Why people should buy health insurance in their 30s
There has always been a great deal of importance in securing a comprehensive health care plan early in life. Besides the sedentary lifestyle, increasing mental pressure and health issues, the covid-19 pandemic has made it imperative to have a health insurance plan regardless of age.
We take a look at some of the essential reasons why individuals should have health insurance in their 30s.
Naval Goel, Founder and CEO of PolicyX.com, said: âIndeed, purchasing a health insurance plan early in life saves additional premiums, but at the same time there are many more benefits. that a client who signs up before 30 years of age under a Medicare program can check out. The biggest advantage is that the long waiting period imposed on the various treatments ends when an insured person needs it. This means that they can take full advantage of their health insurance by the age of 40. “
The pandemic has forced health insurance service providers to become more stringent in their underwriting. Older people tend to have health complications and have a higher risk of rejection these days. A person under the age of 30 is generally considered to be in good health and has no chance of rejecting the application.
Sanjiv Bajaj, Co-Chairman and Managing Director of Bajaj Capital, said, âIf you are young and in good health, don’t delay in purchasing a health insurance policy. A young person shouldn’t wait to get old or get a chronic illness because it makes sense to buy a health policy when you are young. Many young people consider purchasing health coverage when they get older. Bajaj added, “By the time one is a middle aged person, there may be medical conditions such as high blood pressure, diabetes, etc.” and may also get limited coverage. The younger you are, the lower the policy premium and you can purchase a policy with a higher sum insured. ??20 to ??25 lakh, considering health inflation in these times. For small families, there is an option to purchase a Family Floater plan in which all family members can be insured. “
In addition to being secure from a health perspective, purchasing a health insurance policy in a timely manner also helps in better financial planning by saving a certain amount of tax and ensuring that your savings do not. are unaffected at the time of health emergencies, Goel said.
So, if you are without health insurance, you are putting your savings at risk. Having the right coverage for yourself and your family is essential. You can choose the sum insured according to your financial capacity. You should also know that for each year without a claim, your sum insured keeps increasing until the no claims bonus goes into effect.
In addition, by adhering to the rules that pre-existing illnesses will be treated after 3-4 years, and after 8 years your claims may be rejected, you should understand that health insurance is a long-term purchase product. Therefore, it is always best to buy a health insurance policy early and with sufficient insurance coverage for yourself and your family members.
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