With the rising costs of medical care and surge of various diseases due to current human lifestyle, health insurance has become a must for every person. A case of medical emergency can enter anytime in a person’s life and hence financial advisors suggest that every person should buy a health insurance policy in advance. A lot of young people who are in their happy twenties think that a health insurance is something that they should reserve for their thirties to worry about. However, it is important to understand that investing in a health insurance policy early come with a lot of benefits and has nothing to do with whether or not your health is suffering today. Here are 5 reasons why you should buy health insurance before 30.
1. The younger you are, the cheaper it is
How much you pay as health insurance premium is highly dependent on your age. It can adversely increase post 30. Consider for example, if you buy a health plan worth Rs. 5 lakhs at age 25, you would be required to pay a premium worth Rs. 5000. But if you were to buy the same policy at the age of 35, the premium would cost you way more than before with no change in your health indicators. Hence, book your health insurance policy as early as possible. The younger you are the lower is the premium.
2. Sedentary lifestyle
Hectic schedules and desk-jobs have hampered our lifestyles at great extends. Problems related to cholesterol, diabetes, heart, lungs, and even orthopaedic concerns are no longer age bound. These problems can occur to anyone at any time. They do not wait for you to be middle-aged. Stress is a common cause nowadays known to take a toll on young people. Hence, it is always advisable to go for a health insurance plan early in age and not wait for something serious to happen to you.
3. Your employer cover is not sufficient
With the healthcare costs exponentially rising, the need of health insurance for every person cannot be ignored. You can always check the cost of one week’s hospitalisation and compare it with the coverage that your company provides. It is never sufficient. If this is not convincing enough, you can always think of the frequent medical care you will need when you grow old.
4. For availing advantages
There are certain parts of the health insurance plan which require you to go through a waiting period for an existing disease or illness. You might not require these benefits immediately at a young age but you do in case of emergencies when you grow old. You might not be able to avail these benefits due to the waiting periods then. Therefore, between the 20s and 30s, it is always the right time to buy a health plan.
5. It is just better financial planning
Along with the lower premiums and various other benefits, buying a health insurance plan at an early age helps in financial planning. These policies help you in your emergencies and medical expenses, thus allowing you to invest your hard-earned money is a better future for yourself.
Now that you have all the reasons to buy health insurance at a young age, you shouldn’t be wasting time. Book the best plan before you turn 30.