A health insurance plan is a safety net that ensures your and your family’s financial safety in case of sudden healthcare crises. Health insurance policies come with several advantages, and it is advisable to invest in them. The benefits include the pre-and post-hospitalisation expenses, protecting your savings, and getting you the tax benefits.
The question that arises is when should you consider buying health insurance?
Ideally, it is best to buy health insurance while you are young. If you can afford to, consider buying health insurance at the age of 18.
Now let’s answer — Why should you buy a healthcare policy, whether with cashless health insurance or otherwise, at such a young age? The reason is simply because it comes with a number of benefits. Let’s look at some of these advantages —
- Lower Premiums: Age is regarded as the most important component when buying health insurance. Young people are healthy, and the chances of suffering from healthcare emergencies are less, ultimately reducing the insurer’s liability. Coming to the older generation, their chances of facing problems related to health are higher. Hence, the liability of the insurance provider becomes greater for older people. So, if you purchase health insurance at a young age, you can pay less premium amount.
- No Pre-Policy Medical Check-up: You need not undergo any pre-policy medical check-ups when you buy health insurance at a young age. On the other hand, it is obligatory to undergo pre-policy medical check-ups when you buy health insurance after the age of 45, which helps identify health issues, if any; this also determines the premium, which could substantially go up if any underlying medical issue gets detected.
- Easy to Get Over Waiting Period: For young people, it is easy to undergo a waiting period. Young people are less likely to suffer from severe medical conditions and can easily surpass this waiting period. But in the case of elderly people, it is not the case. They might undergo medical emergencies for days after buying the health insurance plan and fail to raise a claim during the waiting period.
- Financial Freedom: People tend to buy health insurance policies as they accompany an individual’s financial freedom. The primary aim of a health insurance plan is to support you by paying your hospital bills when you require medical care. Once you have a health insurance policy, you do not need to incur considerable expenses from your pocket.
- Earning Cumulative Bonus: Individual health insurance plans will provide you with a bonus for each year without claims. Young people do not usually make claims during a policy year, which allows them to accumulate bonuses. Elderly people might not be able to do so because of age-related health issues.
When Should You Buy a Healthy Insurance Policy?
Buying an individual health insurance policy in your twenties or thirties is a wise decision. Paying the premium will not become difficult for you as you are usually free from family responsibilities.
- Purchasing Health Insurance in Your Twenties: Buying a health insurance policy in your twenties offers significant benefits. Paying off the premium will not become a big deal for you as you will be free from family responsibilities. It will enable you to purchase the most comprehensive plan as per your needs. In case you wish to start a family, you can get additional benefits like maternity leave and will be able to complete the waiting period without any difficulty.
- Purchasing health insurance in your Thirties: When purchasing health insurance in your thirties, consider buying a family floater plan. It’s an age when you might have already started a family or wish to do so. It will allow you to provide coverage for your spouse and children.
- Purchasing a health insurance plan in your forties and fifties: If you purchase health insurance at this age, you will have to opt for higher coverage. Your family responsibilities will be more at this stage, and you might face some age-related issues like diabetes, high blood pressure, etc. You will have to go for a policy offering wider health insurance coverage. Although the premium will be higher, you can go for a family floater plan to save costs.
- Purchasing a health insurance plan after you turn 60: You must pay a hefty premium if you buy a health insurance plan after turning 60. When you are old, you are more susceptible to severe health problems and might require prolonged medication and hospitalisation. Basic health insurance plans may not be able to provide you with the type of benefits required. So, you will have to go for a senior citizen health insurance plan providing wider coverage. Senior citizen health insurance policies include AYUSH treatment, home-based medical care, organ donor expenses, etc.
Steps to Buy Health Insurance Policies Online?
Below are the steps you should follow to buy a health insurance policy online —
- Go to the insurer’s official website.
- Select the option — Buy Health Insurance.
- Fill in your contact details; choose the policy cover you want.
- Go for the most suitable plan as per your requirements and pay the premium fee.
- The policy gets issued in a matter of seconds.
Conclusion
When buying an insurance policy, you should buy it at a young age to get the maximum benefits out of it. A health insurance plan is necessary to save yourself from the financial burden arising out of unexpected medical expenses. Moreover, buying health insurance plans online is now more convenient as they get issued in a few seconds, and you can avoid unnecessary paperwork.
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