India has a larger population engaged massively in the Indian workforce. The eldest millennials are approaching 40s and the youngest being close to 24. No doubt, that at this point of they are healthy; but, they will soon be getting old. This means they will be experiencing some health issues. This phase is very crucial as an individual has to make significant decisions. Therefore, it is advised to opt for a health insurance plan in 20s. An individual may not be aware of opting for a health insurance plan at an early age.
We bring some of the top reasons why an individual should opt for health insurance in their 20s:
1. Wide range of choices
When opting for health insurance in the 20s, you can choose several options. You can have the flexibility to renew the health insurance policy with lower premium, easy completion of waiting period, etc. One can even purchase a family plan that includes his or her spouse and children.
2. Save heard-earned money
As per the research, today nearly 85% of people opt for health insurance before they turn 30. With the increasing medical expenses, the youth today is mindful of their health and hard-earned money. A right health insurance plan you can easily save your lots of money that you might need to spend for medical emergency. If you are an only earning member in the family, then you must opt for a family floater health insurance plan to secure them.
3. Avail tax benefits
Opting for a health insurance plan can also help you to avail tax benefits. The premium paid against health insurance plans for self, children, and parents is eligible for tax benefits under section 80D of the income tax of India 1961. It reduces your taxable liability.
4. Inactive lifestyle
With the onset of an inactive lifestyle, health issues are becoming increasingly common. An inactive lifestyle has ruled the lives of most millennials that increases the chances of lifestyle diseases. This makes it more important to invest in a health insurance plan.
5. Early completion of waiting period
Health insurance plans have a waiting period of 30 days to 4 years in which claims are not allowed. Hence, when an individual opts for a health insurance plan in the 20s, the waiting period is finished before the time and you can use the coverage of the policy, whenever you required it the most. A person has the freedom to opt for a health insurance plan with the lowest waiting period.
At times, an individual tends to avoid minor health issues. But, minor issues may become worse which may incur expensive treatment in the future.
Living in the 20s is the most crucial stage of an individual’s life. Hence, it is important to opt for a health cover at an early age to enjoy maximum benefits. If you are looking for health insurance in your 20s, you must opt for health insurance policies from Care Health Insurance (Formerly Religare Health Insurance). We offer various health insurance products such as Care, Cancer Mediclaim, Critical Mediclaim, etc.
The occurrence of any ailment cannot be prevented. Hence, it is advised to be prepared for the future.