Why do young adults need to avail of health insurance?

Abhay 23 has just landed his first job He stays with his parents but is looking to move to a home of his own within the next year or so When asked whether he has a health insurance policy his answer is in the negativeIn your twenties your career will be off to a great start A new home a new car ndash all these lifestyle upgrades will be on your mind Further you may also look at getting married in the notsodistant future Like Abhay while health insurance may be the last thing on your mind in your twenties itrsquos probably more important than you think Letrsquos take a look at the reasons for making medical insurance policy a priorityIs healthcare affordableWhile modern medicine boasts of an increased life expectancy itrsquos equally true that lifestyle diseases and illnesses are on the rise as well Only too often we hear about people being diagnosed with inflictions such as diabetes and heart ailments at an alarmingly early age Further such diagnoses require the intervention of healthcare professionals to manage these conditionsIt is also a known fact that the cost of healthcare is on the rise in India A coronary artery bypass graft surgery for instance can set you back by upwards of INR 30 lacs For a large section of the population it is a significant sum to spend out of pocket When you have the right health insurance however it is not a financial burden to provide the best medical assistance for yourself as well as your loved onesWhy do young adults need health insuranceNobody plans to fall ill or to get injured Unfortunately even a healthy person may require medical assistance on a contingency basis and this can happen at any age Therefore it is never too early to get insured Here are some of the benefits of starting early Lower premium payment The earlier you avail of insurance your premium amount is more likely to be lower and coverage that much higher Waiting period is covered Availing of health insurance as a young adult means that the mandatory waiting period typically 30 to 90 days before the policy cover begins is likely to get exhausted without any medical emergency arising No claim bonus The longer you survive without making a claim on your health insurance policy only boosts your chances of a noclaim bonus which gets added on to the sum assured of your policy This benefit continues to accrue every year on policy renewal Tax benefits Additionally health insurance offers attractive tax benefits to the person paying the premium The earlier you begin the longer you can continue to avail of this tax deductionMerely being covered is not enough it is equally important to be insured for an adequate amount To determine the amount of coverage you require factor in the life stage you are at your lifestyle as well as your future plansMake insurance a priorityHerersquos a pro tip ndash donrsquot get hassled by the information overload out there An IRDAcertified trusted insurance aggregator such as PolicyXcom should be your goto for all your health insurance needs You can compare multiple plans across several insurance companies on a realtime basis which means you have instant and accurate information to help you make an informed decisionTo conclude get an insurance policy best suited for your needs and that of your family and look forward to a financially secure futureCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever