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Why Is It Better To Have Your Own Health Insurance Plan Before Turning 30?

People often recollect their college shenanigans such as sneaking out of hostel for a mid-night movie, bunking classes to hang out with their buddies and the numerous fun trips with their gangs when asked about the most fun and exciting time of their lives. Once they get married, their lives change due to increasing familial obligations and their youth becomes a fleeting memory that they recollect fondly.

When you are young, you feel that you are invincible and think that you can take on the entire world. This confidence and energy is why youth has so much tremendous potential but the young also need reminding that their health is important. As they get older, they lose the spring in their step and due to the nature of their sedentary lifestyle, end up inviting many health complications. This is why it is important to think about investing in health insurance when you are young and healthy.

Health insurance is an absolute necessity due to the ever-increasing cost of healthcare and prevalence of many diseases and maladies that require serious medical intervention. Health insurance plans can be bought for premium amounts that need to be paid on an annual basis. The premium is calculated based on a number of factors such as:

  • Age of the insured

  • Medical history

  • Scope of coverage

  • Scope of coverage

  • Presence of alcohol or drug addiction, etc.

Since the age of the insured is a major factor, health insurance premium cost becomes more expensive as you get older. This is due to the fact that there is a strong correlation between age and the need for healthcare services. As people get older, their bones and joints become weaker, they become more vulnerable to conditions like diabetes, cholesterol and cardiac complications, and the strength of their immune system wanes over time.

Insurance companies take cognizance of this and so incentivize buying insurance at a young age. Low premium, attractive coverage options and the lack of pre-existing medical conditions ensure that buying health insurance when one is young is an absolute no-brainer. Also, many insurance companies offer ‘No Claim Bonus’ on their health insurance policies. This means that for every claim-free year, you get a discount on the premium amount you need to pay for the subsequent year. When you are young, you don’t usually have a need for healthcare and so these NCB discounts accrue over the years, ensuring that you get attractive discounts during renewal.

Having said all that, there is no health insurance age limit. No matter how old you are, you can choose to get covered since health insurance coverage is an essential aspect of our lives. It’s better to get covered sooner rather than later. HDFC ERGO offers some of the best health insurance plans right now. Don’t wait and get yourself covered today!

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the purchase.

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