With an exponential rise in healthcare costs, a comprehensive health insurance cover is the need of the hour. But, do you really need one in your 20s, when you are hale and healthy?
Let’s look at Martin’s story for an understanding. Twenty-four Martin began working six months back. He loved the nature of his job that involved travel and parties too. He also managed to make handsome savings. All of a sudden, one day he suffered severe stomach ache and got hospitalized due to a fatal infection. He spent almost a week in the hospital for treatment and the bill came up to whopping INR 1 lakh. Martin had to break his fixed deposits and divert all his savings to pay the bill. Additionally, he borrowed some money from his parents and friends.
His financial status turned upside down in a week. The reason is nothing but a sheer lack of a plan. Martin always thought that medical insurances are for older people, but missed to estimate its prominence, irrespective of the age. Simply because health issues may mess up whether you are in your 20s or 50s.
Not just this, below are more reasons that prompt you buy a comprehensive health cover right away.
To Catch It Young: Buying a health insurance policy, when young helps save costs on premiums. Health insurance premium costs are directly proportionally to one’s age. As you age, the health insurance cost rises dramatically and the chances for claim-rejection also increase simultaneously. Moreover, buying it early helps exhaust the waiting periods without any worry.
Go Beyond Hospitalization: A health insurance ensures financial support during emergencies. A few plans also offer much more than hospitalization coverage. Based on the extent of cover, some plans do pay for other services like day-care procedures, ambulance services, etc.
Get Tax benefits: A health insurance can help you save tax under Section 80D. Health insurance premiums paid for self, children, spouse, and parents are all eligible for tax deductions. Not just hospitalization, preventive health check up also qualify for tax deductions.
Getting a medical insurance policy should be a part of your initial strategy on your financial journey. Even if your employer offers one, it may offer inadequate cover and is not valid when you part ways with your employer. So, assess your needs thoroughly, before buying one to serve your purpose. For more advice on personal finance, approach experts like ArthaYantra. We help secure every individual with his or her financial life at affordable price. Build a customized financial plan that is designed to suit your requirements.
