Why it is important to buy health insurance in your 20s – Reasons of 2023

Health insurance is really a crucial investment that individuals must consider, especially in their 20s. It provides wonderful financial protection against unexpected medical expenses that can drain one’s savings. In this article, we will delve into the various reasons why it is actually important to buy health insurance in your 20s.

Reason 1: Affordable Premiums

One of the primary and actual reasons to buy health insurance in your 20s is affordable premiums. Insurance providers offer lower premiums to individuals who are younger and have a lower risk of health complications. Buying health insurance early allows individuals to lock in lower premiums for an extended period.

Reason 2: Comprehensive Coverage

Another significant benefit of buying health insurance in your 20s is comprehensive coverage. A health insurance policy smartly covers a range of medical expenses, including hospitalization, diagnostic tests, doctor consultations and surgeries. It also covers pre-existing conditions after a specific waiting period. Buying health insurance early ensures that individuals have comprehensive coverage for any future medical needs.

Reason 3: Tax Benefits

Purchasing health insurance also offers tax benefits. Premiums paid towards health insurance policies are tax-deductible under Section 80D of the Income Tax Act. Individuals can easily claim a deduction of up to Rs 25,000 for the premiums paid towards their health insurance policy. Buying health insurance early can really help individuals maximize their tax benefits.

Reason 4: Protection against Rising Healthcare Costs

Healthcare costs are on the rise and having health insurance provides perfect protection against these escalating costs. In the absence of health insurance, medical expenses can significantly impact an individual’s finances. Health insurance provides proper financial protection against unforeseen medical emergencies, giving individuals peace of mind.

Reason 5: Easy Access to Healthcare

Having health insurance actually ensures easy access to healthcare services. It allows individuals to avail of medical treatments and perfect services without worrying about the financial burden. Health insurance providers offer cashless hospitalization, where individuals can avail of medical treatments without paying upfront.

Also Read – What is tertiary insurance? Who provides tertiary care?

Conclusion

In conclusion, buying health insurance in your 20s is crucial for financial protection against unforeseen medical expenses. It offers affordable premiums, comprehensive coverage, tax benefits, protection against rising healthcare costs and easy access to healthcare. We encourage individuals to invest in health insurance early to secure their future.