Your twenties are the most exciting years. You begin earning and have fewer responsibilities. You want to explore your passions and do what you always intended to. Perhaps you have even prepared a coveted list of 30 things to do before you turn 30. After all, a life well-lived is a life worth living.
In the zest to achieve so much, you may have put a few things on the back burner, like health insurance. It is a crucial element of financial planning most of us postpone until much later. However, having health coverage is vital due to changing lifestyles and rising medical costs. In fact, there are several reasons, as mentioned below, to consider insurance when you are young.
- Lesser premiums and a wider range of options: You may have heard older people paying substantial premiums for their health insurance. You can be rest assured if you are under 30. Premiums increase with age and you can get the same sum assured by paying much lesser premium. For example, a 55-year old may have to shell out ₹ 12000 for a sum assured of ₹ 5 Lakh while a 25-year old may get the same cover for ₹ 6000. At Reliance Health insurance we even offer an option to choose MoreCover for free, where if you choose a sum-insured of ₹ 5lakhs, you get ₹ 2 lakhs MoreCover at no extra cost. You can learn more about it here https://www.reliancehealthinsurance.com/more-health-insurance.html
- Waiting period: In the case of pre-existing medical conditions, insurance companies require a waiting period. This is the time that is not covered by the health policy on specific pre-existing medical conditions. If you buy health insurance at a later age when you already have a medical condition, your policy will not cover those expenses. Hence, it is advisable to buy health insurance when you are young and healthy, so that your Health Insurance is ready to cover you when you develop a medical issue in later ages.
- Lifestyle illnesses and disorders are on the rise: Gone are the days when being young meant good health and ailments were associated with old age. A lot has changed since then, as most occupations today require people to adopt a sedentary lifestyle. With the increase in pollution, the young and the old are equally afflicted with humorous health conditions. If you buy health insurance, you can use their annual health checkups and get better insights about your health. Recovery becomes much faster and is easier if medical conditions are nipped in the bud.
- Tax benefit: Insurance can reduce your taxable income. The premiums paid upto Rs.25000 are tax exempted under Section 80D of the Income Tax Act. You can learn more about it https://www.reliancehealthinsurance.com/more-health-insurance.html
- Better financial planning: The right time to start financial planning is now. You can start slow if you don’t have the means to invest a large sum. Insurance must be an integral part of every individual’s personal finance. If you buy health insurance, you won’t have to drain your savings during challenging times. Instead of saving your cash, you can lock it into long-term investment options and opt for health insurance
It is understandable that you want to reach for the sky when you are young and healthy. Equally important is safeguarding your future and preparing for challenges. Health insurance is no longer an option, but a means towards a happy and fulfilling life. With Reliance Health Insurance, you can purchase your policy through our website and avail a 10% discount on your premium.