Health Insurance 523 views December 19, 2020

Reasons to Purchase Health Insurance Before You Turn 30

Many in the age group of 20-30 years don’t understand the importance of having health insurance early in their lives. They may invest in stocks or bank deposits to increase their wealth over time. But what if that wealth gets wiped out wholly or partially towards a medical treatment? This is where health insurance can come in handy by taking care of your treatment expenses and keeping your savings intact. However, a delay in getting health insurance could make you rue for the missed opportunities too. So, we’ll tell you here the reasons for buying a health insurance policy before turning 30. Let’s read and understand this critical point better.

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So What’s The Logic of Buying Health Insurance Before 30?

Any financial move, be it health insurance or any other, will turn good only when you do a proper cost-benefit analysis before initiating it. As a financially responsible individual, you would like to keep your cost down while maximizing as much as you can. And when you know an early start to health insurance can ensure the same, you will only feel GOOD about it! Let’s read through various points the utility of taking health insurance at a young age.

Health Insurance Premiums Remain Lower at a Young Age

The best part about having health insurance early on is the low premium rate that you get. In health insurance, premium rates go up as you grow older. So, don’t delay in taking this insurance and end up paying more when starting late. Go online, check different health insurance policies online, and choose the one that has maximum Sum Assured at less premium. A Sum Assured is the maximum amount you can get for getting treatment in a hospital.

Chances of Accumulating Bonus are More

Health insurance comes with this unique feature of No Claim Bonus (NCB), which means, if you don’t claim in a financial year, the sum insured will rise for the following year. And the pattern continues like this if you don’t claim further. The sum insured can rise by 5-20% on a minimum and can go up to 50-100% too. When you are in 20-30 years, chances of falling sick and having to undergo medical treatments remain less. So, if you take health insurance early, you could raise your cover amount substantially over time. An increased sum assured will help you deal with rising healthcare expenses later.

Increased Scope for Quick Coverage

Health insurance comes with a waiting period clause that denies individuals a health cover for about 2-4 years if they have any pre-existing illnesses before the commencement of the policy. But people in the age group of 20-30 can easily escape such a thing as their chances of illnesses like diabetes, blood pressure, hypertension and other ailments are quite less, much unlike in the late 30s or afterward when they are more susceptible to such diseases.

Wide Coverage of Health Insurance

Many in 20-30 may not fall sick to an extent that they require hospitalization for 24 hours or more. But they may still require medical intervention for a few hours in a hospital. You will be pleasantly surprised to know that health insurance covers a wide range of daycare procedures and even OPD treatment. Daycare procedures such as bone fracture and joint-related surgeries, eye surgery, hydrocele operation and many others require just a few hours to complete. All you need to do is choose the policy that has covered the maximum number of daycare procedures. Also, check whether it covers OPD treatment.

Employer Cover May Prove Insufficient

Some employers join hands with health insurance companies to provide health coverage to their employees. But some employer health insurance plans come with a cover for their employees only and not their families. One brutal truth is that the plan will cease to exist once you leave your organization. Upon your departure, you will need to buy a separate health insurance plan anyway. Also whether the new employer will have a health insurance plan for you is not a guarantee. So why to delay and pay more through the premium when you can get coverage by paying less through the best health insurance policy early.

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