Eight Reasons To Buy Health Insurance Before You Turn 30

Every person should have health insurance because of the rising cost of medical care and the rapid rise in lifestyle diseases among Indians. Anybody, at any time, can experience a medical emergency that has an emotional and financial impact on them. Financial consultants advise that you purchase a health plan as soon as possible. The best arguments to persuade you to make the purchase before reaching 30 are listed below:

  • Purchase early at the best possible price:

To secure the policy at a low premium, try to purchase it as soon as possible. Use a health insurance premium calculator online to find the plan that suits you best.

  • The insurance provided by your company is insufficient:

The importance of having insurance cannot be emphasised, given the exponential rise in healthcare expenditures. Compare your firm’s coverage against the price of a week in the hospital for a common ailment. You’ll probably be inclined towards purchasing a cover right away. Still uncertain? Consider the possibility that you may require more frequent medical attention as you age.

  • More people are developing lifestyle diseases:

Sedentary behaviour has increased the risk of lifestyle diseases like heart disease, cancer, lung disease, and stroke, affecting younger people’s lives. Therefore, it is essential to insure oneself in a timely way. Additionally, annual health exams are included in health insurance coverage to promote health awareness. Counselling, tests, and vaccinations are examples of preventive treatments that could help you better manage your health.

  • You have a busy schedule as an executive:

Most of us are required to travel extensively for work. Therefore, it makes perfect sense to get health insurance that provides access to the top medical facilities accessible worldwide, as well as emergency medical evacuation coverage.

  • Purchasing it early results in better financial planning:

Purchasing it early will not only be cost-effective but also makes more financial sense. Accidents can happen at any time, so having a sufficient medical insurance plan will ensure that you are covered in an emergency and enable you to spend your hard-earned money on long-term investments. Of course, paying the premium reduces your tax liability. The current annual cap for it is Rs. 15,000 under section 80D. **

  • Young purchasers receive a more comprehensive package:

By purchasing health insurance for individuals at a young age, you eliminate the possibility of developing a pre-existing condition because you will be covered early, and any illnesses discovered later will be covered automatically.

  • Early purchase ensures full benefits when required:

You must endure multiple waiting periods after purchasing a health plan in order to be covered for pre-existing conditions, some procedures, and other treatments. If you purchase it now, even if you may not need it right away, you’ll have completed the necessary waiting periods and will be qualified to receive all benefits in full down the road.

You may also receive a loyalty incentive. Most health insurance plans to reward customers who stick with the same plan year after year with a loyalty or cumulative bonus. *

  • The new health plan includes much more than just hospitalisation:

In addition to major hospitalisation, it also covers OPD and daycare operations. Even vector-borne diseases could be included. Most plans also include maternity benefits, which might be important at this point. In this case, your newborn could be safeguarded from birth with no additional premium required.

A health insurance policy can assist you in paying for a variety of non-hospital related services, including chiropractic, dentistry, physiotherapy, optical, dietary counselling, and some alternative therapies like Ayurveda and Homeopathy, depending on the level of coverage you have. Some insurers will customise the plan if you need a larger level of coverage for your extended family at your request.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

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

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