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Why You Should Buy Health Insurance in Your 20s?

Posted On : 02 March 2021, 3 Years Ago. Health-Insurance
Importance of Buying Health Insurance in 20S

When you begin your professional career, one of the first things that people will advise you to do is buy health insurance. These days, it is extremely convenient to buy health insurance online, which makes the process even more comfortable and hassle-free for you.

 

When you set out to buy medical insurance for the first time, you will be struck by the plethora of options available to you. If you choose to buy medical insurance online, you can take the time to browse through the different options and policies that are available.

 

Firstly, it is important to understand why there is a need to buy health insurance at all. The benefits of health insurance plans are enormous and especially important today, owing to the increasing costs of medical treatment in line with rising inflation.  If your parents have already bought a health insurance plan for you, assess the terms and conditions it offers and see if you can get a better offer.

 

However, even as you begin your search for the best health insurance plans, make sure to buy it at a young age. Wondering why is it better to buy health insurance when you are young? You are about to find out right now.

 

Read on to learn about why you need to start investing on health insurance plan right away, while you are still in your 20s

 

1. Premiums are lower:

The younger you are, the insurer faces lesser risk in offering you a health insurance policy. Since you are considered to be healthier than policyholders who are older, your premiums will be significantly lower than them. However, if you do not get an insurance plan in your 20s, be prepared for higher premiums as you grow older.

 

2. There is no waiting period:

A waiting period refers to the period between the insurance policy being issued and the policyholder being able to raise claims. This period is usually between 2 to 4 years but if you are in your 20s, when the likelihood of contracting a serious disease is lesser, your waiting period can be much lower or as good as zero.

 

3. Tax benefits:

There are several tax benefits applicable on insurance plans and premiums paid towards health insurance policies receive tax benefits. Being able to enjoy these tax benefits of health insurance for a longer period of time is a good answer to have health insurance at a younger age.

4. Rejection rates are lower:

A person in their 20s is considered to be lesser of a risk for an insurer, as compared to a person who is older in age. While this is the reason that premiums are lower for 20 year olds, it is also the reason that there are lesser chances of a 20 year old’s application for an insurance policy being rejected.

 

5. Earn the no-claim bonus:

The no-claim bonus (NCB) is a bonus or discount that you become eligible for if you have not raised any claims in the earlier year. NCB is especially helpful for when you renew an existing health insurance policy. If you begin investing in a health insurance policy at a younger age, you are likely to earn a higher amount of NCB as compared to if you began investing a year later.

 

6. Increasing lifestyle diseases:

Conditions related to stress and busy lives are leading to a lot of lifestyle diseases. In order to ensure adequate protection against these, make sure to invest in a health insurance policy as early as possible.

 

7. Comprehensive cover:

This is especially relevant for working professionals in their 20s. They generally receive a standard medical insurance from their employers. By opting for an individual health insurance plan, you can opt for riders and other add-ons such as maternity cover, critical illness cover, personal accident rider, etc. These add-ons guarantee greater coverage and security.

8. No pre-medical health check-ups necessary:

Persons above the age of around 40 years will usually be asked to take a medical test by the insurer before they are issued a policy, owing to the increased risk of them contracting diseases. This is to assess the health conditions of the patient and devise the ideal policy for them. Since people in their 20s are considered healthier, there is no need for a medical check-up before seeking a policy.

 

Conclusion:

Opting for the best health insurance plans is necessary and beginning to invest in your 20s is ideal. You can now check out the policies and plans offered by Niva Bupa online and buy your health insurance plan based on your requirements today!

Secure your health with comprehensive insurance plans from Niva Bupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN