Well, it is important to maintain good health to achieve happiness as a way of life! However, although a healthy lifestyle can ensure the best health, it is still important to be financially prepared for unexpected medical expenses, especially after witnessing the pandemic. And, that is the prime objective of a health insurance plan. So what is the best age to get health insurance? Let’s start right away!
What is a Health Insurance Plan?
Health insurance is a financial product that funds the huge financial burden of medical expenses related to minor injuries, illnesses or serious illnesses in the future. Therefore, the sum assured is a layer of financial protection over your medical expenses in an unprecedented scenario. Plus, in some cases, it can help you reserve your savings when medical expenses are anticipated.
To get the best health insurance benefits, it’s important that you get the right coverage and, most importantly, that you buy it at the right age. Leading insurers in India like Tata AIG offer a comprehensive health insurance calculator on their websites to help you understand the extent and nature of the cover you need, and that too within your budget.
Age-Based Eligibility Criteria for Purchasing a Health Insurance Plan
Before understanding the best age for health insurance, let us know the basic eligibility criteria.
1. The age requirement for adults to purchase health insurance is between 18 and 65 years old.
2. The age criterion for dependent children is between 90 days and 25 years.
What is the best age to take out health insurance?
While it is obvious that the buying age of the health insurance plan can be between 18 and 65, there are some factors that suggest buying at a younger age, especially when you are in your twenties, is good. for maximum protection and financial benefits.
Let’s understand it based on two scenarios.
Scenario 1: If you take out health insurance at age 25, consider the following tips.
1. Fewer or no health problems – At age 25, you benefit from having fewer or no health concerns. The possibility of having a serious or serious illness or a pre-existing condition is almost nil. Therefore, you can invest in a health insurance plan early, use it infrequently, and reap the maximum benefits when you finally need it.
2. Lower premium rates – At a younger age, the possibility of developing a disease and, moreover, the associated risk on expenses is low. Therefore, you can purchase a health insurance policy for a higher insured amount at a lower premium rate.
3. Beat waiting times – A person can easily exceed the waiting period as a formal procedure in a senior health insurance plan in specific scenarios.
4. Skip the pre-medical screening – As you get older, insurers require a prior medical examination before issuing the policy. At 25, you can pass these medical exams and activate your health insurance plan with basic questions.
Scenario 2: If you take out health insurance at age 55, consider the following information.
1. Pre-Medical Screening – When you plan to take out health insurance from the age of 45, you must pass a compulsory preliminary medical examination. And, the result will influence the coverage and premium for issuing the policy.
2. Waiting period for pre-existing conditions – If you have such a common pre-existing condition at age 55, you will need to go through a 2-4 year waiting period depending on the condition for full Medicare benefits. It is often recommended that you provide a full medical history to your insurer to get the best benefits and protect yourself from a delay or claim rejection in times of extreme need.
So, as is obvious, the right age to enroll in a health insurance plan is at a younger age and precisely in your twenties for maximum benefits.
And, if you buy it in your 30s or 40s, there is an increasing likelihood that you will develop a disease like blood pressure, diabetes, etc. Therefore, the premium is likely to increase. Also, it could increase further if you purchase a family health insurance plan to include all of your family members.
A health insurance plan is definitely an important necessity to save you from extreme financial hardship resulting from unforeseen medical expenses. And, it is better to take out the health insurance plan at a younger age to enjoy lower premium rates and higher sum insured. In addition, you can also exceed the waiting times and the mandatory pre-medical screening for the elderly and especially the elderly. So if you’ve decided to invest in health insurance as part of your financial plan, do it at a younger age to get the most benefits at the lowest cost!
Disclaimer: This is a company statement. No HT journalists are involved in the creation of this content.