Health insurance is no longer a luxury—it’s a necessity. With rising medical costs and the increasing risk of lifestyle-related diseases, having a reliable health cover has become essential. While most people wait until their 30s or 40s to buy health insurance, the smarter choice is to buy it early, preferably in your 20s.
Purchasing health insurance at a young age not only secures your health but also provides several financial and long-term benefits. Let’s explore the top reasons why buying early is the best decision you can make.
1. Lower Premiums for the Same Coverage
When you buy health insurance in your 20s, you’re considered low-risk by insurers because you’re healthier and less likely to file claims. As a result, the premiums are much lower compared to when you buy the same plan at 35 or 40. Starting early ensures you lock in a lower premium for years to come.
2. No Worry About Pre-Existing Conditions
As you age, the chances of developing health issues like diabetes, hypertension, or heart disease increase. These pre-existing conditions come with waiting periods in insurance policies. By buying early, you avoid these concerns since you’re more likely to be healthy and eligible for comprehensive coverage without restrictions.
3. Completion of Waiting Periods at the Right Time
Most health insurance policies have a waiting period for specific illnesses and pre-existing conditions. If you buy insurance early, these waiting periods will be over by the time you might actually need the coverage, ensuring a hassle-free claim process later.
4. Wider Choice of Plans and Benefits
When you’re young, you have access to a wider range of insurance products and can choose comprehensive plans with maternity cover, critical illness riders, and wellness benefits. Waiting until later in life often limits your options due to medical history and higher risk factors.
5. Financial Security for Your Future
A health emergency can drain your savings if you’re uninsured. Buying health insurance early ensures that your future finances are protected from unexpected medical bills, allowing you to save and invest for your other life goals without worry.
6. Tax Benefits Under Section 80D
Health insurance premiums qualify for tax deductions under Section 80D of the Income Tax Act. Buying early not only gives you protection but also helps you start saving taxes from your first job. Over time, this leads to significant tax savings.
7. Peace of Mind for You and Your Family
Perhaps the biggest benefit of all is peace of mind. With a health plan in place, you can focus on building your career and achieving your goals, knowing that unexpected medical expenses won’t derail your financial journey.
Final Thoughts
Buying health insurance in your 20s is one of the wisest financial moves you can make. You benefit from low premiums, early waiting period completion, and comprehensive coverage when you need it the most.
Remember, the earlier you buy, the more advantages you gain. Don’t wait for a health scare to realize the importance of insurance—invest in your health today to secure your tomorrow.