Your twenties are usually associated with experiences that shape the rest of your life. It is during your twenties that you come into your own, start with your career, and work towards gaining financial independence. There are several new and exciting milestones that make your twenties some of the most crucial years of your life. While most people in India start working in their twenties, not many focus of investing and readying themselves for emergencies.
One of the best ways you can prepare for emergencies is by investing in insurance plans. A good health insurance policy can come in handy in times of medical emergencies. While your health is probably in its best shape in your twenties, you can never know what goes wrong when, making your twenties the ideal time to start preparing for unforeseen situations. Here, we will go through the benefits of investing in health insurance in your twenties.
The Premiums are Lower
When you are in your twenties, you are a relatively safe bet for insurance companies. The risk undertaken by an insurer on someone in their twenties is way lower than the risk associated with someone in their forties or fifties. Simply put, higher health risks translate to higher premiums, and lower health risks translate to lower premiums. Since the chances of you developing serious age-related illnesses in the near future are significantly lower, you can purchase health insurance plans at lower premiums.
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High Number of Options
The way insurance companies look at it is that youngsters will hardly make any claims considering their chances of developing illnesses is lower. Since you will start early, you have the option of keeping your plan for a long time to come. You can therefore rest assured that you will not only have a high number of options from which you can choose the health insurance plan that best suits your needs, but you will also have access to a good number of benefits. Insurers design policies for people in their twenties so that they can not only find them affordable due to the pricing of premiums, but so that they also have the benefits and coverage they need.
Shorter Waiting Period
Health insurance policies usually have waiting periods that range from 30 days to 60 days. During the course of the waiting period, you will not be allowed to make claims. Moreover, certain diseases have longer waiting periods that refrain you from making claims for about two to three years. Purchasing a health insurance plan in your twenties will shorten the waiting period as you are physically fitter than someone in their forties or fifties.Tax Benefits
Since your salary may not be too high during your twenties, saving money won’t be such a bad idea after all, and one way you can do that is by saving on taxes. Purchasing a health insurance policy will not only cover you in times of medical emergencies, but will also provide tax benefits under Section 80D of the Income Tax Act.
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Low chances of Rejection
If you suffer from a serious illness or medical condition, your application for a health insurance plan may be rejected as the insurer will find you to be a high-risk customer. However, these instances only occur with older applicants. If you apply for health insurance when you are in your twenties, your application is almost certain to get accepted.
The importance of availing health insurance is greater than ever considering the growing number of health-associated risks in the modern world. If you plan on covering yourself with a health insurance plan, make sure you compare the various options available to you and go through the fine print to ensure that you pick the best one around.
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