What Is The Right Age To Invest In Health Insurance

Health insurance is one of the essential financial planning tools in today’s time. With adequate coverage, you will be able to protect yourself and your family against unforeseen medical emergencies. However, it is recommended to buy health insurance at an early stage in life. The reason to do so is to secure affordable premium rates on extensive coverage.

Your 20s is the time when your health is at its prime. So, the chances of your acquiring a life-threatening disease are low. This makes you a low-risk applicant when buying health insurance in India, and thus your premium amount is lower.

Besides this, we enlisted the top benefits of buying health insurance at an early stage in life.


  • Affordable Premiums


As stated earlier, health insurance premiums are low for those in their 20s. However, age alone is not a deciding factor when it comes to calculating premium charges. Other aspects that impact your health premiums are your lifestyle habits, income, and existing medical conditions. 

However, if you (the applicant) are in your 20s with no pre-existing medical conditions and healthy lifestyle, your health insurance premiums are most likely to be affordable and well within your budget. In fact, you can use the health insurance premium calculator to determine the cost of the policy based on your desired coverage.


  • Advantage of Waiting Period


Almost all health insurance plans in India come with a waiting period for certain health conditions. It means that you have to wait for the specified time before your health policy starts covering the treatment and hospitalisation expenses for the enlisted ailments. 

So, when you buy health insurance at an early stage in life and if your health is to degrade in the future, your waiting period will be complete, and you can claim on the policy. 


  • Saves You From A Financial Burden


When you are young, your monthly income will be relatively low compared to someone in their 30s. However, life uncertainties can happen at any time and anywhere. Considering the rising medical costs in India, it is wise to have a health insurance plan in place from a very young age. That way, you or your family does have to bear the financial burden of the hospital bills and treatment expenses.


  • Tax Benefits


It is necessary to take steps at an early stage in life to attain financial stability. Buying a health insurance plan allows you to avail several tax benefits. The premiums paid towards the policy can be claimed for tax deductions under Section 80D of the Income Tax Act, 1961. Besides this, there are additional tax benefits when buying health insurance for family and senior citizens.

To Conclude

There is no right age as such to buy health insurance. If you are 18 years old and above, you are eligible to purchase a health plan in India. And considering the benefits young adults can avail of when investing in a health insurance plan, it becomes a stepping stone for their financial planning. 

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