Why Buying Health Insurance at 30 is a Smart Decision 

Your thirties are a significant turning point in your life in all aspects. Better career opportunities, weddings, and expanding your family are some things that get a significant amount of attention in terms of financial planning for the future. An important element of this planning, that a lot of people overlook, is to get a health insurance plan for self and your family. While deciding on family health insurance might seem like something you can postpone, it’s far better to secure it while you’re still young. 
 

Your Employer Coverage Might Not Be Enough

Although many employers make health insurance schemes available, these are group policies that may not provide comprehensive cover or may lapse when switching jobs. By holding your own individual health insurance policy, you are assured of continuity and adequacy of coverage regardless of your employment situation.

Premiums are low and thus its cost effective

Health insurance programs base premiums on age and health status. Your health insurance premiums will be considerably cheaper in your thirties than in your forties and fifties. High health insurance coverage is harder to obtain in your forties and fifties, even though your need and ability to pay are higher. You can therefore lock in high sum assureds at lower premiums during your thirties. And this locking of sum assured is very important in the case of health insurance due to medical inflation.

Broader Coverage with Fewer Gaps

Buying a policy sooner means that you will have fewer pre-existing conditions and so your health plan will give you a more comprehensive coverage. Also, the mandatory waiting period for some surgeries and procedures is much less likely to impact you in thirties than later in your life. This way, when medical needs do arise, you won’t be over or under-protected, with unnecessary restrictions.

Financial Protection from Increasing Healthcare Spending

In your thirties, earnings and responsibilities both rapidly increase. Things like a married life, family, and EMIs create a lot of pressure. And therefore, any unexpected health emergency can set your financial plan in a big way, sometimes irrevocably. Hence, it is important that you protect your financial wellbeing from catastrophic health expenses by having a good health insurance plan that suits you and your family.

Preventive Care and Wellness Benefits

Suspending these services can also mean laying off or furloughing employees, as doctors and health insurance companies could not justify keeping staff on payroll if they cannot see patients for preventive care services, like regular health check-ups, vaccinations and screenings. These services play a crucial role in identifying and addressing potential health challenges at an early stage, encouraging a healthier way of life. These benefits reward the maintenance of good health, which can prevent serious health problems from developing down the line.

No-Claim Bonus Accumulation

Many insurers offer a no-claim bonus to policyholders for every year that a claim is not made. This bonus can be in the form of a higher sum insured or discounted premiums the following year. When you take on individual health insurance in your thirties, you can start building up these individual health benefits over time and experience higher levels of coverage without additional costs associated with it. And this can be very handy when you need the coverage.

Benefits of Tax Under Section 80D

Premiums paid for health insurance schemes qualify for deduction under Section 80D of the Income Tax Act in India. As far as individuals under 60 are concerned, deductions of up to ₹25,000 are available for premiums paid for self, spouse, and children. For any premium paid for the health insurance of your parents, there’s an additional deduction available of ₹25,000 if your parents are below 60 years and of ₹50,000 if above 60. The ability to save money while staying protected makes health insurance the smartest investment you could make.

Peace of Mind and Concentrate on Healing

There’s consistent stress and anxiety during health emergencies. A comprehensive health insurance policy helps prevent financial worries from adding to the matter at hand. This peace of mind grants you and your family the ability to concentrate on recovery without worrying about the expenses.

Tailored Plans with Supplemental Perks

Many health insurance products come with add-on benefits like maternity cover, critical illness riders, and outpatient department (OPD) coverage. When you buy insurance in your thirties, you can tweak your policy to adapt to your changing health needs and life stages.

Maternity and Childcare Expenses

If you plan to start a family, most health insurance schemes also offer maternity benefits after a waiting period. These benefits will be available in your thirties, when you buy a policy, and will help pay for childbirth and caring for a newborn.