What will be the right age to purchase a Health Insurance plan?

The Best Age to Secure Health Insurance for Lifetime Coverage

Recently, there have been significant developments in the medical sciences. The treatments and cures are available for most of the diseases. However, the treatment expenses are huge and may result in extreme financial worries if you do not have Health Insurance coverage.

A common belief prevails that when you are young and healthy, there is no need to avail of Health Insurance coverage. Today’s fast-paced life is accompanied by unhealthy eating habits and a lack of exercise. The end result is there is a huge spike in lifestyle-oriented diseases striking at a very young age.

Financial advisors, therefore, suggest that it is highly essential to buy a Health Insurance plan early in life. Here are some top reasons that can help you decide on purchasing a Health Insurance plan before turning 30.

What are the benefits of investing early in a Health Insurance plan?

Buying Health Insurance early means you intend for better financial planning:

1. Affordable Premium

At a young age, you may be less prone to health issues. Therefore, the insurers consider you as a low-risk insured who has a lower probability of filing a claim under the Health Insurance plan. Hence, you will be able to procure higher coverage like Critical Illness Insurance for an affordable Premium.

2. More options available

At your young age, you have the liberty to compare different Health Insurance plans by various Insurance Companies, thereby allowing you to make an informed decision. Moreover, there is less probability of rejecting your proposal. 
When you become a senior citizen, insurers may not offer coverage for all ailments/treatments. Thereby, you will be left with a few options available.
 

3. Pre-medical screening is not required

It is mandatory to undergo several medical tests and check-ups while proposing a Health Insurance Policy.
Underwriters, in turn, analyse the test reports and determine whether the proposer is eligible for getting a Health Insurance Policy.
Most Health Insurance Companies don’t make it mandatory for young people to undergo medical tests when you are young and healthy.
 

4. Easy to get over Waiting Period

Almost every health plan has a certain waiting period during which coverage for pre-existing conditions is not available. 
Usually, the PED Waiting Period in a Health Insurance policy ranges from 12 to 48 months. Younger people are less likely to make a claim during this period as they seem to be healthy, and the probability of having any serious medical condition is very low.
 

5. Lifelong renewal

The benefit of lifelong renewability can be availed if you purchase a Health Insurance policy at an early age. This ensures your financial stability at a later age. However, it is crucial that you renew the policy on or before its due date to ensure continued coverage.
 

6. Earning Cumulative Bonus

Most Health Insurance plans offer a Cumulative Bonus for every claim-free year. This bonus can enhance your Sum Insured amount. A younger individual is more likely to be healthy and chances of hospitalisation would be less, and may not raise a claim during the policy year. 

This way, they can easily earn a Cumulative Bonus for claim-free years. While older adults need to raise a claim as they are more prone to age-related diseases, making it difficult for them to get a Cumulative Bonus.

Minimum age for Health Insurance in India

Let's discuss the Minimum age limit for health insurance. The minimum age to buy a health insurance plan in India is generally 18 years old. However, some health insurance plans might offer coverage to children as young as 91 days old. 

Maximum age limit for health insurance

The upper or maximum age limit for buying a health insurance policy is usually around 65, but a few policies might permit entry at older ages.

Conclusion

Hence, the right age to buy a Health Insurance plan will be your mid-twenties and early thirties. During this phase of life, you will most likely be in your best health and will be free of any financial responsibilities and worries of your family.

Star Health Insurance offers various Health Insurance Plans at affordable costs, which offer financial protection against your medical expenses at various stages of your life- from a young age till you become an older adult. For more details on the age eligibility of different Health Insurance policies refer to the policy clauses and wordings.