Why Is It Better to Buy Health Insurance Before 30?
Being healthy is not a choice, but a necessity. After a certain age in life, everyone gets concerned about fitness. This sometimes happens due to maturity but majorly derived from the requirement of lifestyle changes. In our 20s, almost everyone is at the stage where college gets over and we all are getting ready to step into the professional life. There arises the need for fitness and a healthy body to continue working in stressful situations. In addition to these, there are several other factors that evolve the requirement for a health insurance before the age of 30. Some of which are as follows:
The premiums are lesser at a younger age
The premium for insurance largely depends on the age and after 30 it takes a steep rise too. This means, if you take a policy of Rs 5 lakh at the age of 25 for which you are paying a premium of Rs 5000 per year, the same plan may cost you much higher if you go for it after 30 years of age.
Increase in ailments due to unhealthy lifestyle
People after the academic stage get indulged into the professional life that is swift as well as hectic. This leads us to so many diseases, such as blood pressure, joint pain, diabetes, cervical, and so on. At a stage when you are struggling in career and striving hard to get more income, the medical expenses can create a huge ruckus, but owning private health insurance at that time can be a massive relief.
Employer insurance is not sufficient
Many companies provide their workers with the group insurance facility, but there are some flaws in it. The insufficiency increases at times when one might need to enhance the coverage limit or employee is planning to leave the company and so on. Thus, a personal health insurance plan is quite imperative so as to cover the frequent and high medical expenses in old age too.
Avail more benefits by buying at a lower age
Every health plan comprises of some clauses like the waiting period for particular ailments and pre-existing diseases, etc. But, purchasing the medical insurance plan at an age when you are fit, makes you pass the waiting period easily and avail the maximum benefits offered. In addition to this, several firms possess the concept of loyalty or no claim, which can be earned if you choose the plan at an early age.
Purchasing early means better financial planning
The insurance scheme saves the tax, as the premium amount is exempted from tax under section 80D. So, sooner you opt for the plan, the more you can save money. Generally, a person starts earning at an average age of 25, where he/she is required to have the saving plans and a health insurance policy as a great tax and expense saver pack, which ultimately will help in making better financial plans for future.
These are some factors that are enough to consider the private health insurance policy at an early stage of life. We believe that it will help people clear their doubts about why is it better to take the insurance policy before the age of 30.