Top 6 Reasons to Get Health Insurance Before You Turn 25

It is important to buy health insurance before one turns 25. This is because you can enjoy low premiums and great tax benefits. It is also beneficial due to the bad lifestyle decisions of the younger generation and chances of unexpected ailments.

As far as the urban population is concerned, most people, before turning 25 are generally covered under the family policy their parents opt for because it is convenient and cheaper to start early. But by the time an Indian is 22, he or she starts earning and savings might be out of the question for most in the first few years. But before you turn 25, getting best insurance plan might be a great idea. Here are 6 reasons to do it:

  • Cheapest Premiums: Your Mum and Dad have paid enough premiums for your health insurance and it is time for you to be able to take care of yourself. Before you turn 30, the prices of insurance plans for health are generally very low because health risks are lower when a person is in his/her 20s and people have the lowest chances of getting health ailments at that age. Infact an individual can get covered with merely Rs.5000 at that age.
  • Unforeseen Ailments: Most people don’t realize that lower chances does not mean no chance of getting health problems at that age. From gall bladder stones to sometimes heart ailments that are caused by a stressful lifestyle of today's youth can cause a requirement for a . Also, there are diseases that may be contracted leading to more serious health requirements such as Malaria or Dengue.
  • Poor Lifestyle Choices of the Current Generation: Our parents were probably far healthier than us when they were of our age, mainly because of the fact that our poor lifestyle choices have lead to higher occurrences of ailments among the people in their 20s. Whether it is nicotine addiction or the prevalence of junk food in the diet, it indeed has made us far less healthier.
  • Coverage Through Company Policy is not always Sufficient: Sure, the coverage provided by your company may sound a lot in terms of numbers but most group insurance policies have lower benefits for the people who are insured, in terms of coverage of the number of diseases and requirements. In other words, it is just not sufficient at the end of the day. Also, one needs a backup plan and having your insurance plan also helps to have higher sum assured.
  • Tax Benefits and Savings: Health insurance plans help you save on taxes. In the beginning of your career, you may be just a part of the tax bracket and that money can easily be saved by opting for a health insurance policy. This financial preventive measure can save 1000s of rupees in the form of tax exemption especially the right amount, at the time.
  • Current Plans Cover Beyond Hospitalization: It is essential to note that various plans for people under 25 years, have lower premiums, cover costs incurred by some treatments that may not require hospitalization such as OPD costs to a disease. Some even come with free-checkups which are a good idea to be made use of.

There are many plans which can be upgraded with additional premium payments for people around 25. Hence, it should not be a problem for people whose insurance cover is about to lapse.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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