As you navigate through your twenties, you start planning for your future. You may be focused on building your career and saving for big-ticket items like a down payment on a house or a wedding, but one essential investment that often gets overlooked is health insurance.
Many young adults in India don’t consider medical insurance until they are 30. But uncertainties don’t count your birthdays. An accident or illness can happen at any age, and the cost of treatment can hit your finances hard. In addition to this, today, many young adults in their 20s are getting diagnosed with chronic diseases like diabetes, thyroid or high blood pressure.
Thus, getting health insurance is one of the most crucial financial investments you must make in your 20s. In this blog, we will discuss why you should invest in a medical insurance policy before turning 30.
Why Should You Invest in a Medical Insurance Policy Before Turning 30?
Below are the reasons and advantages of investing in health insurance before 30 –
- Low Premium Charges
With age, the risk of getting diagnosed with chronic conditions also increases. Having a pre-existing disease can increase your insurance premiums considerably. Thus, it is always a good idea to get your insurance while you are perfectly fit. The premiums are low and in case of emergencies you get the best returns on this investment.
- Medical Conditions Do Not See Age
Medical emergencies or accidental injuries can happen to anyone and at any time. The best you can do is being prepared. Spare some time to find the right mediclaim policy that fits your needs. There are many insurance companies with varied policies. Find the one that serves you the best.
- Ease of getting a policy
The earlier you opt for a health insurance, the better are your options. This is because most people are at the peak of their health in their twenties. You don’t need to pass multiple health tests to get your policy. This makes buying a medical insurance policy in your 30s much easy.
- No Waiting Period
Depending on the type of ailment, the waiting period for a medical insurance plan can vary from 30 days to 4 years. The waiting period is longer if you have pre-existing conditions. Thus, if you buy health insurance when you are healthy, you get a shorter waiting period. Also, you can raise a claim if you get diagnosed with a new condition or illness.
- Save Taxes
Your health insurance helps save taxes under section 80D of the Income Tax Act. This means when you invest in health insurance plans before turning 30, the premium you pay is allowed as tax-deductible up to Rs 25,000. Thus, you can claim your deductions from the taxable income. Moreover, when you pay a premium for your parents, you are eligible for additional deductions of Rs. 25,000. Thus, reducing your tax liability.
It is never too early to invest in a medical insurance. Medical insurance companies in India offer several insurance plans for all age groups. You must spare some time to do the research and find a policy that serves you right. You can check for additional coverages like OPD, or dental coverages as per your need.
A health insurance not only helps you in time of dire need, but it also protects you from getting into bad debt. With all your financial liabilities covered by the insurance, you can enjoy the best healthcare facilities without burning all your savings.
