While it feels exciting to become independent, going out on your own for the first time and facing adulthood may be so daunting. Having bills to take care of and some serious decisions to make will bring you to the realization that the real world isn’t as exciting or as easy as you thought. When you’re in your twenties, enjoying life means becoming more independent and beginning your career, and you hardly notice the responsibilities in store. One of the last things on your mind is something like health insurance, which is a lot more important than you think – it only hits you when you realize you’re too old to be covered under your parents.
Getting health insurance isn’t a big deal, but what the young adults believe is fair for a health cover is way below the standard cost. For this reason, health insurance for under 30’s has become a new issue to deal with as some of them get confused in the process.
So, how should you get yourself ready? If you’re under 30 and want to subscribe for a health plan, here are 7 things you should know before making a move.
- Family History
When purchasing a health plan, it’s important to keep in mind that you’ll have to provide brief information about your family. Some of the details you may be required to indicate are your family’s medical history. If a genetic disease is identified in your history, you may have to spend extra for your health cover. For example, if your family members have a history dying from cancer, you may have to pay higher premiums.
- Pre and Post Hospitalization
Before taking a health cover, you should be keen to check whether it covers expenses incurred before and after the treatment. You’d need to ask yourself whether the cover will take care of such costs as the ambulance and consultation fee, among others. To be on the safe side, choose a plan that covers all these expenses to avoid any form of inconveniences in case of an emergency. This is clearly indicated in every policy, so it’s you to check well.
- Waiting Period
This is normally the time period that must pass before some or all your health coverage can begin. During this period no claim is admitted, and any disease contacted won’t be covered by the policy. This is to ensure someone doesn’t rush to take a health cover upon being diagnosed with a serious illness. Different policies have different waiting periods, so you got to check this before signing up for a plan.
- The Cover Amount
The insurance amount you select is meant to cover you for the entire year. Therefore, depending on your level of income, you should be able to pick something that’s manageable. While choosing the premium, ensure it covers you adequately yet it’s still not too heavy for your pocket. However, the higher the premiums, the more the benefits from a health cover. Therefore, if you’re able, just go for the fairly high premiums.
- Claim Process
This is one thing that’s very important to find out before settling on a policy. Get to know the claim process to determine whether it’s complicated or not. A slower claim process can be a big hindrance in case of an emergency. Therefore, you should go to an insurance company that’s reputable and well known for its fast settlement of claims.
- Cumulative Bonus
In case of a claim-free year, the sum insured normally increases by a certain percentage at the time of renewal. Different policies will have different percentage bonuses, and for this reason, you should make sure you get some clarity on this before finalizing the policy. You should also take note that in case of a claim, the bonus decreases by a certain percentage normally indicated in the policy’s terms.
When purchasing a health policy, you should know that not everything is covered under the policy. Like, most health insurance policies will not cover pre-existing diseases, any sickness occurring in the first 30 days from date of cover, dental treatment, cost of specs or contact lens, etc. Therefore, keep this in mind when taking up a health cover.
Taking health insurance in your twenties is the wisest decision you can make. It prepares you for the future.