Start Early: 5 Reasons Why You Should Get Health Insurance as Early as Possible

Healthcare Insurance

Health is wealth, they say, so taking care of your health is one of the most important things you should do as you progress with your life. 

However, with the hectic schedule, social life, and other things you are busy with, our health becomes stuck in the back of our minds. You’re young anyway, so what could go wrong? A lot. Nobody knows when we will get sick, and if you do, you can just take some medicines and get over it. But what if it’s something serious or an accident happens? 

It can lead to unfortunate circumstances. Moreover, you might experience financial struggles when you go to the hospital. Now things would seem dire. Having health insurance is not so bad of an idea after all with all this in mind. 

But should you really get health insurance even if you’re still young? Here are some reasons why you should do so.

Be More Financially Secured

Younger individuals ranging from 20-40s are the most vulnerable people when it comes to their finances. Think about it; you’ll have a lot more dependents and liabilities at this age. These include your parents in retirement age, siblings, your sons and daughters, and probably even critically ill grandparents. 

Of course, this isn’t the case for everyone, but it’s still true. Not only that, some of us even inherit debts that the older generation has incurred. That said, the probability of a young adult having a savings account to tide over any health emergency is too low, and that’s true for most of us.

Therefore, getting health insurance is the way to go when you want to be secure with your finances in case something happens medically. Not only will you and your family be safe from illness because of the tons of screening covered by the insurance, but you’ll also be financially safe. Also, remember that the earlier you buy, the more benefit you’ll gain as the premium is much lower.

It Keeps You Healthy Now to Avoid Issues Later On

People with health insurance tend to go to the hospital very often, not because they are ill or something like that. Because of the dozens of free screenings, they can benefit from health insurance. With these screenings, doctors would most likely catch something very early on, and thus, they can take action against it to prevent it from complications.

This is called preventive care, which provides policyholders screenings like annual checkups, bloodwork, etc. However, the screenings included in the insurance vary from company to company. But you can rest assured that every insurance has its own preventive care. It’s one of the main aspects of health insurance, after all.

No Waiting Period

This might look quite misleading since health insurances have waiting periods before accepting claims. However, if you think about it, because you’re young, you would exhaust this waiting period since you won’t need coverage right away. 

There is a waiting period for many ailments like cataracts, knee replacements, urinary tract stones, arthritis, etc. Most insurance providers declare at least 10-15 ailments on a waiting period. In some cases, individuals who are aged 60 and above have a longer waiting period.

Lock-In Great Rates

When you buy health insurance, the amount of premium you’ll pay for the rest of the duration will be the same, except when you change the coverage. If you buy health insurance at a young age, you’ll lock in much cheaper premiums, and you’ll reduce the total amount you’ll spend on your health insurance. It’s also the same with life insurance, but that’s another topic for another day.

This is because, along with your age, your health is also a determining factor in the amount you’ll pay on your premium. Getting insured before you have health complications later in life will ensure that you won’t pay as much later.

You Can Build Credit

If you’re young and you’re looking to build credit for your financial life, then having insurance is one way to go about it. This is especially true if you’re opting for a permanent policy. 

As the cash value of your policy grows, you’ll be able to borrow against it, which you can pay for and help you build credit. And not only that but the earlier you have health insurance, the more time the cash value of your insurance will grow.

Final Words

Planning early on in life is one way to have a much safer and easier way of living later on. And with health insurance, you’ll be safe both in terms of health and finances. So if you want to protect yourself and your family in terms of health, going for health insurance as early as you can is the way to go.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.