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7 Reasons why you should get medical insurance before you turn 30

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Riya Mistry, at 25, was active, fit and healthy. But in November 2020, she was diagnosed with a 9-inch kidney stone. The treatment set her back almost INR one lakh, all of which she had to pay from her savings. Considering her to be in her prime, she never thought of taking medical insurance, even when advised by her parents and peers.

How many of us identify with her experience? Probably, many. Most of us have learnt the hard way about the need for medical insurance.

So, why should you invest in one of those medical insurance plans today, without further delay? Because if you chose a plan before you turn 30, there are many advantages like lower premium, etc. In this article, we explore seven reasons why it is better to ensure your health before 30.

It's best to start early: Many medical insurance policies have a waiting period before they start to cover certain types of diseases. This commonly includes significant expense problems like cancer, etc. If you start your medical insurance before you turn 30, you can easily live out the waiting period with minimal risk of any such dangerous and life-threatening diseases.  If you purchase medical insurance later than 30, you will have to live out the waiting period in a more risky age bracket.

You may not have enough or any healths cover from your employer: Unless you are working for GOI or some very large or mid-sized corporate firm, you will not get medical insurance from your employer at all. If you do get medical cover, the same is generally a group plan that covers your wife and children in it as well.  This means that the policy acts as a family floater and may not be enough for everyone. By starting before 30, you can get various medical insurance plans at affordable prices.

Your work will require you to travel as you grow: As your work profile will grow after 30 years of age, you will be required to travel a lot. This travel can be at the local, interstate or international level. This means you will frequently be out of home and at risk of medical problems. Getting medical insurance before 30 means that you are ready to take care of any health problems arising out of the need for frequent travel.

You will be at higher risk of lifestyle diseases: As the modern-day lifestyle has become sedentary, many lifestyle problems have started to develop. The modern worker spends more time at the desk, sitting on a computer, than on doing any physical or manual activity—couple this with the fact that many people ignore posture and ergonomics. Lifestyle-induced problems ranging from diabetes to back pain have become rampant. Getting medical insurance before you turn 30 means you are well prepared if any lifestyle-related health challenge comes your way.

Medical insurance keeps your savings safe: Coming now to medical insurance's financial aspects, you must have realised that medical treatment can cost a lot. Some life-threatening diseases like cancer can have treatment costs running into tens of lakhs. This means that if you do not have adequate medical cover, you will have to use all of your savings to cover the medical bills if a major disease occurs. Having medical insurance means spreading your risk. This ensures that if a sudden medical emergency or a large medical expense occurs, you will be able to cover it without putting your savings at risk.

Saves you from the risk of heavy credit card debt: Many people who do not have medical insurance tend to use credit cards to pay their medical bills. While getting your savings wiped out to pay medical care costs is terrible enough, you will be in much deeper trouble if you use a credit card or any unsecured debt to cover medical bills. Credit card interests can run into 2-3 per cent per month. This means that the unpaid credit card debt doubles in 2-3 years. It is better to pay small for medical insurance than having to pay big for credit cards.

Medical insurance also provides income tax benefits: To promote better health facilities and motivate more and more people to buy medical insurance, the government has made a provision in income tax deductions. You can claim a premium amount of up to INR 1 LAC from your total taxable income as a deductible. This amount, coupled with other tax-saving investments, is enough to bring many people from, 20% to 10% income tax bracket. This will help you save you a lot of money.

Conclusion
Always keep in mind that health is wealth. In the age of ever-increasing medical care costs, this is not just a symbolic statement anymore, but an almost literal one. Take good care of your health. Get a medical insurance plan before you turn 30, preferably within the first year of full-time employment, and you can live a hale and hearty life.

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

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