Why Buying Health Insurance in your 30s Is a Smart Investment
The COVID pandemic has been an eye-opener, especially in the context of health insurance. It has increased the awareness of health insurance plans among the common population. In the case of millennials, who didn’t consider health insurance a priority pre-COVID, there has been a tremendous paradigm shift. Reports suggest that where only 10% of the millennial population invested in health insurance pre-COVID, now 71% of millennials believe health insurance to be a necessity and are investing in suitable plans.
A health insurance plan is a smart investment in your 30s, with or without the pandemic in the picture. Here are some reasons why –
- Financial protection against emergencies
Let’s face it; your current health does not make you immune from unforeseen contingencies. While you might be in the prime of your health and maintain a fit lifestyle, accidents don’t come announced. Take the case of the pandemic itself. While the first wave preyed largely on the elderly, the second wave targeted the youth too. Accidental injuries and illnesses can take anyone by surprise, notwithstanding their age. As such, millennials are also prone to medical emergencies, and buying a health insurance plan makes perfect sense.
- Comprehensive protection
Modern-day health insurance plans have become quite comprehensive where the coverage is concerned. You can avail of a wide range of coverage benefits under the policy, both inbuilt and optional. However, in the case of existing medical conditions or if there is an adverse medical history, the coverage might be restricted.
This problem does not become a concern when you are young. As age is on your side you might be free from age and lifestyle-related illnesses. As such, you can avail of comprehensive coverage when you buy young. Once you have bought the plan and renew it without fail, you would be able to enjoy the comprehensive coverage even if you do develop medical complications later on. An inclusive plan also permits you to include your spouse and children in time, thus protecting your family, too, from any health contingencies.
- The employer-sponsored coverage might not be sufficient
You might be covered under a group health insurance scheme offered by your employer. While the plan might provide you the basic coverage, it might not be sufficient for your needs. Given the rising costs of healthcare, you need optimal coverage which the group health insurance plan might not be sufficient enough to provide. Perhaps the corporate health insurance policy might be a basic one that only covers you – the employee – and not your immediate and/or extended family members. Furthermore, employer-sponsored coverage would cease as soon as you leave the job. Therefore, it does not promise lifelong renewals.
As such, buying an independent health insurance plan which meets your coverage needs and offers a higher amount of sum insured is a better bet. The independent policy would also serve as supplemental coverage which would come in handy when you need higher coverage in severe medical cases. Besides, it would be a good idea to have a health insurance policy that covers your family and offers a wide range of benefits.
- Waiting out the waiting period
Every health insurance policy has a waiting period clause for existing illnesses when you buy the plan. However, when you are young, you might be healthy and not suffer from any illness. As such, you can easily wait out the waiting period when you are young and then, if and when you do develop any medical complications, you can enjoy coverage without losing out on crucial time.
- Tax benefits
Lastly, to add a cherry to the icing, there is the tax angle too. The health insurance premium that you pay is allowed as a deduction from your taxable income. The limit is Rs 25,000. Moreover, if you pay the premium for your parents too, you can earn an additional deduction of up to Rs.25,000 or Rs.50,000 (if they are senior citizens).
For better awareness of the terms, conditions and exclusions associated with as well as the coverages, benefits, and features offered under the chosen health insurance plan, it is imperative that you thoroughly read and understand the Policy Wordings or Customer Information Sheet.
The Bottom Line
Buying a health insurance plan when you are in your 30s is quite beneficial and the above-mentioned reasons justify the same. Moreover, when you are young, the premiums are also low. You should, therefore, assess your coverage needs and buy a comprehensive policy.
How SANA.Insure can help?
SANA.Insure gives you an online marketplace to compare and buy the perfect health insurance plan for you and your family. We are associated with all the leading health insurance providers that offer some of the best health insurance policies providing all-around coverage. Moreover, if you need help in buying the policy, our Health Insurance Experts help you assess your needs and then choose a suitable plan. Please get in touch with us over WhatsApp chat on 8278271818 or call us on 18002028118 for more information.
Wish you a healthy and happy life!