Why People In Their Early 30s Should Consider Buying Health Insurance

Health insurance in today’s day and age is a non-skippable investment. It is one of the first few things that one must consider when starting out in their life early on. A suitable health insurance policy helps you safeguard your and your family’s future against unexpected medical emergencies. Plus, with age by your side, the premiums are also affordable when you begin early. Hence, it is essential to plan for a health insurance policy early in life. With that being said, let’s look why people in their early 30s must consider buying a health insurance plan:*

  1. Affordable health coverage

The premiums for health insurance plans are directly based on the policyholder’s age. So for an individual above 35, there are several life events like marriage and kids. These various events make such a person a risky proposition to underwrite. Thus, if you plan to defer buying your health cover later in life, you might be required to pay steep premiums. *

On the other hand, for someone who is young, the possibility of a health ailment is low and thus, the premiums are also affordable. Further, the probability of an insurance proposal getting rejected at a young age is also lower. Hence, you can take full benefits of your health insurance policy when you need it the most. *

  1. Waiting period for pre-existing ailments

Another reason to buy health insurance plans early in life is to avoid long waiting periods. Be it an individual plan or health insurance plans for family, starting early has its advantages. As a person grows older, there is a higher chance of ailments gripping that individual. The insurance companies for such people will be required to underwrite a higher risk for which they charge extra premiums. In addition to such increased premiums, they even levy a waiting period to cover any pre-existing ailments that the insured individual might be suffering. These policy conditions at times can get in the way of seeking compensation for necessary treatments. Thus, it is recommended to get a policy early in life when the risk of any pre-existing conditions does not loom over your head.*

  1. Limitations of a group health cover

Even if your employer provides for a group insurance policy, you must not depend solely on it. The limitation of a corporate health plan is that it remains in force only till the time you are servicing the particular employer. Any change in job means you are left with no coverage for yourself or even for your family. Thus, to avoid being exposed to such financial risk, it is best to buy a separate health plan that protects you and your family so that you need not rely exclusively on a group insurance cover. *

  1. Better financial planning

In addition to providing compensation for medical treatments, a health insurance policy also provides tax deductions for any premiums paid. Although these tax deductions are subject to prevalent laws, it helps bring down your final tax liability and at the same time offering coverage for necessary medical treatments. Please note that tax benefit is subject to change in tax laws*

When choosing a suitable health cover, make sure to compare it with other available alternatives. In doing so, you can not only filter out plans that do not fit your requirements, but also make an assessment of the premiums for different policies based on their features. To compare the different plans, you can make use of a health insurance premium calculatoravailable for free.*

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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