Why people in their early 30s should consider buying health insurance – Economic Times

Today, health insurance is not just an option but a necessity that a person should inculcate in their habits. A good health insurance cover can help you and your family tide over a medical emergency with ease. And with age on your side, buying insurance before you turn 35 can get you a policy at the lowest possible premium.

The premiums are likely to go up for individuals aged 35 years considering life events like marriage and kids. Young people are considered more healthy by insurers and their relative premium rates are lower. The possibility of rejection of a proposal is extremely low in such cases. Buying a health policy early would mean you can take full benefits of your medical cover when you need it the most.

People aged 35 or more may have several other responsibilities and usually spend in a budget. Any illness or hospitalisation can impact their budget. Young adults should consider the benefits of health insurance and the cost paid for it. For instance, an average Rs 15,000 annual premium for 20 years may come down to Rs 3 lakh while the protection would be above the premium paid.

Also,
waiting periods for critical illnesses
, special treatments, pre-existing diseases can be taken care of in case the health cover is bought at a young age. Buying early can ensure any diseases diagnosed later will be covered automatically in the policy.

Need for a personalised health cover

As you grow professionally and personally in your life, the group insurance policy provided by your employer may not be sufficient. Old age may require more frequent medical attention. Try getting a personalised health insurance policy as employer cover is common for all and may not cover all your medical needs and the cost of treatments.

Given the sedentary lifestyle and stress levels among the younger generation, critical illnesses involving the heart are equally affecting young adults above 25 years of age. It has become imperative to insure oneself of all such illnesses. Health insurance policies also offer annual health checks to encourage awareness among people. Preventive services including counselling, screenings, and vaccines can also help you better manage your health while you are still young.

Besides the lower premiums offered, your working profile can also define the need of buying health insurance. Most people in their early 30s have found stability in their careers and become busy executives. If you are a working professional who needs to travel due to work, you must consider a policy that covers emergency medical evacuation along with making available the best healthcare facilities around the world.

Loyalty bonus

Most health insurance policies reward their policyholders for loyalty. No-Claim Bonus or loyalty bonus is the money added to the sum insured for every claim-free year. It is like a reward that a policyholder receives for not claiming his or her health insurance. Being a young buyer, the possibilities of making a claim are relatively less than someone more prone to illnesses. Young adult discounts can be availed by purchasing a policy for the first time and at an early age.

Better financial planning
Health insurance is one of the crucial aspects of financial planning. In today’s scenario, even a 4 to 5-day hospitalisation for a common illness can put a dent in your budget. Critical illnesses like kidney ailments, heart-ailments can cost anywhere in lakhs and ruin your lifetime savings.

Health insurance not only takes care of rising medical costs but also saves some amount of tax ensuring that your savings are untouched at the time of medical emergencies. Under Section 80D of the Income Tax Act, individuals can avail of tax deductions up to Rs 25,000 in a financial year. This limit applies to the premium paid towards health insurance purchased by policyholders, spouses, and dependent children.


Additional benefits

Besides acting as a financial saviour during hospitalisation, a health insurance plan can also take care of your daycare procedures and OPD. Most health plans cover maternity after a waiting period of two years or above that. Also, your newborn can also be immediately covered under a family floater health insurance policy.

Depending on the cover chosen, masks, PPE kits, consumables, ambulance charges and post-hospitalisation expenses
can be taken care of through a health insurance policy
.
Reliance General Insurance offers multiple insurance policies for people looking for the best schemes to help them cover everything they want in their policy.

Individual Health Policy for one person
Family Floater Health Policy for all members of a family under a single health plan
Top-up Health Insurance to add extra cover to an existing health policy