Find out the ideal age to get health insurance

What Should Be Your Ideal Age to Buy Health Insurance?

Many families in India are still unaware of the numerous benefits that health insurance offers. The number of diseases such as diabetes, heart ailments, cancer, etc. is alarming; at the same time, getting medical treatment is an expensive affair as medical inflation continues to grow. There is also a misconception that if one is young and healthy, there is no need to buy a health cover. However, it is not valid. Health insurance is a good investment that will give one’s family financial protection and prevent a crisis.

Now, the question arises as to what is the ideal age to buy health insurance? Well, to put it simply – the earlier, the better. However, there is a specified age where you become eligible to purchase a health cover. We will discuss that in this article, and also tell you when the right time is to get a health cover so that you get adequate protection when you need it the most.

Age Eligibility to Buy Health Insurance

Health insurance is a financial cushion. You get the financial support in the hour of need and can access the best medical care for you or your family members. As per the law, a person who is 18 years or above is eligible to purchase a health policy. For children below 18 years of age, the policy can be purchased by the parents.

The Benefits of Buying Health Insurance Early

Investing early in health insurance benefits you in many ways:

  • Low Premium: There is a premium you must pay to the insurer for availing of the coverage. Age is one of the factors that affect premium costs. So, a person who is healthy and young will have to pay a lesser premium compared to a senior citizen.
  • Pre-existing Diseases: Pre-existing health conditions, such as hypertension or diabetes, are also factors that impact the premium. A pre-existing disease is any medical condition, ailment, or injury that existed before a person buys the health cover.  The risk of ailments increases as time goes. Hence, opting for a health cover early in life will eliminate the chances of a pre-existing disease when buying a health cover.
  • Better Coverage: Getting a health policy at an early age will give you more options. Usually, there is a specific waiting period for certain ailments. Also, some insurers may not cover all types of diseases for those in a higher age group. The chances of claim rejection also increase if some specific conditions are not covered. Thus, if you are young, you will not face any hassle in availing of the coverage under your policy.
  • Medical check-ups: Some insurance companies may ask the policyholder to take pre-policy medical tests. It is a part of their underwriting policy that will help them decide about issuing the policy. Young individuals do not have to go through such medical tests as it is mostly people of a higher age group who need to go for these medical check-ups.

Summary

Nowadays, ailments also affect younger people owing to lifestyle factors. Therefore, opting for a health cover as soon as a person reaches 18 years will be beneficial in safeguarding one’s future. Besides, there are benefits, as mentioned above. Additionally, the benefits of no claim bonus in health policies will help one stay financially secure. Moreover, the feature of lifelong renewability ensures continued coverage as one grows older. Also, one can enjoy tax benefits under section 80D of the Income Tax Act.

Medical science has advanced over the years, and there is a cure possible for many life-threatening diseases. However, one should be able to afford the treatment costs, which is why buying a health cover is necessary. Know the health insurance benefits for your family, and do not waste a moment to opt for a health cover today.

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