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What is the Right Age to Take Health Insurance?

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The thing about a modern, fast-paced lifestyle is that, once the glamour of all the comforts wears off, health-related worries start setting in. The time to relax, enjoy the outdoors, or prepare and eat healthy meals seems to be reducing with each passing day.And this is a cause for many lifestyle diseases like stress, anxiety, depression, diabetes, high pressure and even cardiac problems. In other words, it is not just the senior citizens who are suffering from age-related issues, but young people are falling prey to lifestyle ailments too. The pandemic has proved how vulnerable anyone can be to contagious infections. So, unless you buy health insurance at a young age, you might not be able to deal with the ever-rising healthcare costs, especially in an emergency that requires expensive treatment or hospitalisation.

Here’s a look at the benefits of taking a health plan early in life.

1. Low premium charges:

When you are young, the likelihood of falling sick or suffering from a critical illness is low. Hence, the chances of filing a claim against your health plan are also low, thereby reducing the liability of the insurer. So, if you opt for health insurance in your 20s or 30s,you can take a large cover for a low premium.

2. Better coverage:

If you buy health insurance at a young age, you also get extended coverage. You can choose from different add-on covers, which may not be available to older adults. Also, insurance companies cover many ailments at lower premiums. So, if you take health insurance early on, you can enjoy many benefits.

3. No pre-existing conditions:

Pre-existing conditions or chronic ailments are still rare among young adults. Hence, you can take an affordable health plan easily and stay covered against medical emergencies.

4. Fewer chances of application rejection:

The chances of suffering from serious medical conditions are low at a young age. Therefore, it is easier to buy health insurancewhen you are young. In fact, insurance companies may reject insurance applicationsfrom older adults suffering from age-related conditions.

5. No waiting period stress

All health plans come with an initial waiting period of 30-90 days and an extended one of about 1-4 years, depending on the condition the policyholder is suffering from. Insurance companies do not cover hospital bills and other medical expenses during the waiting period. So, if you take health insurance at a young age, the waiting period will be over when you are stillfit and healthy. In case you are diagnosed with a health condition later, you will not have to wait to use your health insurance benefits.

6. Freedom to choose from more options:

There are multiple health plans available in the market. So, when you are young, you can choose a good health insurance plan easily and the premium will also be on the lower side. Once you cross the age of 40, some options may not be available for you.

7. Cumulative bonus:

As the likelihood of making a claim against your health plan is low at a young age, you can earn a no-claim bonus for every claim-free year. This will increase your policy coverage over the years and make your health plan stronger. This extended coverage will help you meet your medical expenses as you grow older.

8. Lifelong coverage and renewability:

Once you buy health insurance, you can renew it every year and stay covered against medical emergencies. This will save you from the hassle of looking for a good policy when you are old and suffering from age-related health conditio

9. Financial planning:

Taking health insurance at a young age is an important part of financial planning. A health plan covers your medical bills and prevents financial losses. You will also get better coverage at lower premiums. What’s more, when you have health insurance, you can use your savings for some lucrative investments instead of spending them on hospital bills.

Conclusion

As per experts, it is wise to take a health plan as soon as you reach 18 years of age. This will keep you covered against medical uncertainties and help youaccumulate bonuses and benefits over the years. It is also easier to take a health plan when you are young as you don’t have to undergo any medical tests. So, get started by comparingdifferent insurers and plans online and buy health insurance with minimum paperwork and hassles.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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