Top 7 Reasons To Buy Health Insurance Before 30

Here are seven reasons why you must invest in health insurance before you turn 30: 

1. Avail of Policies at Affordable Rates

It is rare for the 25–30 years age group to be diagnosed with a serious illness. The chance of getting any other type of critical disease is also most unlikely for the general healthy population at this age. 

As a result, insurance rates are cheaper for those between the age of 25 years and 30 years. Also, long-term health policies allow you to save a lot. It is because the premiums (a predetermined sum that the policyholder agrees to pay for a tenure) charged do not fluctuate over time.

Say, at the age of 30, you buy insurance that covers your family. In a sum insured of five lakhs with one-year policy cover, you will be charged a premium of Rs.11,889 a year. Now, if you buy the same plan at 40, you will be charged a premium of 13,632, just because insurance houses consider ageing to come with higher chances of insurance claims. 

So, in this example, buying health insurance early can save you Rs. 1743 annually on the premium.

2. The Financial Burden is Minimal

Unexpected occurrences never knock before bursting in! Without any seemingly consistent symptoms, it is impossible to predict a serious health issue. Even when detected, bearing the costs to treat such health issues is still a huge liability. In such situations, having a health insurance plan is a boon. It enables you to receive medical treatment without spending a fortune.

3. It is Easier to Get Through Waiting Periods 

In every health insurance policy, there is a waiting period. During this period the insured cannot file a claim for any non-accidental injuries such as for a chronic illness. Once the waiting period is over, any claims for pre-existing illnesses, specific diseases and surgeries can be made.  Generally, the waiting period varies from 30 days to 4 years. It is easier for you to withstand this period if you buy a policy beforehand, preferably before your 30s, rather than do the same in your 50s.  The simple reason is, the older you get, the higher the potential need to claim the insurance. The idea is to avoid any such challenging situations where you need to claim the insurance but cannot because of the customary wait time. 

4. High Risk of getting Lifestyle Diseases

Several lifestyle issues have developed due to the sedentary nature of modern life. People spend most of their time working from home or sitting in front of a computer. This results in almost zero physical activity—coupled with improper postures and ergonomics that affect the body.  Lifestyle-related diseases like diabetes are common nowadays. Having health insurance before you turn 30 ensures that you are ready for such obstacles to your health.

5. Improve Your Mental Health 

7.5% of Indians are estimated to be affected by a mental disorder, according to stats from the World Health Organisation (WHO). According to these figures, treatment for such mental problems through adequate psychiatric assistance and medication is crucial.  Most insurance companies in India today are aware of this need. As a result, they provide enough coverage for the same. For the record, you are entitled to reimbursement for any costs associated with receiving mental care.

6. Employer’s Cover isn’t Enough 

People who are just starting their careers believe that a corporate health policy would be enough. In reality, the coverage provided is typically limited. The employer only covers a tad bit of the premium burden, lowering the liability of salaried employees.  So, employees are frequently required to pay most of their medical expenses (the co-payment clause). Room rent limits are a major drawback of group policies. Additionally, if you decide to leave the designated company, the health facility is no longer available.  So, it is better to have a separate health policy at a young age. This is how you can stay prepared for any medical emergency that your employer won’t be liable for!

7. Low Rejection Rate 

Since you’re young, you are less prone to serious illnesses than a 50-year-old. If you purchase a health policy before turning 30, there are nearly zero chances of it getting rejected.  Applying for health policy later in life may result in rejection. The chances are more if you’ve previously been diagnosed with a specific illness.  Costs for treating such severe illnesses may fall entirely on your shoulders. Moreover, it is sure to hurt your finances. If you choose to sign up for a health plan before the 30, these issues won’t arise.