Health insurance offers coverage against medical treatment expenses. Experts generally advise people to buy health insurance as early as possible. This is because a medical emergency can occur anytime and one needs to be financially prepared to face it.
Additionally, the insured is liable to receive assorted benefits while investing in health insurance during the 30s, says Naval Goel, chief executive officer and founder of PolicyX.
Here are other reasons why one should buy health insurance in their 30s:
Comparatively lower premium cost
One of the top benefits of buying insurance in the 30s is that the younger one is, the lower would be the premiums' cost.
"The premiums of health insurance plans are highly dependent on the policyholder's age and there is a considerable rise in the premium rates as one exceeds the age of 30," explains Rakesh Goyal, director Probus Insurance, Insurtech Broking Company.
For example, the premium for a 30-year old insured would be low as compared to a 45-year old.
The sum assured of the group health insurance would not be enough
Considering the current lifestyle and the elevating medical expenses, complete dependency on the group health insurance plan is indeed not a wise decision.
The policy coverage that the company is offering might not be sufficient to fulfill the huge medical bills. Hence, it is suggested to opt for a health insurance plan along with the current group health insurance plan, according to Goyal.
Apart from the hospitalisation charges, there are other healthcare benefits that come along with the health insurance plan.
The health insurance plan gives the leverage to opt for these services without having the need to pay from one's pocket. This would eventually help manage finances better without having the need to worry about healthcare-related expenses.
Protection against lifestyle-related illness
The sedentary lifestyle and the working schedules have already resulted in different lifestyle-related illnesses including diabetes, heart-related issues, etc. at a very younger age. This is one of the crucial factors to opt for health insurance as early as possible to avoid the huge medical bills that come for the treatment of these diseases, according to Goyal.
One can also claim tax exemptions for the premiums paid for the health insurance plans under Section 80D of the Income Tax Act.
When an individual is young, he/she might not need the benefits of pre-existing disorders immediately and the waiting period won't be an issue. However, this won't be the case when one grows older.
So buying an insurance policy at an early age helps one to avoid the waiting period at the later stage and avail the benefits.