We get it; when you’re young, you feel invincible, like nothing can stop you. You probably have your health on the last bit of your priority list. However, no matter how strong and healthy we feel, it’s inevitable that we will have some sort of ailment in the future, and that’s what health insurance is all about. Health insurance is all about being prepared for any medical emergency that comes our way.
Health emergencies come at a time when you don’t usually expect them, and one way for us to prepare for them is through health insurance. Sure, you might be young to get health insurance, but there are plenty of reasons why you should get one right now rather than wait for yourself to get old and then get one right then and there. Here are some of them.
Lowered Premium
Your premiums are usually based on your current health risks. If you’re in your twilight years and you’re suffering from a plethora of diseases, then it will be most likely that you’ll be paying a higher premium if you get your insurance now. Why? The providers see you as a risk since they expect you to take advantage of your health insurance to its fullest since you have a higher chance of going to the hospital.
To offset the financial risk, they will increase your premiums. However, if you get health insurance early, you’ll enjoy much less expensive premiums because you’re still healthy and young. This means that the provider doesn’t see you as a financial risk. Also, if you get health insurance now, you’ll still enjoy your low premiums as you age.
Variety of Choices
When it comes to coverage, as a young person, you’ll be enjoying a broader selection of coverage. How? Think about it; if you have a budget, you can allocate the remaining money for more coverage since, in the first place, you won’t be spending much on the plan itself because it’s less expensive due to you still being young and healthy.
However, when you get your health insurance plan during your older years, your coverage selection will be narrowed, especially because of the price. You’re paying for higher premiums, so there’s a chance that you can’t put more coverage in your health insurance plan. Not only that, there are a lot of health insurance plans you can choose from. Medicare has different types of plans that you can choose from to pick the best plan you need for you and your family.
Medical Emergencies
Medical emergencies can hit you anytime and anywhere. And yes, even though you’re still young and healthy, that doesn’t mean you’re safe from them. Youth-related incidences of health complications are on the rise today. People in their twenties are seeing higher cases of diabetes, obesity, hypertension, stroke, and heart disease. You might feel healthy and invincible, but you never actually know.
Early Detection
Health insurance typically covers diseases that are usually discovered during your 30s. Not only that, but some health insurance plans have freebies like free annual checkups and other preventative care, so if you do contract some kind of serious disease like heart disease or cancer, it will be detected early by your doctors. But why do health insurance providers offer freebies like this?
It’s simple. If you do contract serious health complications, you’ll be taking advantage of your health insurance, which means they will be shelling out money for your medical expenses. So, to help you stay healthy, they offer freebies like this. You might think that it would be good for them since they can increase your premiums, but the cost of treatment can easily overshadow their profit from increasing your premiums.
Inflation
Inflation is something that we will face eventually in the future. This might be a huge problem for you now, but you’ll be surprised how expensive going to the hospital will be in the future.
That said, to offset inflation when visiting the hospital often, you can take out a health insurance plan early on and ride the less expensive premiums until your old age. This way, you can tackle the problem of inflation while still paying lower premiums to your health insurance plan.
Tax Deductions
Not only does health insurance help you in the future, but it also helps you financially in the present by giving you tax deductions. Yes, you heard it right: the premiums you pay on your health insurance plans are tax-deductible. Deducting your health premiums from your taxes can save thousands of dollars.
Take note, however, that the amount of tax-deductible you can get depends on how old you are. For example, for people 40 years old and under, the maximum deduction would be $450. For people 51-60, it could go up to $1580.
Final Words
Being young and healthy doesn’t exempt you from medical emergencies. Emergencies can happen anytime and anywhere, and one way you can prepare for them now and in the future is to get health insurance. This way, you can prepare for medical and financial emergencies anytime.