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  • 10 Reasons Why Buying Health Insurance In Your 20s Is A Good Idea

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    10 Reasons Why Buying Health Insurance In Your 20s Is A Good Idea

    There are multiple reasons why it is a good idea to buy health insurance in your 20s. Health insurance coverage is required in India for a young individual in his early twenties due to the increased health risks associated with a sedentary lifestyle. Especially after the COVID epidemic, the popularity and demand for health insurance expanded considerably, particularly among the current generation. Furthermore, relying on your employer's health insurance coverage will not be enough. Many Indians are still unaware of the importance of health insurance and its advantages. They become aware of the need for health insurance only in their mid-30s or 40s and regret not obtaining comprehensive health insurance earlier. Moreover, it is essential to research health insurance before buying to buy the best health insurance plan for yourself.

    Why Is It Important To Buy The Best Health Insurance?

    Buying the best health insurance plan can help you attain maximum benefits when accepting health insurance at an early age. Purchasing adequate health insurance coverage is critical, as it allows you to keep up with the ever-increasing healthcare prices and guarantees you and your family a healthy future free of medical bills and hospitalisation expenses. And, when it comes to purchasing health insurance policies, you may be confused as to which plan to select among the numerous available. Therefore, if you are confused about choosing the best health insurance plan. You can download the official GroMo mobile application and choose from the multiple health insurance plans available.

    Reasons To Buy Health Insurance Plan Early

    You can avail yourself of multiple reasons or benefits by buying health insurance at an early stage. Some of those reasons are as follows:

    Lower Premiums

    Lower prices are available if you get insurance in your twenties. As a person ages, his health risks grow, and as a result, his premium rises as well. The cost of coverage premiums varies depending on the insurance company. The lower premium amount is one of the most compelling reasons to purchase health insurance in your twenties. The age of the policyholder is significant in determining the plan's premium. In other words, the premium amount is defined by your current age.

    No Pre-Medical Health Check-Ups

    Because of increased health risks, policy applicants above a particular age (about 45 years) must undergo a health check-up before purchasing a health insurance policy. Pre-medical examinations are not required if you apply for insurance at a young age. You will be charged a higher premium if your health reports are unsatisfactory. Purchasing a health insurance policy will be good if you want to pay reduced rates and avoid coverage limits.

    More Flexible Plans

    Medical insurance companies no longer provide coverage for hospitalisation. New-age insurance goes beyond traditional hospitalisation coverage to include coverage for daycare treatments, OPD, COVID hospitalisation, bariatric surgery, and other procedures. Thus, aside from catastrophic illnesses, your medical expenses would be covered even if you went to the doctor for a minor ailment. Instead of paying high fees for therapy on your own, enrolling early in an insurance policy that would cover such costs for you is better.

    Lower Rejection Rates

    It is difficult to obtain medical insurance with a medical history in a nation like India. A person diagnosed with heart disease or cancer would either have to pay a hefty co-pay or not be able to obtain health insurance at all. Because the risks associated with younger people in good health are lower, they are less likely to be rejected for insurance. Most health plans include a co-payment if you join beyond 60. When policyholders make claims, this presents a difficulty. As a result, it is prudent to obtain health insurance from a young age, mainly because most medical coverage plans do not include co-pays in the policy.

    Tax Benefits

    The premium for any family or health insurance plan paid from a policyholder's wage is tax deductible. Tax advantages for self, spouse, and dependents are available under Section 80D of the Income Tax Act of 1961. Purchasing health insurance coverage in your twenties means you may begin reaping the tax benefits sooner. It is one of the most significant advantages of purchasing medical insurance.

    Zero Waiting Time

    In health insurance language, a waiting period is when you are not permitted to file health claims for particular diseases, specialised procedures, pre-existing illnesses, and unique treatments. Depending on your chosen plan, this period ranges from two to four years. Buying health insurance at a young age is advantageous since you will serve the waiting time when you do not require health care. On the other hand, if you get a policy at 45 or 60 years old, you will have to serve the waiting periods, and disease-specific exclusions may apply based on the insured's medical condition. Purchasing the insurance in your 20s means that by the time you need policy help, you will have satisfied the mandatory waiting period and will be able to receive all benefits afterwards.

    No-Claim Bonus

    Almost all insurance firms reward customers who do not file claims with a no-claim bonus on the covered amount. The proportion of Non-Claim Bonus (NCB) varies per health insurance company. For example, the NCB for HDFC ERGO Health Insurance Renewal will differ from oriental insurance. The yearly bonus or discount is accrued based on the number of years in which you have not filed a health insurance claim. You can also have your No-Claim Bonus transferred when you renew your insurance.

    Insufficient Employer Cover

    It is not prudent to rely solely on the medical coverage provided by one's work. Employer-provided medical insurance may appear appealing, but it does not give a full long-term answer. The vast majority of business health plans do not offer appropriate medical care. In such instances, you may find yourself in difficulties during an emergency. Furthermore, corporate health insurance policies will not work if you shift jobs, and you will never know what sort of coverage you will receive from your new workplace.

    Diabetes, hypertension, lung problems, and obesity are on the rise due to our increased reliance on technology, sedentary lifestyle, and unsafe pollution levels. People in their twenties are also at risk for certain lifestyle-related disorders. One of the primary reasons why purchasing medical insurance at a young age makes sense.

    More Options

    Health insurance in your 20s can enable you to choose from various options. There are specific eligibility criteria or requirements that you might be unable to fulfil over time. However, in your 20s, you will most likely meet all the desired conditions and buy the best health insurance policy.

    Conclusion

    These are the top 10 reasons why it is a good idea to buy health insurance in your 20s. However, buying just any health insurance would not be a good idea. Therefore, it is essential to research and select the best health insurance plan before buying. We recommend using the GroMo mobile application to compare health insurance plans and determine the best for yourself. Download the GroMo mobile application Today!

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