Why it makes sense to buy health insurance during your 30's

In the wake of rising medical inflation, sedentary lifestyle and work-life imbalance, it is always a wise step to buy a comprehensive health insurance policy early in life. Besides, Covid-19 pandemic has been a harsh reminder of the importance of health insurance.

Here’s a look at some of the reasons why it makes sense to buy a health insurance during thirties.

Lower premium

Buying health insurance in early age not only helps keeping the premium low, but also helps in getting higher coverage. Most health insurance companies access applicants age, health and pre-existing diseases before deciding the premium. In your 30’s you are at the prime of your health and less prone to age-related diseases like diabetes, blood pressure among other issues.

Waiting period passes during good health

Another benefit is that waiting period passes away during the prime of your health. Waiting period is the time span during which the insured cannot claim certain or all benefits of the policy. Buying a health insurance in early life would ensure that you can make the most of your policy by the time your body is more vulnerable to diseases.

Lower rejection rate

Older people, in most cases, have higher probability of health complications and in the wake of Covid-19 pandemic insurance companies have started following stringent underwriting norms. Those, under the age of 30 years, are considered healthy and have a lower chance of having any health complication; hence rejection rate is very less.

Tax-saving

Tax-saving shouldn’t be the only reason to sign-up for a financial product. However, health insurance serves dual benefit. One, it saves you from inflated medical bills during unforeseen health crisis. Two, premium paid towards health insurance can be claimed as deduction while filing income tax return.