5 Reasons You Need Health Insurance at 30 Years Old

Posted on December 29, 2018

90% of Canadians feel that our healthcare system is a fundamental part of our identity. So why are more and more of us paying for private insurance to supplement Medicare?

Despite Medicare working so well for some, it has its pitfalls. This leads to asking questions like "Is health insurance worth it? Do I need health insurance? Should I get health insurance?"

If you're a young adult, you might be wondering what value private health insurance can add to your life. The answer might surprise you.

Stop wondering if you need health insurance at 30 years old. We'll answer your burning questions. Read on.

More (And Better) Coverage

First things first: let's answer the question of why you'd even bother paying for health insurance when you have Medicare.

Medicare's coverage is surprisingly limited. So much so, in fact, that two-thirds of all Canadians hold private health insurance to supplement their Medicare.

Medicare doesn't cover:

  • Prescription medications
  • Vision care
  • Dental care
  • Home health care
  • Rehabilitation services
  • Private hospital rooms

These things aren't luxuries. Thousands upon thousands of Canadians rely upon prescription medication to function every day. Your dental health is largely connected to your overall health.

These are just a few examples of how Medicare doesn't provide a holistic approach to your healthcare.

It's More Affordable Than You Think

Millennials today are becoming independent later in life than previous generations. There's nothing wrong with that. The global economy has shifted young adults' timelines.

With that, young adults can afford less at the age of 30 than their parents. As a 30-year-old, it's easy to feel like you can't afford things you should be able to.

First of all, relax. You're not alone. This is your generation.

Second of all, private healthcare is actually more affordable than you think. Tax credits for those with lower incomes can offset the cost considerably for you, bringing holistic healthcare into the realm of possibility.

Health insurance premiums are also highly dependent upon age. That is to say, the younger you are, the less expensive your premium is going to be. It's similar to car insurance in that way.

The day you turn 31, your health insurance premium will likely go up, even without any changes in your overall health. This is because, as you get older, your risk for certain diseases increases. Health insurance companies know this, so they try to offset their risk by raising your premium.

It only makes sense to get in now.

Check Your Lifestyle

With the rise of the digital age, our lifestyles become more and more sedentary. Of course, we do all we can to stay active after a long day at work in front of the computer. Hitting the gym is essential.

Sometimes, though, it's hard to stick to that habit. More often than not, we end up passing the gym guiltily on our way home to relax.

A sedentary lifestyle poses long-term health risks that shouldn't be ignored. For many of us, it's starting to feel like we have to choose between our health or our careers.

Staying as active as possible when you leave work can eliminate that choice for you, but in the meantime, private health insurance will help you sleep better at night. If you know your career runs a high risk for things like cardiovascular disease, anxiety and depression, and certain cancers, you should do everything in your power to arm yourself against those risks.

Dental and Vision

Dental and vision are, of course, not covered under Medicare. It's a mystery why Medicare has excluded the teeth and eyes as part of the human body which needs caring for, but, as Kurt Vonnegut says, so it goes.

Regular teeth cleanings are essential for maintaining dental health. Dental health has a reputation for being able to be put off, but the reality is that it's strongly linked to your overall health, and is just as important.

Same goes for your ocular health. Your eyes are just as capable as the rest of your body to develop a disease. Going every day with uncorrected blurry vision, as many uninsured Canadians do, can be unsafe and can lead to headaches.

Expect the Unexpected

You might be the best planner on earth.

You've got thousands of dollars saved up in the bank for your first home. Your home is organized to a T. Your finances are neat and tidy in a spreadsheet of your own making.

One life-changing medical event could run your train right off the tracks.

All we really have in life is the illusion of control. You could be a great driver, but you have no control over the driving habits of others on the road. You could wear protection, but the HPV virus could still slip past, which can lead to cervical cancer.

You never know what's going to happen. Life-changing medical emergencies such as these can deplete your life savings in a hurry without supplementary private health insurance.

Even if your services are covered by Medicare, consider your recovery. Say you need a particular painkiller during a painful recovery, but Medicare doesn't cover it. You're left to rely on your savings to pay for expensive medication while out of the hospital that private health insurance would have covered.

"Expect the Unexpected" sounds cliche, but it's actually the only way to thoroughly plan your financial future.

Get a Quote for Health Insurance at 30 Years Old

Paying for private health insurance at 30 years old might seem like overkill to some, but the reality is this: those who are covered are healthier than those who aren't. Extra coverage means healthier teeth, healthier eyes, corrected vision, a stronger prognosis for long-term health with a sedentary lifestyle, etc. The list goes on and on.

If you're on the fence about seeking private health insurance to supplement Medicare, start by getting a quote today. There's no commitment, and it'll show you how much it'll cost you per month to add supplemental coverage. Your body will thank you.

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