Buying Health Insurance at 20, 30, Or 40: Here’s What You Need to Know


Buying Health Insurance at 20, 30, Or 40: Here’s What You Need to Know

The past few years have taught everyone a lot about the importance of health insurance plans. All across the world, people witnessed the pandemic along with many other unheard illnesses such as Zika, black fungus, monkeypox, etc. With the rise in the number of illnesses, the medical costs are also whopping along with other expenses of life. A trip to the hospital can really affect your bank balance.

Well, the aim here is not to scare you out but to help you understand the need and importance of a health insurance plan. 

Sadly, majority  of people have the misconception that it is only after a certain age that you should buy medical insurance. Well, you may be absolutely healthy today, although owing to the fact that medical situations can be unforeseen and quite costly to deal with, why not buy a health insurance policy today and have the needed backup? In this article, you will get to know how health insurance can be beneficial for all age groups, be it 20s, 30s, or 40s. So, let's get started.

Buying Health Insurance in Your 20s

The very golden age to buy health insurance policy can be the early 20s, probably as soon as you start earning. There are a lot of reasons for it. Let's understand the reasons as well as the benefits when you buy medical insurance in your early 20s:

1. Low Premium

Young people are less prone to illnesses unlike the ones who are in their 40s or 50s. While analysing the premium, insurance providers assume that  diseases that may occur after a certain age, like diabetes, hypertension, etc. may not affect the younger people. Hence, most insurance companies offer lower premiums as the applicant is at low risk.

2. Higher Affordability 

At the beginning of their 20s, people are free from various shackles of financial commitment that may come at a later age in life. Hence, individuals in their 20s have higher affordability as they can enjoy better deals from their insurers. 

3. Multiple Options to Choose from

At a young age, you have many health insurance options available to choose from as your insurer might not limit the coverage owing to an existing illness. 

4. Easy to Serve the Waiting Period

Usually, health insurance plans have a waiting period of a few years, where you cannot raise a claim for certain illnesses. Since you purchase a plan at a young age, it is very easy to serve the waiting period and enjoy the coverage when you may really need it. 

5.Cumulative Bonus

For every claim-free year, insurance companies reward the insured with a bonus called No Claim Bonus. For example- Care Health Insurance offers  a hike of 50% sum insured for each claim-free year. Since you are at a young age, the chances of accumulating more cumulative bonus  are high.

Buying Health Insurance in Your 30s

By the time they turn 30, in most cases, people are well settled in their jobs, they have a steady income, many have started their married life and are now probably in a better position to manage their finances. If you have been postponing the decision to buy a health insurance policy, doing so in your 30s will help you meet your medical requirements.

Here are some of the major benefits of buying a health plan in your 30s.

1. Early Bird Draws the Best Deal

When it's time to buy a health insurance policy remember that early birds get the best deals. But, you are still not late even if you're doing so in your 30s. Most people are quite healthy in their 30s, so, you may still get to enjoy a higher sum insured at a budget-friendly rate if you are fit and healthy.

2. The Waiting Period is Still Manageable

Even when you are in your 30s, but are fit, you still have enough time to easily serve the waiting period for specific illnesses and pre-existing illnesses, which may be for 24 or 48 months, respectively.

3. Early signs of health problems

Post their 30s, many people start to  experience some health problems.  While some illnesses can be cured with simple medications, some may need immediate medical attention. Hence, you  should start thinking of investing in a health plan right away for not exhausting your savings on medical treatment.

4. A Changing Lifestyle

The 30s may bring you a lot of lifestyle changes, from job to marriage and many more. In this changing paradigm of lifestyle, health insurance can be a great change that will aid to a strong financial security.

5. Relatively Lower Premium

People with a healthy body and lifestyle are very likely to enjoy a lower premium even in their 30s. So, do not wait anymore to buy medical insurance.

Buying Health Insurance in Your 40s

Do not fret if someone tells you that you are very late in buying health insurance. Remember, it is never too late to begin a wise investment. Health insurance in your 40s still has a lot to offer. However, you may have to make certain compromises on the coverage and the premium. There will also be various elements that you will have to keep in mind while buying a health plan in the 40s.

1. Increasing Premium Vs Medical expenses

Undoubtedly, health insurance premiums increase with age since older people are more likely to catch some age-related ailments or may already have pre-existing diseases. However, in times when medical expenses are skyrocketing, it is only wise to buy a health insurance policy rather than focusing only on the premium. Keep in mind that investing in a health plan, even with a high premium, will be far more worthy, than  breaking your bank during a hospitalisation.

2. Premium will only Increase

Procrastinating health insurance plans further will only lead to increased premiums. So, no matter if you are in your 40s, it is still not too late to be a member of the health plan club.

3. You may be More Likely to Raise a Claim

At an early age, people are less likely to raise a claim. However, things might not be  the same as they age. People aged 45-60 and above are highly expected to get certain health problems. Well, in your 40s, you may make the most of your health insurance plan. With a health cover in place, you can raise a claim during a health emergency and keep your savings safe.

4. Make Sure to Get Sufficient Coverage

When you invest in your 40s, it is essential to get the right coverage. You may want to get comprehensive coverage  with a wide range of benefits. Considering you may continue with this plan for a long, it is best to invest in a comprehensive health plan that offers the best possible coverage.

Bottom Line-Stop Procrastinating

No matter what your age is, if you haven't done it yet, it is the right time to buy medical insurance online. Yes, you are young and healthy today, medical conditions may not always be in your control. The more you delay buying the coverage, the more compromises you’ll have to make.

Not yet convinced?

Buying insurance at the right age comes with its own set of benefits. Even during a medical emergency, you would not have to dig into your savings. You’ll be able to get tax savings under Section 80D for a longer time. You may also be able to avoid a hefty premium in return for comprehensive coverage. Having coverage early on helps you reap the maximum benefits in the form of a cumulative bonus as well, apart from serving the waiting period well in time. So, take your call right now!

Disclaimer: The above information is for reference purposes only: Policy Assurance and Claims at the underwriter's discretion.

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