7 Reason to Buy Health Insurance Before Age 30

Who Should Buy Health Insurance?

Any individual, including working professionals, senior citizens, women, students, freelancers, travellers, people with chronic diseases, and families with children, needs health insurance for financial safety to deal with.

However, everyone should buy health insurance, but under 30 is the best age. Young people usually feel they don’t need insurance, but medical crises can happen anytime. So, it is better to get prepared for such a difficult situation at an early age and buy health insurance before 30.

What is the Right Age to Buy a Health Insurance Plan?

If you are looking forward to buying a health insurance policy, you should be 18 or older. In case of a family floater plan, there is no minimum age for children present in the family. But when it comes to the right age, it is always better to buy a health insurance plan before 30.

So, the right age to buy a health insurance plan is as soon as possible to get many benefits in the long term.

Top Reasons to Buy a Health Insurance Plan at an Early Age?

Early purchase of health insurance safeguards policyholders and other insured individuals in many ways. Here are some of the strong reasons why buy a health insurance plan at an early age.

1. No Pre-Medical Check Up

One of the major benefits of buying health insurance before the age of 30 is no need for a prior check of illnesses or diseases. Older people have to undergo a pre-medical check-up at the time of purchase of a health insurance policy. Even in the case of any disease, you are not required to go for a medical check-up by the insurance company.

2. NCB Benefit

NCB or No Claim Bonus is an additional amount offered to the policyholder for every no-claim policy year in the sum insured. If you buy health insurance at a young age, it is less likely to raise claims in the early years, and thus, it will help you to avail the benefit of the NCB discount.

Some insurance companies also increase the coverage amount without any rise in the premium amount.

3. Low Premium Quotes

Health insurance premiums are affected by age and the health of the policyholder. Due to the lower risk of illness, insurers ask for a lower premium amount from the young policyholders.

The same health insurance plan may charge a high premium to an older policyholder.

The need for a pre-existing waiting period also reduces as there is less chance of getting diagnosed with such diseases before 30.

4. Better Saving

Health insurance plans also cover regular check-ups from doctors. It leads to the compensation of medical expenses for the insured from the insurance company. With such compensation, you can use your money to save for fulfilling further needs. With no health insurance, dealing with medical expenses may seem like a burden to you.

5. Tax Benefits

If you buy health insurance before 30, you can get a tax deduction up to Rupees 25000 under Section 80D of the Income Tax Act 1961. You can save money on taxes by showing the amount you pay for health insurance. The sooner you buy it, the more years you can enjoy this tax benefit.

6. Better Coverage

Buying health insurance at an early age is smart because it offers many benefits to you. It offers better coverage at a lower price to the person buying insurance before 30. You get coverage without any exclusions at an early age. In most cases, this will also come with the benefit of lifetime renewability by the insurance company.

7. Better Financial Planning

To buy health insurance early means having better financial planning. You can easily use your money for other financial creation purposes, saving and purchasing capital assets. Also, it helps you to manage your health costs and avoid medical stress efficiently. Also, it gives peace of mind to the insured and related family.

Conclusion

Buying health insurance early is always a good option for policyholders. Some of the major benefits it offers are tax deduction and lower premiums. You also need a health insurance policy to get financial coverage against any medical emergencies. So, the idea to buy a health insurance plan at an early age is good for everyone looking for financial security.

If you are looking forward to buying a health insurance plan for yourself or your family, feel free to contact us to get proper assistance for the same.