Why Health Insurance should be a part of your Financial Plan at 30?

Mihai Cristea 04/06/2021 | 15:45

Adult life brings with it the complexities of financial planning. It requires you to consider many factors to ensure safety in all areas of your life and one of those important but often overlooked areas is your health insurance.

 

What is Health Insurance?

Health insurance is a type of insurance that secures your financial interests and pays for your medical expenses such as surgeries, and other medical treatments. It is a way to keep your savings secure in case of a financial emergency.

Why do you need Health Insurance?

Aging

Due to genetic predisposition, it is likely for various ailments to manifest in your 30. This is likely to increase your visits to the hospital. Under such circumstances, your health insurance will protect your financial interests while allowing you to avail the best medical facilities in the UAE.

Arching Health Issues in the UAE

Obesity is a common health issue in the UAE. Seven out of every ten people in the UAE are suffering from weight management issues. BMI of a healthy person varies between 18 and 23. However, the average adult’s BMI in the UAE is 30. A high BMI increases the chances of high blood pressure, hypertension, diabetes, and cancer. Breast cancer, lung cancer and rectal cancer are the most common fatal diseases in the UAE. Unfortunately, the treatment of these diseases can cost you a fortune. In such challenging times, health insurance in Dubai, Abu Dhabi, and the rest of the UAE would ensure that you receive the best possible treatment without emptying your savings.

Protect your loved ones

Health Insurance allows you to protect your family against any unforeseen medical situation. Many health insurance plans in the UAE provide complementary health insurance which covers one of your family members below 18. For the same premium, the company will cover the medical expenses of your additional family member as well. There are family health plans which offer a lower price for covering your entire family’s medical bills. You can also choose to purchase separate health insurance for your family members. Buy health insurance for your family and provide them the comfort of living life without worrying about the hospital and medical bills.

Things to consider before purchasing health insurance

Different companies offer varieties of health insurance plans as per your need. Consider these factors before including health insurance in your financial planning.

Family Members

Before choosing health insurance for your family, consider the age and medical requirements of your family members. Insurance companies offer different types of insurance such as critical illness health insurance, family health insurance, group health insurance, individual health insurance, and senior citizen health insurance. Figure out which type of health insurance will meet the needs of your family members.

Premium

The premium of health insurance varies from one insurance plan to the other and one company to the other. You should check and compare the annual premium plans online to find the cheapest health insurance policy that meets all your demands.

Facilities

Each insurance provider has tied up with several hospitals and medical care providers. Read about the tie-ups of your insurance provider and check what other benefits are offered along with the benefits. Expensive health insurance may cover more health risks. Consider if you need those facilities to decide whether you need an economic or an expensive policy.

Ensure Adequate Sum

Analyze your financial needs before purchasing health insurance. Purchasing health insurance is futile if it fails to cover your medical expenditure. It is strongly advised that calculate your expenses and purchase a health cover that can allow you to receive the best treatment.

 

Customizable Health Insurance

When you purchase health insurance, one of the factors that you consider is your annual income. However, your income does not remain the same every year nor does your health care needs. Therefore, you should always try to purchase a policy that can be modified in the future just like your needs.

 

Other Benefits

Other than premium and cover, also consider client satisfaction rate of an insurance provider. This will confirm if the insurance provider is trustworthy. Besides, also ensure that you receive pre and post-hospitalization benefits on your health insurance. Some health insurance plans and companies also pay you for office leaves during hospitalization. Also, ensure that your insurance provider provides you no claim bonus and free health check-ups at the end of each year.

 

Including health insurance in your financial planning is necessary. It puts your mind at ease and lets you have financial freedom. You are 30, old enough to know better and young enough to do it anyway.

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