Benefits of buying a health insurance policy in early 30s or young age

8 Benefits of Buying Health Insurance at 30’s or Young Age:

1. Lower premium rates

One of the top benefits of taking health insurance early is the lower premium rates that you will be offered by your insurance provider. When the insurance companies get a request from the policy buyers for a health insurance policy, one of the foremost things that they check is the age of the individual. Older individuals are charged higher premiums since they are more prone to health issues. If you have not celebrated your 30th birthday yet, you will be paying lesser premiums for extensive coverage, which may even include maternity benefits, daycare expenses, OPD expenses, and many more.

2. No medical check-up required

Buying a health insurance policy when you are in your 20s means you may not be required to undergo a health checkup while purchasing a health insurance plan. Nevertheless, not all companies offer this facility. Some insurance companies do ask the policy buyers to undergo a medical check-up while buying a health insurance policy regardless of their age. The policy buyers who are in their 30s or 40s must undergo one such checkup and it is mandatory for all the insurance companies while the buyers in their 20s might skip it.

3. No need to worry about the standard waiting period for health insurance

No matter which health insurance policy you are buying, you will have a waiting period. During the waiting period, you will not be allowed to raise a claim for any type of non-accidental injuries. For any kind of illness, surgery, and any particular disease or pre-existing illness, you will be able to raise the claim once the waiting period of the insurance policy is over. However, the waiting period for health insurance policies may vary from one to the other. While one health insurance policy may come with a 30-day waiting period, for some other health insurance policies it may be years. As you purchase a health insurance policy early, you will have enough time to serve the waiting period since people under the age of 30 are at a lower risk of illnesses.

4. Pre-existing illnesses

Some insurance companies do not include pre-existing illness coverage in a standard health insurance policy when it is bought at a later age. This ultimately does not fulfill the purpose of purchasing a health insurance policy.

5. Lesser rejection rate

People in their 20s are less prone to illnesses, especially critical illnesses as compared to people in their 40s. This is why the applications for buying health insurance plans by policy buyers under the age of 30 are rejected less often by the insurance companies as compared to applications by people more than 40 years of age group. 

6. No Claim Bonus

You will come across several insurance companies that offer a No Claim Bonus. This means, that if you do not raise even a single claim in the preceding policy term, you will be able to avail of a No Claim Bonus. The bonus ranges from 5% to 50% of the sum insured. It can be accumulated in consecutive claim-free years. Policyholders under the age of 30 are less likely to raise any claim in the policy term since they are less likely to fall sick. Therefore, the chances of availing of the No Claim Bonus are higher if you buy your health insurance policy a bit early in life.

7. Coverage on maternity and newborn expenses

This point is quite related to the standard waiting period for health insurance. When you buy a health insurance policy in your early 20s, you can serve the waiting period without any worry. By the time the waiting period is over, you can avail of the maternity and newborn expenses. You will actually get time to plan your pregnancy accordingly. Under the standard health insurance policies, the waiting period for a maternity insurance cover is of two years.

8. Income tax benefits

Purchasing a health insurance policy can help you to claim a tax rebate. Under Section 80D of the Income Tax Act, you can claim up to INR 25,000 against the premium expenses each year.

So, for the question, “should you get health insurance before 30?”, the answer is yes you should buy a health insurance plan before you turn 30 years old. The only thing to consider is the health insurance comparison, which you can do by exploring websites that inform about and offer health insurance policies. Comparing the health insurance policies will also help you to do your research properly and make a sound decision accordingly.