10 Important Reasons to Buy Health Insurance at an Early Age

In the USA and Australia, health insurance is something that people of all ages should consider having, especially in their early to mid-twenties. Unfortunately, for most younger adults, starting out in life takes serious effort and financial struggles that may seem never-ending. Many feel that the money the insurance carrier needs for their premiums is not worth the cost because it is needed elsewhere.

That is until a medical issue arises when you end up without a dime to your name, no health coverage, and a need for medical treatment. What this means to you at the moment, and in the future, is that you will have some large bills to pay off. Ones that you may have to pay on for the rest of your life.

While in the UK we currently have a free National Health Service, that is at breaking point and at risk of being privatised. If it is stripped and sold and we become reliant on private medical care, then we will need insurance to cover the costs.

If that is not enough of a wake-up call to get you to see how important medical insurance can be, let’s take a quick look at the 10 important reasons to buy health insurance at an early age for countries that need it (which is not the UK just yet).

1. Lower Premiums – The earlier you get a health insurance policy, the cheaper your premiums will be because you will have a lower risk number. The older you get, the higher the risk number goes, which increases your premiums.
2. Tax Benefits – When preparing your yearly taxes, the premiums you have paid, and some of the money you have used to cover co-payments, may be partially written off.
3. Lower Rejection Rates – Your risk number will once again come into play. The younger you are, the less likely you will be turned down for coverage because your risk number is low.
4. Covers The Future – When young and healthy, you do not think about medical issues. The problem is that they will creep up on you as you get older. Medical insurance will cover those future issues at a lower price than you would pay if you started your policy later in life.
5. Waiting Period – When young, you can get iSelect health insurance with no waiting period. The longer you wait to get coverage, the longer you will have to wait to get care for a medical issue.
6. More In-Depth Coverage – As you age, medical problems will come up. If you do not have health insurance before, there is a good chance that the insurance company will not cover it. Pre-existing ailments are not something that many insurance companies want to deal with, so get your insurance before those health problems hit you.
7. No-Claim Bonus – Insurance companies love to see a customer who has had a policy for a while and has never had to file a claim. Something that is just as good is for them to see a younger person purchasing health insurance. It means that you have never had to file a claim, which means you are a safe bet for them.
8. No Health Check-ups Needed – When you apply for health insurance at an early age, most carriers will not require you to get a health check-up before they offer you a policy. The great thing is that they trust that you will have several years before you will need any medical care, except for the essential check-ups, of course.
9. More Options – When you are young, you can get an insurance policy from almost anywhere because you will have a very low risk rating. Since you have not had any claims, you are one of the top prospects agents want to see apply.
10. Duration – Most health insurance will have an age cap attached to them, which means that once you hit the set age, your policy will no longer be in effect. When you obtain one in your younger years, you will have many years ahead of you to take advantage of your insurance.

A good health insurance policy is something that everyone should start out with as young as possible. Obviously, if you are on your parents policy until you reach 25 or so, it is a good idea to stick with it. But as soon as you can get your own insurance. One that fits you and your specific needs so you can go through life without worrying about medical bills when the occasion arises.