Keeping in mind the rise in life expectancy rate plus the high medical expenses and lifestyle diseases among Indians, Health Insurance has now become a necessity, unlike 50 years back when it was considered a luxury. A medical can come unannounced and it can drain you mentally physically and financially. Any financial advisor you may consult, the first and foremost advice you shall receive is “Get health insurance.”
In this article, we will discuss the top reasons Why Getting Health Insurance before 30 is important.
The Sooner You Buy, the Lower the Price
Buying the insurance at the earliest possible age lands you up with the lowest possible premium. For instance, if you want a plan with a coverage of 5 lacs, at 25 it will cost you around 5000, at 35 around 6000 and at 45 it will raise to 8000. See the difference?
Medical allowance is not Enough
Check the expense of being hospitalized for a week with a minor medical issue and compare it with your company’s package. Now imagine the same situation after 30 more years when you are bound to need more frequent medical attention. The high cost of medical treatment and health care is something that cannot be overstated at any point.
Deteriorated Lifestyle
These days you don’t need to be of 60 years to catch any chronic disease anymore. The sedentary lifestyle has led to increased occurrence of lifestyle disorders involving heart, cancer, lung conditions, and stroke, claiming younger lives. Therefore it is always a better option to insure yourself as early as possible.
Life is Busy
Most people need to travel a lot because of work. Medical insurance covers urgent medical evacuations and makes the best possible facility available. Hence getting insurance initially makes total sense.
Reap the Fruits When You Need it
Getting benefits out of insurance needs a lot of time. So, by the time you are 60 and need to get the surgery done to fix your worn out leg bones, your insurance will reach maturity to bear the burden (Only if you buy it early enough). Added Bonus: You will enjoy loyalty. Most health insurance plans offer loyalty or- no claim bonus if the customer continues with the same policy year on year.
Covers Expenses Outside the Hospital
The new health plans cover expenses other than serious hospitalizations as well. Some even include maternity benefits which may be beneficial at this age. The new member of your family will be insured from the very first day without you needing to pay any additional premium.
Young Buyers Get All-Inclusive Deals
Buying health insurance at an early age ensures there is no scope for preexisting diseases as you will be covered early, and any diseases diagnosed later will be covered automatically.
Depending on the level of cover you opt for, you will enjoy benefits throughout. Some insurances even cover the ambulance and daycare costs. You will also sign up for very necessary annual healthcare check-ups. In case you look for an extended cover for the family, some insurers will offer you even that customizing the plan accordingly.
