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Reasons To Buy Health Insurance In Your 20s

In today's era, most people are aware of the importance of having Health Insurance. However, some individuals consider Health Insurance as something that only old and unhealthy people need.

Having such a notion is not just misleading, but also could prove very costly to the individual in the later stages of life.

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Confused? Take a look at the below example for a better understanding:

Varun, a 24-year individual, had come to Delhi for his first job after completing B.Tech. He used to live in a PG with his colleagues. Late night work, unhealthy eating and drinking habits led him to the hospital. On diagnosis, it came out that he had been suffering from severe food poisoning. The medical treatment had cost him over a lakh, which was paid out of pocket as he did not have any Health Insurance Policy.

This was a turning point for Varun, making him opt for a Health Insurance Plan to cover accidents, medical treatment, among other health emergencies.

For individuals like Varun in their 20s, taking Health Insurance early in life has considerable benefits.

Benefits of Health Insurance during 20s

Protection against Unhealthy Lifestyle

Today, we all have a sedentary lifestyle & health issues are becoming extremely common. Therefore, having a Health Insurance Policy is important, as it acts like a financial net during the need of the hour.

Lower Premiums

The policyholder's age plays a very significant role in the calculation of premiums. As the individual grows older, the health starts deteriorating too, and the need for medical treatments also increases, which in turn increases the premium amount. However, when the policyholder is young, the chances of getting health issues are quite less, and hence the premiums are comparatively lower.

Overcome the Waiting Period

Every Health Insurance Company comes with a Waiting Period, wherein one cannot make any claim for certain diseases, specific surgeries, pre-existing illnesses, and special treatments. This Waiting Period generally varies from 24-48 months. At a young age, it is easier to serve the Waiting Period, as chances of catching diseases & illnesses are comparatively lesser.

Better Financial Planning

Having Health Insurance plays a major role in overall Financial Planning. Also, you can claim a Tax Deduction on the premiums paid under section 80D of the Income Tax Act, 1961. Thus, you can invest the money saved from taxes to fulfil another future aspiration of yours.

Lower Rejection Rates

Individuals in their 20's are less prone to Critical Diseases, as a result of which, chances of filing a claim by young people are less. A young individual is less vulnerable to severe health complications which negate the chances of getting the claim rejected.

Earn No Claim Bonus

An individual is eligible for a No Claim Bonus if he/she has not made any claims during a policy year. On continuous renewal of your Health Insurance Policy, this bonus gets accumulated and can be availed later by the policyholder. Buying Health Insurance at a younger age allows the individual to earn a higher amount of NCB as compared to an individual who begins investing a year later.

Cumulative Bonus

When you don't file for any claim during the policy tenure, you're eligible to avail of Cumulative Bonus; which increases the Sum Insured amount without any extra premiums. Since, a young individual is less prone to catching serious ailments, the chances of filing a claim by him/ her are less; which enables them to get rewarded with a Cumulative Bonus.

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Summing it up

Why wait to fall into a vulnerable health position, and be forced to arrange money to overcome the treatment cost? Thus, it is always better to buy Health Insurance as soon as you can. Buying Health Insurance early in your twenties not only ensures that your finances are safe during a Medical Emergency but also frees you up to make other important financial decisions farther down the road.

Written By : Naval Goel

Last Updated : September, 2021

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

Frequently Asked Questions (FAQs)

1. Why are the premiums higher for older people?

Premiums for Health Plans increase with age given that older people are associated with more health risks. In order to compensate for the risk involved, Insurance Providers charge higher premiums.

2. Are Pre-Medical Check Ups mandatory even if I buy a Health Plan in my 20s?

Most Health Plans require individuals above the age of 45 to undergo medical check-ups prior to policy issuance. Therefore, if you are a young individual, you can avoid a check-up.

3. What are the chances of my policy application being rejected?

Insurers can reject certain applications on the grounds of serious medical history. However, in your 20s, there is little to no possibility of having an extensive background of medical illnesses. This significantly lowers your chances of application being rejected by an Insurance Provider.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (1214 Total Rating)

March 25, 2022

jasvinder singh

Delhi

very nice service by policyx.com and as well from manipal cigna during the claim period. easy claim settelment.

March 14, 2022

samarth wadhwa

Guwahati

Star is one of the topmost insurance companies and they prove it with their services and plans. They have plans for each family member of mine starting from my parents to my own family and even for my extended family.

March 14, 2022

nimrat sondhi

Ludhiana

my father is a single parent. The way he has taken care of me during my childhood, I wanted to support him after my marriage so that he is never alone, especially during medical emergencies. I trust this company completely as they have taken care of my father s medical bills so i recommend them

March 14, 2022

kuljeet singh

Chandigarh

very good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.

March 14, 2022

simaranjeet kaur

Jalandhar

My father in law lives alone in jalandhar and we wanted an insurance company that take cares of him in our absence. They are very good with their commitment and service.

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