How much health insurance do you need in your 30s?

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In the journey of life, as a man enters his 30s, he encounters a pivotal phase. With a modern lifestyle that often leads to hospitalization, health issues become more common, posing a potential threat to one’s hard-earned savings, which can be reduced by health insurance though. However, when we are young and healthy, we think that we do not need health insurance, but as we grow older, the importance of health insurance becomes more and more evident, especially in the 30s. 

Do you know, many people have health problems that they aren’t aware about and face expensive medical bills for treatments? Fatty liver is one such example, affecting 38% of Indians and 35% of children, which is alarming. This study shows that having a health plan is quite important and cannot be neglected.

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Benefits of Choosing Health Insurance In the 30s

  • Save your Premium: Getting health insurance early saves extra premiums and offers more benefits to customers under 30. The advantage is that the treatment waiting period is over by the time they reach their 40s, maximizing their health insurance benefits.
  • Enhanced Policy Options: Purchasing health insurance early opens up a broader range of policy options, allowing you to choose plans that best suit your needs and preferences.
  • Avoiding Medical Tests: Insurers may require fewer medical tests for younger policyholders, making it easier to get health insurance coverage without additional procedures.
  • No Claim Bonus (NCB): Buying health insurance early allows you to accumulate NCB benefits by not making any claims, which can lead to increased coverage or discounts on premiums in the future.

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What should be your ideal sum-assured amount? 

Think about the possible healthcare expenses you might face in the future. Assess the average medical costs in your area and account for any particular health issues or pre-existing conditions. Make sure the sum assured is sufficient to cover potential medical bills.

If you reside in a major city like Delhi or Mumbai, choosing a sum insured between Rs 10-15 lakhs is advisable while in a Class B or smaller city, it can be between Rs 5-10 lacs.

Also, have medical inflation in your mind before choosing the sum assured. The medical inflation is between 10 percent and 15 percent per annum. That is why a higher sum insured of makes more sense.

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What is Critical Illness Health Cover?

After securing comprehensive medical insurance, you may think about acquiring separate critical illness insurance coverage. This plan offers protection for various illnesses, providing a fixed amount if diagnosed with a specified critical illness. If you have a family history of critical illnesses or work in a high-risk profession, consider choosing a critical illness or disability rider accordingly.

Bottom Line 

Health insurance is crucial, especially in your 30s when health issues become more common. By getting insured early, you can save on premiums, access better policy options, and have comprehensive coverage when needed. Don’t wait! Secure your health and financial well-being with the best health insurance plan. And in case you are having issues with the claims, you can always contact Insurance Samadhan, as we have a team of experts who can get your hard-earned money back. 

Click here to register your complaint with Insurance Samadhan

Also Read:  How much insurance cover should be taken, keeping in mind the medical inflation? 

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Shikhar Vashisht

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