Why Buying Health Insurance in Your 20s is a Good Idea

“A stitch in time saves nine” is an age old saying that applies to all aspects of life. You never know when life throws you a curveball. It’s better to prepare yourself in advance to face any challenges. COVID-19 has clearly shown us that people of all ages are vulnerable to diseases. Hence, it is better to have medical insurance that has got your back. Health insurance extends financial security during medical emergencies and helps you cope with the exorbitant cost of medical treatment and unexpected financial strain.

Here’s why buying health insurance in your 20s is a great (and not just good!) idea:

  1. Pay lower premium
    Premium in a health insurance plan depends on the degree of risk an applicant presents to the insurer. The higher the risk, the more the premium charged. Considering that most young applicants have lesser health issues, they make lesser claims. Hence, health insurance companies often provide higher coverage at reduced premiums to young and healthy buyers with no pre-existing conditions or poor lifestyle habits. Of course, the premium payable will change and increase as you grow older, but that would be by virtue of increasing age and not due to premium loading. Few insurers do allow a fixed premium amount for lifetime where there is no change in Sum Insured.
  2. Overcome the waiting period with ease
    There’s always a waiting period associated with your health insurance policy during which the insured isn’t allowed to make any claims. When you get a health insurance plan in your 20s, it won’t be difficult to serve the waiting period since you are young. You can ease through that waiting period comfortably. By the time you need medical cover for the permitted health conditions, you would become eligible to raise claims without any hassle.
  3. Chances of rejection are negligible
    A lot of health issues may show up with age. Applicants with serious ailments may have to face rejection of their health insurance applications. At a young age, when you are mostly at the prime of your health, there are lesser chances of your application getting rejected.
  4. Get a comprehensive and wider range of coverage
    Insurers offer more comprehensive deals if you are in your 20s. Any illness diagnosed thereafter would be taken care of by the health insurance policy. Also, health insurance for young adults allows you to choose your plan from a variety of options.
  5. Get tax benefit
    Section 80D offers a tax deduction on the premium you pay for your health insurance policy up to Rs 25,000 for self, spouse and dependent children.
  6. Enjoy Long-term Benefits
    When you opt for a health insurance plan early on in your life, you enjoy the benefits for a longer period of time.
  7. Strengthen your Financial Planning
    Incorporating health insurance early on in your annual financial planning will help boost your financial portfolio.
  8. Receive No-claim Bonus
    Many insurers offer a No-claim Bonus - a cumulative bonus with an increase in the Sum Insured or a discount on premium - for claim-free years to the insured. At a young age, it’s more probable that you will have a number of years for which you won’t make health insurance claims. This increases your chances of accumulating your No-claim Bonus and enjoying higher Sum Insured at no extra cost over the years.
  9. Give pre-medical screening a miss
    Every insurer has its own medical grid for a pre-policy health check-up. If you are older when you purchase your first health plan or you opt for a high-value health insurance plan, a pre-policy health check-up could be mandatory. If you are in your 20’s, chances of getting a pre-medical request are lower.
  10. Inadequate health insurance cover by employer
    Corporate health insurance is often not enough. It may not provide sufficient medical coverage during emergencies. Moreover, it stops the moment you leave the organisation. Hence, it isn’t a long-term comprehensive solution as far as your healthcare finances are concerned. Buying your own medical insurance will give you financial cushioning during medical exigencies.
  11. Rising lifestyle-related ailments
    Our sedentary lifestyle may often result in young-age obesity, hypertension, diabetes, etc. Even youngsters in their 20s are at risk now. It is, therefore, better not to take your health for granted and opt for an early health insurance plan.

It’s always advisable to get a health insurance plan in place when you have age by your side. However, it’s important to collect necessary information before you set out to buy health insurance for young adults. Each plan and each insurer specifics are unique. Therefore, it’s necessary to read policy wordings and customer information sheets carefully to understand various nuances.

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