Top reasons to buy a health insurance policy before 30?
When we talk about investing money, especially in insurance policies, most of us consider it a thing for middle-aged people. Seldom do we realize that the sooner we buy it, the better return we are going to get. And when it is about health insurance, it can of course be beneficial for middle-aged people as well as the young ones, since illnesses do not consider age in many cases.
Also, when we talk about health insurance plans, we often forget to consider the many benefits that come with these plans apart from just covering the healthcare expenses. So, let us discuss some of the reasons for purchasing a health insurance policy even before you turn 30.
Lower premiums
If you want to save on your premiums, it is better if you buy health insurance before your 30th birthday. As you grow older, you have to pay higher premiums. And after the 30s, the responsibilities also start getting more. As you buy health insurance before 30 years of age, you will be able to streamline your budget and use your savings wisely.
Better coverage
On buying health insurance, even your viral disease will be covered. However, you need to choose your health care plan prudently as some plansare there which cover daycare procedures to even serious hospitalization. These health coverage policies are very easy to understand and you do not have to wait for special treatment or surgery. You can use them for even a small disease. If the policyholders continue with the same policy year after year, they can even get no claim bonus or loyalty from the insurance companies.
Employee insurance does not cover it all
Not all the group insurance covers are sufficient for covering the bigger medical bills. Though the companies these days cover their employees with various types of group insurance plans; however, the coverage amounts are not big enough and also have lots of restrictions. This is one of the reasons why you should get a health insurance plan to avail of maximum benefits.
Medical inflation is only rising
Many of us these days suffer from lifestyle diseases such as obesity, diabetes, etc. This is in fact one of the many reasons why you should get yourself insured. And since we are in the pandemic era now, even young people are getting infected by the virus and many of them have even passed away. In one such situation, there is no point in taking a chance since if you get seriously ill because of the infection and have to be taken to the hospital, the health insurance plan will be a great help to you.
Availing Tax benefits under Section 80D
On buying a health insurance plan, you can get up to INR 25000 tax deductions under Section 80D of the Income Tax Act, 1961, each year. This can help you to save quite a lot of money in the long run.
These days medical costs are really high; so much that many people die because they cannot afford good treatment. If you want to save yourself from one such situation, it is important to buy a health insurance plan at the earliest. Purchasing it in your 20s can help you save a lot of money.
If you want to compare the various health insurance plans available in the market, you can take a look at the website of IIFL. You can come across many options and check out the features of the plans and make the final decision. On visiting the website of IIFL, you will also be able to know more about the health insurance plans as well as term insurance plans.
