What is the Ideal Age to Get Health Insurance?

If you ask experts, they will all say that an ideal age to buy a health insurance plan is when someone is young. However, most people think that if someone is young and healthy, there is no need to buy ahealth insurance plan. But today’s lifestyle is fast-paced and is eradicated with unhealthy eating habits and lack of exercise. Result of which, there is a peak in the number of lifestyle-related illnesses striking young people.

Medical technology is developed, so treatments and cures are available for most ailments. However, they are expensive and may result in severe financial stress. Here health insurancepolicy comes into play as it offers financial support to the policyholder in the time of medical emergencies. This health plan helps policyholders by taking care of medical expenses and hospitalization bills so that policyholders only have to focus on their recovery.

According to Indian laws, anyone who is 18 or above can buyhealth insurance. Before you know the benefits of buying health insurance at a young age, you must be aware of the factors that affect the premium of a health insurancepolicy. Some of which are mentioned below:

• Co-payment and deductible chosen
• The sum assured
• Age of the policyholder and total individuals covered under the plan
• Pre-existing medical conditions
• Additional riders

Now that you know factors that affect health plan’s premium, let’s find benefits of investing early in a health plan:

Affordable Premium

When you buy health insurance​ at a young age, you will get it at an affordable premium rate. This is because when you are young, you are healthy and there are no serious health conditions. Therefore, your insurance provider perceives you as a low-risk policyholder, who has a lower probability of filing a claim under the health plan.

More Options

When you buy a health plan at a young age, you have the liberty to compare health plans offered by the various insurance company, which will allow you to make an informed decision. However, an older person may not get to enjoy the perk of the option of choosing from different insurers as their options are limited.

No Necessity Of Medical Tests

If an old person buys a health plan, they must undergo several medical tests and check-ups. The results of the tests determine whether the policy will be issued to that person or not. However, when you are young and healthy, you don’t have to go through any of this.

Waiting Period

Every health plan has a certain waiting period during which coverage for pre-existing conditions is not provided. Therefore, if you are buying a health plan with an existing medical condition, it will not get immediately covered under the plan. However, investing in health insurance policyat an early age ensures the waiting period is over in case you are diagnosed with a disease in the future and you will get coverage immediately.

Lifelong Renewal

If you opt for a health plan at a young age, your insurance provider might provide you with a lifelong renewal. This ensures financial stability; however, you must renew the policy on or before its due date to ensure continued coverage.