Eight Reasons To Buy Health Insurance Before You Turn 30

Our parents frequently remind us of the need of conserving money and having a plan B in place in case of crises. They demand that we invest money in mutual funds, term deposits, health insurance, or even life insurance. However, these things do not really matter while you are young. Early in life, saving for something like a pension fund appears needless. To protect the funds, purchasing health insurance seems like a poor idea.

 

 

The significance of personal health insurance

 

 

In India, a variety of health insurance options are offered, including senior citizen plans, family floater plans, and individual health insurance. You can get solo health insurance when you’re younger and also have fewer responsibilities and thereafter upgrade to the a family floater policy in the future. You may purchase riders, or extra coverages, to extend the reach of your insurance.

 

 

Advantages of purchasing health insurance while you are young

 

1. Reduced Quotes

 

A person’s likelihood of developing a medical problem is lower when they are younger than when they are older. If health insurance coverage is purchased well before age of 30, the approximate cost of the 5 lakh rupee sum insured is only Rs. 5000. This price rises as you get older; for example, the same coverage in your 40s can cost between Rs. 6000 and 8000. When a person is young, insurance companies will provide an insurance plan at a lesser cost if the risk they face is smaller.

 

2. Health Impacts

 

Multiple diseases, including cancer, renal failure, and diabetes, are covered by health insurance cardiac conditions among other things. Most often, after age of 35, these problems begin to afflict people. Early purchase of health insurance essentially eliminates the risk of developing a life-threatening illness. When you’re younger, the financial risk posed by your health is lower.

 

3. Consistent finances

 

It will be better in the long term to plan your funds early in life. Your finances will spiral out of control if you get health insurance coverage later in life or at the first sign of a condition. Instead, it is wise to make financial arrangements for a medical emergency well enough in advance. In this manner, regardless matters the severity of the emergency, you are already prepared.

 

4. The holding time

 

A lot of health insurance plans have waiting periods before some ailments are covered by insurance. Maternity benefits and/or certain diseases and/or pre-existing conditions are a few of them. The waiting time may be a few months or even years long. Even if a health emergency happens while one is waiting, one cannot file a claim. Young people who get health insurance policies can easily get through the waiting time without worrying about a medical emergency.

 

5. Disapprovals

 

Insurance providers maintain the right to deny a request. This often occurs when an individual has a greater risk for insurance, which is when the policyholder’s age is higher. Therefore, the likelihood that your claim for insurance coverage would be denied is cheaper when you purchase the coverage when you are young.

 

6. Protection

 

When you are young, you may get greater coverage for less money. In addition to hospitalization, daycare operations, pre- and post-hospitalization costs, OPD fees, etc. are all covered by health insurance policies. If you don’t have health insurance coverage now but do it later in life, the cost of obtaining these coverage options will be higher.

 

7. Present-day ailments

 

It’s likely that by the time you’re in your 40s and purchasing health insurance, you’ve already got a condition of some sort. Insurers frequently impose a waiting time for pre-existing conditions, as was previously indicated. You might not have this condition if you get insurance while you are younger, and if you do in the future When an illness strikes, it may be quickly treated with the aid of your insurance.

 

8. Sustainability

 

Health insurance coverage may always be renewed, according to the Insurance Regulatory and Development Authority of India (IRDAI). However, 65 to 70 years old is often the oldest age at which health insurance coverage may be renewed. However, you may take advantage of the lifelong renewability option if you get a policy at an early age.

 

End Note

 

Health insurance is a better investment than, say, a pension fund since it lowers the chance of getting a medical condition and removes the danger of life-threatening sickness. To receive better coverage and protection, it is crucial to get health insurance while you’re young and to make financial preparations for something like a medical emergency well and in advance. Since it reduces the likelihood of developing a health condition and eliminates the fear of developing a life-threatening illness, health insurance is really a good option that, example, a pension fund. It’s critical to have healthcare coverage when you’re younger and also to make economic preparations for anything like a medical crisis well and in advance in order to gain superior coverage and protection.