Well, because health emergencies are not dependent on age! Jabs aside, health insurance is more often than not is not a priority for most people especially younger people. Health Insurance is often considered a necessity only for elders with the thought that health insurance can come in handy to pay for illnesses that originate from the onset of old age.
While true in principle that old age is when health deterioration manifests itself into illnesses, often some serious diseases that getting a health insurance could be a decent option to protect against those hefty medical bills. However, the reality could not be farther from the truth. Emergencies are essentially unplanned, uncertain events that have no bearing on the age. The same holds true for health based emergencies as well.
You Buy Life Insurance in Your 20s & 30s. Why Not Health Insurance?
Before we even get into the more technical rationale for buying health insurance in your 20s & 30s, let’s consider a no-brainer reason.
If you are in your late 20s or early 30s, chances are that you already have a life insurance policy. If you own a car, you definitely have auto insurance as well.
Life Insurance: Life Insurance essentially exists to provide your family with financial support should a life threatening event occur. It makes complete sense to pay a certain amount every month in premiums to protect against a life threatening event for which the likelihood of the event occurring is relatively lower
Health Insurance on the other hand exists to provide you and/or family with financial support to cover any unforeseen health emergency that you may not have budgeted for. However, a health emergency is much more likely to occur than a life threatening emergency so then why do we ignore health insurance especially in our early years?
Health Treatments Are Very Expensive
The cost of health treatment like most other things is increasing year over year. According to a survey by NSSO,
“40% of the people hospitalized have either had to borrow money or sell assets to cover their medical expenses”
People in 20s & 30s are already under tremendous financial pressure as they prepare for increasing family responsibilities or are already paying off their education loans. Not having any financial cushion to pay for health treatment is just too much of a risk to ignore.
Increasing incidence of lifestyle diseases such as obesity, diabetes, hypertension and cardiovascular diseases in young people, and rising medical costs, further emphasize the need for health insurance.
Health Insurance Can Guard Your Against Various Health Related Emergencies in Your 20s and 30s
The notion that health insurance is primarily required in old age is flawed on multiple levels. Considering the fast-paced environment we now live in, the likelihood of health related issues in youngsters is only increasing. There are enough factual evidences supporting the increasing health issues in people in their 20s & 30s globally including countries like India where research has highlighted health problems among young people in India a cause for concern
Even if one considers some normal events associated with people in their 20s & 30s such as pregnancy etc., there is an inherent risk in terms of health issues which might require costly medical procedures and hospital stays. In such scenarios, paying a reasonable premium for health insurance on a regular basis is worth the investment to safeguard against any health related complications.
Like Everything Else, Conduct Research Before Choosing A Health Insurance Provider
The biggest stigma that comes with insurance products is the lack of transparency into the terms & conditions and the same applies to health insurance as well.
So apply rigorous research before choosing the right health insurance provider that meets your needs. Spend time understanding the various types of policies and the scope of coverage in addition to assessing and comparing the costs. You don’t want to be penny wise, pound foolish when it comes to choosing a health insurance provider.
For people in their 20s & 30s, personal health is without a doubt the most prized asset. A healthy mind & body in 20s & 30s is essential to not only achieve personal & professional success but ensure a healthier pro-longed life. Investing in health insurance in 20s and 30s is a logical decision to ensure that you and your loved one’s do not have to forego health treatments for financial shortfalls.
What are your thoughts on the need for health insurance in 20s & 30s?