Who doesn’t want to stay protected in the event of an untimely health ailment, especially in today’s world when medical treatments and hospitalization have become so expensive? Not everyone can afford to pay for medical expenses every time from their savings, and this makes a health insurance policy all the more important.
A health insurance policy from a trusted insurer can really safeguard you and your family from unfortunate medical ailments that have become increasingly common today. Moreover, when you purchase such a policy at an early age, you can obtain the benefits of lower premium rates, no pre-policy medical check-up, cumulative bonus amounts, and so on.
In this context, we will take a look at the different reasons that make purchasing a health insurance policy at an early age.
What makes buying a Health Insurance plan at an early age so important?
You should definitely purchase a health insurance policy at a younger age. If you can afford a health insurance policy as soon as you turn 18 years old, then you should do so without any hesitation.
In this article, we will take a look at some of the reasons that make buying a health insurance policy at an early age a great idea.
Lower Premium Rates
Your age is certainly one of the most important factors, if not the most, when it comes to determining your health insurance premium.
Insurance companies seek to consider younger and healthier people owing to the fact that they’re a lower liability to them. On the other hand, older people are usually more vulnerable to ailments and health issues, thus becoming a greater liability to the insurance provider. As a result, the lower your age is, the lesser your premium rates will be.
No Pre-policy Medical check-up
When you apply for a health insurance policy at an early age, you won’t be required to undergo a medical check-up prior to buying the policy. This will prevent your chosen insurance company from discovering any medical condition/disease that might lead to an increase in your premium rate.
However, this option is not usually available for people above the age of 45, and their premium amount is determined depending upon their medical check-up report.
Easier to get over the waiting period
In India, the first 30 days of every health insurance coverage are a waiting period. Because they are significantly less likely to have any major medical sickness during this time, younger individuals are much less likely to file a claim. Hence, they can wait out the initial waiting period quite easily.
On the contrary, older people are more prone to coming across various forms of illness and may even face a medical emergency within days of purchasing a health insurance policy. However, they can’t raise a claim within the 30-day or so waiting period, and this can prove to be quite challenging for them.
Earning Cumulative Bonus
Most of the insurance companies in India providing health insurance policies, tend to offer a cumulative bonus for every claim-free year.
This bonus can further be used to increase your insured sum amount without the requirement of any additional cost.
A younger individual has a higher chance of being disease-free, active, and healthy without having to file a claim during the policy year. In this manner, they can easily earn cumulative bonus amounts over the years.
However, the same cannot be said for the elderly people. This may lead to the requirement of raising a claim owing to their age-related medical issues, thereby making it all the more difficult for them to earn a cumulative bonus.
Financial Freedom
The primary purpose of your health insurance policy is to provide a certain amount for your medical expenses. When you own health insurance coverage, you end up saving a lot of money on your untimely medical expenditures, especially those that arise due to an unhealthy or sedentary lifestyle.
In the absence of a health insurance policy, you would be required to pay for your medical expenses and emergencies from your own pocket, which can prove to be expensive in today’s world. As a result, the sooner you buy the policy, the more financial independence you can enjoy.
When is the Right Time to Buy a Health Insurance Plan?
The most appropriate age to opt for a health insurance policy is in your mid-twenties and early thirties. This is due to the fact that you will most likely be in your best health and free of any financial responsibilities when it comes to your family. Let’s take a look at the result of buying a health insurance policy at these two ages.
Health Insurance in your Mid-Twenties
When you buy a health insurance policy in your mid-twenties, you are more likely to be able to pay its premium easily as you won’t be under any financial pressure. Moreover, you will enjoy affordable premium rates, which will allow you to purchase the best coverage per your insurance requirements.
You will also be able to afford additional coverages such as maternity insurance, and get over the stated waiting period, in case you plan on starting a family in the near future.
Health Insurance in your Early Thirties
When you decide to opt for a health insurance policy in your thirties, you’re most likely to buy a family health plan.
You might be planning to settle down and start a family at this age, if you haven’t already, and would certainly look for a plan that secures your spouse and children financially, especially when it comes to medical expenses.
Furthermore, you may want to buy additional coverages for various diseases, such as heart ailments, whose symptoms become quite prominent at this age. Hence, the likelihood of the premium amount of your chosen health insurance plan increasing in your thirties and you raising a claim can become significantly greater.
Final Words
The best time to buy a health insurance policy is in your mid-twenties and early thirties, but you can also look to purchase one from a trusted insurance company as early as 18 years of age. The sooner you buy one, the better it is going to be for your pockets and your bank account.
Remember to compare different health insurance policies online, and choose the one that fits the best within your budget, besides also offering every coverage that you’re looking for.
