Thu. Aug 13th, 2020

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Is There a Right Age To Purchase Health Insurance?

3 min read

Health insurance is an absolute necessity in today’s day and age. With more people living a sedentary lifestyle coupled with unhealthy eating habits, the incidences of lifestyle diseases are on the rise. Diabetes, obesity, hypertension are some of the lifestyle diseases whose cases are growing in the country. 

Medical emergencies occur at most inopportune times. At such times, having medical insurance is the best way to deal with them. You can not only stay at peace knowing any health concerns can be addressed swiftly, but also financial costs can be taken care of.

While you may have been advised to start early investment in medical insurance plans, there is no age limit where you can buy a health cover. Health insurance plans are available for every stage of your life, be it in the initial days of your career or near retirement. Insurance companies have a different range of plans that serve the varied age groups. 

But starting early has its benefits. The sooner you start, the more advantageous it gets. Let us look at the reasons how starting early will be beneficial – 

Affordable Premiums

Young age is synonymous with a healthy body. Thus any insurer you approach, you shall be offered relatively cheap health insurance premiums. The insurance company classifies young buyers as low-risk policyholders who have a lower probability of making a claim. You can also purchase higher coverage at affordable premiums.

More Options

The younger you start, the more plans are available for you. You can select from myriad options among the different insurance companies. Moreover, the chances of an insurance company rejecting your application are minimized. As your age increases, your eligibility starts to decline for plans with higher coverage at nominal premiums.

No mandatory medical check-up

Many health insurance companies have a mandatory pre-policy medical check-up facility, which is required if you are above 45 years of age. It is done to identify any health complications that may be present and the risk the insurer has to bear. It is generally a compulsion while buying health insurance for senior citizens. But when you start early in life, these medical check-ups are not required. Generally, a self-declaration is sufficient for the insurers to have information about your health conditions. 

Waiting Periods

Almost all health policies have waiting periods. It is that duration where the insurer does not extend its cover, either for pre-existing or pre-defined medical conditions. Thus, any above mentioned medical condition shall not be covered under your policy terms during such period. When you buy insurance plans early in life, you are likely to surpass these periods when you are required to make a claim later on.

Lifelong renewals

Many insurance companies offer lifelong renewals on their insurance plans, but the only condition is you need to enroll before a particular age. Your entry age is the determining factor for lifetime renewal of your desired insurance plan. This helps in securing your financial stability for medical treatments when required later in life. But make sure you renew your policy well in advance to enjoy the continued coverage.

To conclude, there is no right age to buy a health insurance plan, but making an early purchase comes with its set of benefits. It is never too late to start investing in a health plan and create a safety net for you and your family.

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