Around 514 million people in India were covered under health insurance schemes for the fiscal year 2021 according to Statista. Most of these individuals were covered under government-sponsored health insurance plans, while the minority were covered by individual insurance policies. In India, the overall health insurance penetration rate was nearly 35 per cent in the 2018 fiscal year. This implies that more and more people are now taking health insurance seriously, and understanding its significance. Considering the increasing medical costs and rise in lifestyle diseases among individuals, health insurance is very crucial for every person. A medical emergency can arise any time, and can have an adverse impact on someone financially and emotionally.
Here are some of the reasons why you need to buy a health insurance before you reach the age of 30 years:
Young Buyers Receive A More Comprehensive Deal
Since you will be covered early and any disorders identified later will be insured automatically, purchasing health insurance at a young age means that there is no chance for pre-existing diseases.
Incidence Of Lifestyle Illnesses Has Risen: Sedentary lifestyle has increased the risk of lifestyle diseases like heart disease, cancer, lung disease, and stroke, which cost the lives of younger people. Hence, it is essential to timely insure oneself. Annual health exams are included in health insurance coverage to promote health awareness. Counselling, exams, and vaccinations are examples of preventive services that can help you better manage your health.
You Get Best Price At An Early Age A plan with a Rs 5 lakh coverage would cost you nearly Rs 5000 when you are 25 years old, Rs 6000 when you are 35, and Rs 8000 when you are 45. In order to get the policy at the lowest premium, purchase it as soon as possible.
Health Insurance Covers Much More Than Just Hospitalisation
Your day care treatments and OPD are now covered by new health plans, and not just serious hospitalisation. Even vector borne diseases are covered under the schemes. The majority of plans include maternity benefits as well, which might be crucial at this point in time. Also, your newborn will be protected from birth without the need of any additional premium.
Purchasing it early means better financial planning
Purchasing it early not only results in savings, but it also makes more financial sense. Accidents can happen any time, so having a sufficient medical plan makes sure that you are covered in an emergency and enables you to invest your hard-earned money in long-term investments. Paying the premium results in tax savings as well. The current annual cap for that is Rs. 15,000 under section 80D.
