Health insurance is pivotal to everyone and one should opt to buy health insurance when one is younger. The rising costs associated with medical bills are not going to stop in the near future. Hence insuring oneself and their family is the way to go. Also, there are multiple advantages to securing health insurance in younger days and before retirement.
Top 10 reasons to buy health insurance before retirement:
1. Low Premium
Low premium is one of the biggest benefits of buying health insurance when one is aged about 25 years. The premium is manageable and it stays low over the years even when their salary increases.
2. Employee cover is not sufficient
Companies offer employee medical cover that is restrictive in its coverage and also enforces the practitioners who will treat a malady. You have no choice over it. Health insurance cover should be applied for on an individual basis or for the family, for better coverage options for varied diseases and conditions.
3. Increase in Incidence of lifestyle illnesses
The hectic lifestyle is quite demanding on physical conditions. Mostly employee cover never entails lifestyle illnesses as it would mean additional untoward costs to treat them. Hence one needs health insurance coverage that can cover lifestyle illnesses.
4. Next step to Better Financial Planning
Health coverage can always help in quick medical attention and costs, while also helps in better financial planning on an individual and family basis. Health insurance helps in allaying mental stress over diseases that might crop up any time.
5. Enough Money
Health insurance delivers on enough money to cover your medical ailments and treatments at a low premium on an annual basis. There is enough money to cover costs when the right premium is paid every year.
6. Tax Benefits
If one does not have hospital cover and they have to pay a stipulated tax percentage for the annual earnings. Family coverage is double the payment without hospital cover but to save on taxes, an appropriate healthcare cover is required, by a registered health fund.
7. Benefits of Government Subsidies
If you purchase health insurance through the online federal or state health insurance marketplace, then you can apply for a subsidy to help you pay for your health insurance.
8. Save from Government Penalty
There are penalties levied by the US Government if you do not have adequate healthcare cover. These penalties can pile up on healthcare expenses in case of any health problem.
9. Financial Security
By spending a reasonable premium, one can save on taxes, get a medical cover for the whole family so anyone falling ill will not put pressure on the monthly expenses. This fact will get the much desired financial security in the household.
10. Peace of Mind
A good healthcare plan can help establish peace of mind in the household as the medical costs are taken care of when each member is insured.
It is important to have healthcare insurance so that one can save on medical bills for the entire family. In the hectic lifestyle, it is tough to save on normal expenses and healthcare insurance provides umpteen ways to go about it.
About Author: Mike Watson is working as an Evangelist at Universal Taxation Services. He is also a piano player and lives in Western Australia. Big fan of Geelong Football Club, tax advisor and food lover. You can follow him on Twitter.