Wednesday 11 April 2018

Five Compelling Reasons To Get Health Insurance In Your 20s


Health insurance covers the cost of medical care. It is difficult to predict your health even though you manage an active lifestyle and do not pose hereditary risks. As per the type of insurance plan, the coverage extends medical and surgical expenses. Based on the terms of the policy the insured will pay the hospitalization bills and the insurance company will reimburse the costs.

Before subscribing an insurance policy, you should be aware of the features of the insurance policy. The chances of rejection are low when you pursue insurance policy during the 20s. You can go for the best medical insurance policy even though it is not the least expensive policy. The policy should be subscribed as per your current financial capability and future risk coverage. If plans are offered by employers, you should go for them based on their merit. In some cases, you might want to go for additional health plans in addition to the plan provided by the employer.
The following reasons compel a person to consider health insurance during the 20s:

Cost-effective

You will explore and experiment various things during the 20s. However, the money can be spent in a very efficient manner. If you take an insurance plan when you are young and active, the premium amount will be very low. At a low premium, you will enjoy higher benefits.  
·        The health will go down with the progress in age. Hence, medical attention is required quite often. During the 20s, the chances of getting ill or sickness will be very low.
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      The premium amount for health insurance is based on the risk factor associated with the insured. If the risk is low, the premium amount will be low.
·        As the chance of claims by people during 20s is low, less premium will be collected by insurance companies.
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      When you go for a health insurance plan during the 20s, you will enjoy low insurance premium and you will enjoy higher insurance cover.

No waiting period
·        Health insurance will be offered by the insurance company with a 30-day waiting period. If you are issued an insurance policy with a waiting period, you will not be able to claim the insurance cover during the waiting period. Even though there is a medical emergency, it is not possible to claim the policy during the waiting period.
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      The waiting period varies as per the type of disease and it varies from one insurance company to another company.
·        The waiting period time frame can be surpassed very easily when you go for a health insurance plan at an early age.
·        Hence, it is ideal to go for a health insurance plan during the 20s so that you will enjoy insurance cover at a lower premium and you can easily exceed the waiting period for various kinds of diseases.

Income tax benefits
The health insurance coverage will help you claim income tax deductions under section 80D of the income tax act, 1961. Instead of spending money on taxes, you can invest in future health expenses. Hence, it is considered as a wise investment option.
·        The earnings will increase at a consistent pace from the 20s and it will be at the lowest ebb after retirement.
·        The premium paid towards health insurance will be exempted from income tax and you can increase your saving potential on annual basis.

Diverse options
A young person can exercise a wide range of options in the selection of the insurance policy and features. The application of health insurance plan from a young person is readily accepted by most of the insurance companies. After reviewing the best insurance policies offered by various agencies, you can go for the best policy as per your needs.
·        The health insurance policy can be customized as per your needs.
·        As you go for a health insurance plan at a young age, you will be able to get benefits throughout your life.
·        You will get better renewal facilities when you buy an insurance plan during the 20s.

Financial planning

The insurance policy will help you accomplish financial planning in a very efficient manner. If you incur major health issue in the coming days, it will be covered by the insurance policy so that there will be less financial stress.
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      You will buy insurance policy willfully and will enjoy great peace of mind.
·        It is possible to support your family by being covered by a comprehensive health insurance plan.
If a person suffers from a serious health condition, the insurance policy proposal will be rejected by the insurance company. When you subscribe a health insurance policy during the 20s, it can be considered as a ‘value for money’ product. As you are required to diversify your investment options, you can consider health insurance one of the prime components of your investment option. Even though the financial returns are low with a health insurance, the objectivity is highly elated during the stressful time when the risk takes place.

To buy or renew insurance plans, you can check out the reviews of policybazaar 

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