How Much Health Insurance Does a 30-Year-Old Need?
Updated On Jan 10, 2023
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When an individual reaches the age of 30, a lot of responsibilities follow them. Most of us are already married and are planning to have children. Thus, it becomes crucial to plan healthy goals for yourself and your family. When planning for a healthy future, we often think of buying a health insurance policy. It safeguards you and your loved ones financially in case any medical emergency arises. Despite our best efforts, we end up purchasing a limited-coverage insurance plan due to a lack of knowledge. In this article, we'll explain how much health insurance a 30-year-old requires, as well as the factors to consider when buying it.
How Much Health Insurance Plan Coverage Does a 30-Year-Old Need?
At the age of 30, one of the most important parameters that you need to consider is the “sum insured” of your health insurance policy. It is the total amount that individuals can claim in the event of a future medical emergency. In case you’re purchasing a family floater health insurance policy, you must calculate the sum insured on the basis of the total number of people covered, family members' ages, their medical histories, and your future plans.
A policyholder may have to pay a nominal premium amount to the health insurance company in exchange for the sum insured. The premium payable depends on numerous variables, especially the sum insured. Therefore, you must check if the premium payable is affordable while choosing the sum insured.
If any individual is most susceptible to the disease, then they must purchase an individual health insurance policy, as the insurance company will provide coverage only for you. In the event that you purchase family floater plans, all the family members will be covered under the same health plan, and the sum assured will cover everyone. While choosing from the types of health insurance policies, you must take the number of family members, their ages, and the premium payable amount into account.
Factors That a 30-Year-Old Need To Consider While Purchasing a Health Insurance Plan
Listed below are some of the parameters that you should take into account while purchasing a health insurance policy.
- Network Hospitals:
When purchasing a health insurance policy, you should look for a list of network hospitals in your area that offer cashless treatment. This will ensure that you do not spend any money from your own pocket in case any medical emergency arises.
- Claim Settlement:
You must compare different health insurance companies and choose the one that has the highest claim settlement ratio. In addition, you must check the reviews and ratings about the customer support of the company to ensure a smooth claim settlement process.
- Waiting Periods:
In case you suffer from any pre-existing disease, including surgeries, maternity benefits, and others, you must check the waiting period mentioned in your health insurance policy document. Besides this, don’t forget to check the sub-limits and exclusions under your plan.
- Cumulative Bonus:
The policyholders get a cumulative bonus in the form of a discount on the premium payable amount for not claiming their health insurance policy during the policy year. Therefore, in order to save the maximum on the premium payable amount, you must check if your health insurance company provides a cumulative bonus to the policyholders.
- Lifetime Renewability:
A health insurance plan with lifetime renewability would be advantageous in the future. As people are more susceptible to critical illness and major health issues at an older age, insurance companies charge higher premiums on insurance policies. Therefore, it is a great choice to buy a health insurance plan at an early age.
With the changes in lifestyle, it has become important to buy an adequate amount of health insurance coverage for ourselves and our loved ones. The “sum insured” is an important factor that a 30-year-old must consider while purchasing a health plan. You can either buy an individual health policy or a family floater plan based on the number of family members.