not only protect an individual against any type of medical emergencies but also provide a host of other benefits.
Let’s read further to know the perks of buying a medical insurance policy in your 20s.
Lower Premium Amount
The premium amount offered by the medical insurance policy is decided based on the risk associated with the buyers. The individuals purchasing a health insurance policy at an older age tend to be at higher risk for the insurer, thus the premium amount of the policy is also charged higher for them.
On the contrary, if an individual purchases a health insurance policy in his/her 20s, then he/she has a lower chance of claiming the policy, thus the insurance companies offer a lower premium rate for him/her. It is, hence, beneficial to purchase a health insurance policy in the 20s as it allows one to enjoy the advantage of a lower premium with higher insurance coverage.
Lesser Chance of Rejection
The insurance company can reject the application of a health insurance buyer if he/she has a pre-existing illness, which is possible only at an older age. These types of cases happen when an individual opts for a medical insurance policy at an older age. So, if a person buys a health plan while being young, then the chances of getting the plan rejected are less. Also, the individual can avoid undergoing the medical test for securing the medical plan.
Most health insurance plan offers a waiting period of 30 days during which the claims are not allowed. Moreover, the insurance company offers different waiting periods for different medical conditions such as diabetes, hypertension, and other ailments.
Thus, if an individual purchases a health insurance plan at a young age then the waiting period of the policy completes much before time and the benefits can be availed at the time of need. As per the insurance experts, it is advised that the insurance buyers compare various plans offered by the insurer to choose the best health insurance policy and the lowest waiting period.
Choose from a Wide Range of Options
While applying for a health insurance plan in the 20s, there are greater chances that the young individual will be able to choose from a wide range of options in terms of different types of policies. Some of the best Mediclaim policies are specifically designed to keep the young customers in mind with much longer tenure and lower premium rates. Young policy buyers can choose the best health insurance policy in their budget as per their requirements and suitability. Also, in certain cases, the policy buyer can also avail of the benefit of lifetime renewal for the policy.
Another major advantage of purchasing a health insurance plan is that the policyholder can avail the benefit of income tax exemption U/S 80D of the Income Tax Act. The individual opting for a health plan in his/her 20s can avail of this benefit right from an early age.
Moreover, the tax benefit offered by the health insurance policy can help the individual to save an ample amount of money in the long-term and invest the saved amount in other investment plans with an objective to gain high returns on investment in the long term. Thus, this not only helps you to save on taxes but also provides an opportunity to create a financial cushion in the long term.
Life is unpredictable and a medical emergency can strike anyone at any time, thus you should not wait to fall into a difficult position and be forced to arrange the expenses from somewhere. By having a health insurance plan you can have a backup to deal with any type of medical emergencies. Moreover, you can be relaxed and focus on your career and future in a much better way.