Younger people take on more risks when they think they’re safe, burning the candle at both ends. Only to realize how financially fragile they are when confronted with any adverse health situations. This makes health insurance for young adults important.
Prepare for tomorrow well before any situation in life shakes you by the shoulders and reminds you about your financial planning. Being wise is to prepare for bad situations well before the time as you can never avoid them.
Why Should I Bother With Health Insurance Before My 30s?Because of The Low Premiums
Age is a big factor in premiums, and young adults under 26 are in the best positions in their lives with the least premiums to pay. Premiums are the money paid to get covered by insurance.
Because of The High Coverage
Buying an insurance policy in your 30s narrows your options of health plans considerably. The longer you wait, the less coverage you have and options are simply lost as time goes on.
Because of The Tax Deductions
The government offers tax deductions on the premiums you pay. Under Section 80C, up to Rs. 1,50,000 can be claimed. The deductions add up in the long run and the accumulated savings over the years are proof of prudent investing.
Because of The Success of Application
As an adult in your 20s, the odds of being accepted for insurance are high, and with all the chips in your favor, there is no better time to invest in a contingency plan than now.
The Wisdom to Plan AheadWhy wait to fall into a vulnerable position, and be forced to arrange money for health expenses? Having insurance allows you to adopt a relaxed, calm approach whenever a difficult situation hits. It allows you to focus on the more delicate non-professional aspects of life during any health-related emergency.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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