What Is The Right Age To Opt For The Health Insurance Plans?

Most of us feel that a health insurance plan is only for a person who is ageing. As youngsters, we believe that we would not face any health ailments. Thus, we don’t need any health insurance, but this is one of the biggest misconceptions. Read on to know the right age to buy a health insurance policy.

Lifestyle-related diseases are increasing day by day. Irrespective of a person’s age, anybody can suffer from health problems like diabetes, hypertension, heart disease, etc. Meeting the medical expenses incurred due to such conditions without any health plan can deliver a big blow to the finances.

Best Age to Purchase a Health Insurance Plan

It is best to buy a health insurance plan as early in life as possible. Along with health coverage, having a health insurance plan early in life has a lot of advantages.

Here are the reasons why you should buy a health insurance plan at an early age-

  1. Easily Exhaust The Waiting Period

Generally, health insurance plans come with a waiting period. Only after its completion, you can claim the expenses met during any health emergency. The waiting period ranges from 30-90 days which can be easily exhausted if you buy a health insurance plan at an early age. It is a rare chance that you would fall sick during the waiting period and the time would pass without any health concerns.

However, if you take a health insurance plan at the age of 60, it will have different waiting periods for different diseases like arthritis, cataract, kidney stone, knee replacements and so on. The waiting period in the case of senior citizens is higher as most of them are already suffering from multiple health ailments.

  1. Low Cost Of Premium

If you buy a health insurance plan at a younger age, you will have to pay a lesser premium as most of the insurance providers consider age as a factor for health insurance premium cost. The reason is that at a younger age, a person is less vulnerable to diseases and has a lesser chance of getting sick.

  1. Comprehensive Coverage

When you are fit and healthy, insurers will give you the option to purchase more add-ons with a health insurance plan. Therefore, enabling you to enjoy better security during your working years and after retirement.

  1. Medical Tests Might Not Be Required

A person must undergo multiple tests and health check-ups to buy a health insurance plan. Based on the results of these tests, the insurer decides whether to provide him/her with health insurance or not.

However, if you purchase health insurance at an early age, then the insurance provider might not ask for any health check-up or test.

  1. Option to Renew Insurance Lifelong

You get the option to renew your health insurance plan lifelong if you can do it before the expiry date. In case you forget to renew the policy before the expiry date, you get a grace period of 7-30 days.

Therefore, in order to protect yourself from the high costs of medical treatment, it is recommended that you buy a health insurance policy as early as possible.

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