Getting health insurance is essential. Without this policy, medical expenses can have a devastating impact on your finances. As a young adult, getting health insurance at this stage in your life may not be your #1 priority.
Fortunately, investing in health insurance at a younger age can be a smart financial move. Here is why it’s essential to consider buying health insurance when you’re young.
Lock-in great rates
Buying a policy in your 20s and 30s will lock you in lower premiums. When purchasing health insurance, your age determines the amount you pay—getting insured before any aging health conditions develop lets you get affordable premiums. You can’t beat the health insurance rates you receive at a younger age.
Protect your loved ones
Getting health insurance when you’re young protects your partner or loved ones from having to cover the remaining amount of your medical bills themselves if you were to die. Buying health insurance at a younger age is an affordable option for many young couples on a tight budget.
Take advantage of discounts
If you buy health insurance coverage at a younger age and have other insurance policies such as auto, home, or life insurance with the same insurer, the company can give you a discount on those policies. This saves you a lot of money.
Build credit
You’re building the credit you can bank on if you opt to get a permanent policy at a younger age. The younger you buy a health insurance policy, the more time the policy will increase in value. If you wait too long, getting health insurance coverage may be more expensive.