About Health Insurance Policy

Given the rise in lifestyle diseases and increasing healthcare costs, an unforeseen medical emergency can lead to a huge financial burden. To avoid any financial stress in case of any such unforeseen medical emergency, a health insurance policy is important. That’s not all.

Investing in a health insurance plan at the right age is also necessary to make the most out of your policy. If you do not invest at the right age, you will either have to pay more premiums or lose out on several benefits.

In this article, you will know what the right age to invest in a health insurance policy is. So, let’s begin.

What is the Right Age to Buy a Health Insurance Policy?

It is always advised that you buy a health insurance policy at a younger age. If you can afford to buy a health insurance policy as soon as you turn 18 years of age, you should definitely do it. A lot of people think that there is no need to buy health insurance when you are young and healthy.

However, in today’s fast-paced life and erratic lifestyle, where most of us are facing difficulty in staying healthy while working from home, we are most exposed to lifestyle diseases that may strike at an early age.

Expenses for the treatment of these health conditions might be heavy on your pocket later on in your life. If you have good health insurance in place, these expenses will be taken care of. 

Benefits of Buying Health Insurance at an Early Age

Here is a look at some of the benefits that you can avail if you invest in a health insurance policy at an early age:

Low Premiums

Age is a deciding factor when it comes to buying a health insurance policy. When you are young, healthy and have no serious medical condition, the insurer categories you as someone with a lower probability of filing a claim. Therefore the premium price is comparatively low.

Wide Range of Options

As you grow older, the health insurance policies available may not give you coverage against all the ailments and thus the number of available health insurance plans gets reduced. At an early age, you have the freedom to compare different plans available and then make an informed decision. Moreover, if you apply for a health insurance policy at a young age, the probability of your application being rejected is much lower.

No Medical Check-Ups

Most insurance plans do not require you to undergo any kind of medical checkup if you are young and healthy. However, as the age progresses, you might be required to undergo several medical tests mandatorily. The results of these tests will determine if you get the health insurance policy or not.

Waiting Period

Every health insurance policy requires you to wait for a certain period during which coverage for pre-existing medical conditions is not available. When you are young and healthy, the chances are less that you have any pre-existing medical condition.

So, if you get a health insurance policy at an early age, this waiting period will be over in case you are diagnosed with any medical condition in the future and you can avail the benefits of your health insurance coverage easily.

Lifelong Renewal Option

Insurance providers might offer you a lifelong renewal if you avail health insurance plan at an early age. This means that you can have financial stability in case of hospitalization at a later stage of your life. However, it is important that you should renew the policy on or before the due date to make sure you enjoy continued coverage.

Earn Cumulative Bonus

Health insurance providers reward you with a cumulative bonus for every claim-free year. You can use this bonus to increase your sum insured at no additional cost. At a young age, you are more likely to be fit and hence may not raise a health insurance claim during the policy year. This way you can accumulate the cumulative bonus over the years. 

Conclusion

Various experts and reports suggest that you should get health insurance as soon as you turn 18 years old. This will allow you to avail the above-mentioned benefits. However, thorough research should be done before buying any health insurance policy. Make use of tools like the health insurance premium calculators before buying and also compare different plans before making the decision to choose one.