If you are in your twenties, healthy enough and enjoying your life, you might think that health insurance is something that you will have to worry about at late thirties. However, the important point you will have to remember is that you can enjoy several benefits when you manage to get your health insurance coverage before 30 years. Here, you will have to remember that there is no relationship between getting covered and your health in the present circumstances. Here are some of the reasons why you should opt for health insurance coverage before your 30th birthday:
Younger age = lower insurance premium:
Generally, when it comes to health insurance, the more the age of an individual, more will be the premium amount to be paid. There is a sharp bound in the premium slab for those getting coverage below 30 years. The reason behind is that the younger the people are lesser will be the risk to the insurance company. So, they will charge lesser premium. On the other hand, as individuals get older, they are at higher risk of some health issues and this is why they are charged with higher premium. For instance, when you take an insurance coverage for Rs. 5 lakh at your 25 years, you may be required to pay a premium of Rs.5000, but the same policy will charge you more premium at the age of 35, even though, there is no considerable change in your health.
Increased chances of health issues due to sedentary lifestyle:
Nowadays, most of us follow a sedentary lifestyle as most of our jobs are connected with computers these days. Moreover, in the present fast-paced life, most of us do not get the time to engage in physical activities and all these things have opened up the doors for many lifestyle related issues to humans. Many younger people these days are facing health issues like diabetes, cholesterol and high blood pressure and they do not actually know that they are not fit, until something serious shows up in their health. To ensure that you can lead a healthy life, the best thing you can do is to take up health insurance coverage. Most of the policies provide annual health checkups as well, which will be highly beneficial for youngsters to ensure that they can stay fit.
Group coverage is not sufficient:
Even though, you might feel that you are covered as one of the member of the family in the family floater plan taken by your father or if you are satisfied that your employer has covered you, it is better to take a separate coverage for yourself. This is because medical expenses these days are higher and the coverage provided by your employer or the money covered under family floater policy might not be sufficient in the event of any sudden health issues.
In addition to providing you cost saving benefits on premium, taking health insurance coverage before 30 years will also help you in making the right financial planning. This is because you can enjoy tax savings under section 80D of Income Tax Act for the premium that you pay towards your health insurance coverage.