Starting your first job is a different experience in life. Along with touching a new milestone, it brings many responsibilities too. Next to the initial celebration time, you enter into the real world and need to manage various work-related tasks at hand. One aspect of being a working individual that you love to think about is getting paid for work.
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Even before you get paid, you have a million things planned on how to spend your first salary. However, it is essential to balance the expenses in a disciplined manner. You may think that it is too early to begin investing money. But with a sizeable paycheck in hand, it is easy to think about ways with which you can secure your future. With a job in hand, you get the liberty to make a self-sufficient future. It is crucial to safeguard your health under a health insurance policy, keeping in mind the uncertainty of medical emergencies and the prevailing inflation rate.
Here is why you should buy health insurance right after landing your first job:
- Health Risks
In the modern, competitive world, it is hard to balance both personal and professional front in life. Stressful working schedules and unhealthy lifestyles have given rise to various lifestyle-related health issues.
When you buy health insurance earlier in life, you get adequate coverage to pay for medical treatment, whenever needed. Also, the policy covers multiple ailments such as diabetes, kidney failure, cancer, and heart diseases as per its terms. In an earlier age, the risk of health problems is low, which is why you need to pay a lower premium as compared to an individual in his 30s or 40s.
- Medical Inflation
Technology has grown beyond imagination. In medical care, treatments and procedures have evolved for good and are now available even for previously untreatable conditions. Along with this, the medical costs are touching skies. You may feel confident about your health today, but you never know what the next minute awaits. Besides taking up all precautionary measures, it is crucial to buy health insurance for an emergency medical crisis.
- Pre-existing Diseases
When you buy health insurance in your 40’s, there might be chances that you suffer from various health conditions. Many insurers put a waiting period to cover critical illnesses. When you buy health insurance right after getting your first job, you might not suffer from any such disease. If a medical emergency hits in the future, you can get the necessary treatment without worrying much about the financial implications or waiting period.
- Tax Benefits
Next to getting a good job, you need to be aware of the tax liabilities as per your annual income. If your total income falls into the taxable categories, you have to pay income tax as per the related slab rates.
You can enjoy tax benefits when you buy health insurance at a young age. The premium you pay towards the policy is exempted from tax under Section 80D of the Income Tax Act, 1961. This way, you get to save money for other essential needs.
- Peace of Mind
No one falls ill or face injuries by choice. Health problems arrive without knocking the door of time in our lives. When you have bought a health insurance policy with adequate coverage, you enjoy peace of mind. It is because you stay prepared for the medical contingencies and have an insurer by your side to pay for the treatment. With a suitable policy, you can also avoid asking for money from friends or peers during tough times in your life.
The hectic life, coupled with lack of physical exercise, unhealthy food habits, job-related stress and anxiety, makes us vulnerable to many diseases. So, make sure you buy health insurance after getting your first paycheck. The premium you pay for a health insurance policy is proportional to your age. Alongside, you get your health covered against any unforeseeable event in life. Make sure you choose a reputable insurer such as TATA AIG, that offers comprehensive health plans for total protection.