COVID-19 second wave has wreaked havoc on people of all ages, especially the young generation. Many young people spend their 20s toying with the idea of buying health insurance. Thus, delaying the decision until they get responsibilities in their life such as kids. But with coronavirus, one thing is evident that diseases do not see your age.
You have numerous advantages, such as affordable premiums, high coverage, etc., when investing in health insurance in your 20s. Hence, do not waste the precious time in your hand and buy health insurance as early as possible. You will not financially safeguard yourselves but your family as well. Let’s investigate the top reasons for buying health insurance early.
Considerably Lower Premium
The principle of early bird advantage applies to everything, whether it is investing in stocks or buying health insurance. You are at the benefit of getting the same cover at an economical premium than when you enter your thirties. For example, a five-lakh insurance policy will cost around three thousand when you are twenty-five, whereas the same policy for a thirty-year-old may cost six thousand or more.
Robust Financial Planning
When you are young, there are no responsibilities to be handled or significant bills to be paid. This time can be utilized for creating a security fund for your and your family’s well-being in the future. You also have the time to look for the best health insurance company with plans as per your needs and preferences. Additionally, many family floater plans come at a low cost when you are starting early.
Cover Against Critical Diseases
Due to stressful work environments and sedentary lifestyles, many lifestyle diseases are on the rise. Critical ailments such as heart strokes, cancers, arthritis, etc., are becoming common in young people. Additionally, the treatment for such severe conditions is sky high and not affordable by the common person. Survival can cost everything and disbalance financial stability for a long time. You can invest in a health policy with critical riders to safeguard yourself from any future contingencies.
Coverage Beyond Group Insurance
One common issue that needs to be addressed is the inadequacy of coverage in group insurance. Many big corporations lure young workforce by giving them health coverage that is nominal and generalized. It may not be sufficient or cover acute diseases when a health emergency knocks at your door. Therefore, it is essential to invest early in health insurance that suits your needs in addition to your group insurance.
Pre-Existing Disease Benefit
Generally, health insurance companies do not cover pre-existing diseases. And when you are young, there are zero to few ailments that are mostly minor. Therefore, when you invest in health insurance early, you get insured for almost all diseases for the future. Additionally, the waiting period is relatively lesser and has little significance as many young people are in the pink of their health and do not require immediate medical attention.
Health insurance is a vital aspect of financial planning as soon as you start earning. Therefore, do not miss out on the advantages of buying health insurance at a young age. With discipline, you will have higher coverage and financial security when you need it the most.