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Blog > Health Insurance > 5 Reasons Why You Should Buy Health Insurance In Your 20s

Reasons Why You Should Buy Health Insurance In Your 20s

“Why would I need health insurance right now? I still have time for that.”
We’re pretty sure most of you must’ve thought or said this every time some well-meaning uncle told to get health insurance.
What’s ironic though, is the fact that most of you who are saying this, might have an eye-opening moment when you turn 30, and will eventually end up buying health insurance anyway. Although at that age, you will have to pay a much higher premium.

Myth & Reality about Health Insurance -

Before we dive into the benefits of buying insurance in your 20s, let’s address some thoughts you might be having about health insurance:-

1. Myth - “I’m young and healthy, I don’t need health insurance”

I’m young and healthy, I don’t need health insurance

Reality - In fact, the prime of your youth is the best time to get insured. You’re healthy and therefore, you will have to pay low premiums! As you get older, you are going to develop health issues which will invariably increase your premiums. It’s smart to get insured as early as possible so your premiums stay low.

Calculate Your Premium Now - Best Health Insurance Plans & Policy for Individual

2. Myth - “Health insurance will cost too much and affect my savings”

Health insurance will cost too much and affect my savings

Reality - This is far from the truth. Our basic health insurance plans, like Easy Health, start as low as ₹6702/year. Divided further, it turns out to be just ₹559/month and ₹19/day! It can be assuredly said that buying health insurance early won’t really affect your savings.

3. Myth - “Health insurance is for married or old people only”

Health insurance is for married or old people only

Reality - No, it’s actually for anyone who doesn’t want to face a financial emergency during a medical emergency.

There are three types of health insurance policies - individual policy for yourself, individual policy for each family member and family floater policy for all family members.

4. Myth - “My Company has already secured me with a health plan”

My Company has already secured me with a health plan

Reality - A company health policy is just that, a plan provided to its employees. Your corporate health insurance policy is only valid for the time you work there, not after that. You can’t rely on it forever, can you?
5. Myth - “Health insurance is too complicated for me”

Health insurance is too complicated for me

Reality - Insurance providers are actually taking efforts to provide ALL the information required in terms of plan pricing, benefits, even exclusions on dedicated websites. Our motto itself is about ‘Uncomplicating’ insurance. So start reading and you’ll be aware & informed in no time!

6. Myth - “Health insurance claims are hardly approved”

Health insurance claims are hardly approved

Reality - Well, we can’t speak for others, but at HDFC ERGO Health (formerly Apollo Munich Health Insurance), we are proud of our high claim settlement ratio of 91%.

Calculate Your Premium Now - Health Insurance for Family

So now that we’ve hopefully managed to bust some of the myths you may have or had about health insurance, let’s take you through some of the benefits of getting insured now:

Benefits of Getting Insured -

1.Low Premium

Low Premium

The premium amount of your health plan depends on various factors like age, lifestyle habits (if you drink or smoke, how regularly) and family history of critical diseases among others. When you are younger, the risks of you getting health problems are lower than when you are in your 30s. This is why you can buy a health insurance policy at significantly lower rates when you are young.

2. Better Financial Planning

Better Financial Planning

Many make an argument that they would rather invest in an SIP or something else rather than buying health insurance. Because health insurance would yield no returns. But the basic flaw in this ideology is that health insurance isn’t considered an investment, whereas it actually is one. Here’s how - if you get diagnosed with some critical disease, say some heart disease in your 40s, you would have to dig into your savings for the treatment. But can you be sure that your savings would be sufficient? No, right? So, if you have health insurance, you can be assured that your treatments will be paid for and your other savings would be untouched!

3. Low Chances of Application Rejections

Low Chances of Application Rejections

Many people are unaware of the fact that not everyone is eligible to get health insurance. An insurance company has all the rights to reject an application, if the risk for covering a person is found significantly high. Now the probability of this depends upon your age. Because as your age increases, your immunity decreases. If you don’t take efforts to maintain your health, your body health worsens. This increases your chances of getting critical health problems. Consequently, it increases the risk to cover you and the chances of your application getting rejected.

4.Up to ₹25,000 Tax Savings per Year


Health insurance ticks two boxes. First, it is an investment, as mentioned earlier. Second, it helps you save taxes. According to Section 80D of the Income Tax Act, you are eligible for savings up to ₹25,000 every financial year. You can file an Income Tax Returns application at the start of a financial year and receive a refund in your bank account later.

5. No Waiting Period

No Waiting Period

A waiting period is the duration before you are eligible for claims under a health insurance policy. There are three types: initial waiting period, waiting period for pre-existing diseases (diseases you suffered from/were diagnosed with 48 months before purchase) and waiting period for specific diseases (hernia, cataract, joint replacement, etc). The waiting periods for some cases can be as long as 4 years and differ from one policy to another.

An initial waiting period is a duration of 30-90 days after you buy your policy post which you can apply for claims. While this is compulsory across ages, you can enjoy benefits on the other two waiting periods. How? If you buy a policy in your late 30s, you would probably be suffering from some health problems. So you would have to wait 2-4 years until you are eligible for claims. At a young age, you generally don’t have diseases. So you are instantly eligible for claims if you are diagnosed in the future.

As you can see, buying health insurance at an early age can only help you now and in the future.

Would you rather spend as a little a year or face a financial crisis when a medical emergency happens?

Also, did you know you can now buy health insurance online in ‘literally’ 5 minutes? Visit HDFC ERGO Health (formerly Apollo Munich) for more details.


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