Due to the sedentary lifestyle, the increase in health-related conditions has also increased healthcare costs. That’s why the need for healthcare insurance plans has become compulsory.
But the majority of individuals believe that purchasing healthcare insurance plans is pointless. It’s mainly because they think they will not receive the returns from it in the coming future.
But on the contrary, purchasing healthcare insurance plans at an early age will be the right thing to know. Why is that? Here are the reasons behind it:
When an individual is younger, there will be fewer chances of having a medical condition when compared to individuals who are in their later stage of life. When the best health insurance plan is purchased before the age of 30, the sum assured of INR 8 Lakhs can get purchased for around INR 8000.
The cost will keep on increasing along with the increasing age. For instance, if you purchase the same coverage when you’re in your 40s, it will cost you between INR 9000 to INR 11,000.
Insurance firms will provide you with the best health insurance plan at a lower price when the risks you experience are lower. This is especially true when an individual is younger.
Planning the finances in the early stage of your life can be highly beneficial in the long run. When you purchase the best health insurance plan, you will get benefits during the later stage of your life or the onset of a health condition, and your funds will go haywire.
That’s why you should secure your funds related to all medical emergencies in advance. That way, you will stay well-prepared when any type of emergency takes place in the coming future.
The Waiting Stage
You will find a health insurance policy with a waiting stage/period on many conditions right before being covered under insurance. Some of these conditions are pre-existing diseases or/and conditions.
This waiting period can range from several months to years. You can claim, even if it’s a medical emergency, during the waiting period. When you buy a health insurance policy at a young age, you can pass the waiting period easily.
No Presence of Claim Bonus
When you opt for a health insurance policy, you will find that many insurance companies offer the NCB [No Claim Bonus]. This is provided when a single claim did not get raised during the preceding insurance policy term.
When you purchase health insurance during your younger days, you can easily avail of this particular policy to lessen the premiums. It’s because your chances of falling ill will be less when you’re young and get to raise the claim.
This particular bonus might be between 5% to 50% of the amount insured, and it can get accumulated during consecutive no-claim years.
Wide Range of Insurance Plan Options
You will come across many options when it comes to family health insurance during your younger age. Younger people might not have any pre-existing conditions, which certainly makes them eligible to get the best health plan.
Before you opt for a policy, you should compare several plans based on the network hospitals, sum insured, waiting period, coverage and other things. Also, be sure to do some research on the family health insurance before you make the purchase.
No Need for Pre-Policy Check-Up
The majority of health insurance firms need individuals to be above the age of 40 to undergo a health check-up before issuing a policy. During this check-up, it increases the chances of identifying all the medical conditions, which can lead to high premiums. But when you purchase a medical insurance policy when you’re young, you don’t have to undergo the medical check-up and get to keep the premiums low.
There are insurance firms that reserve the right to reject insurance applications. This happens when the risk of covering a person is extremely high.
In other words, when the policyholder’s age exceeds the required age. But the chances of the application for the medical insurance policy benefits will be less if you purchase it when you’re young.
You will find many types of insurance plans available in India, such as senior citizen plans, family floater plans, individual health insurance, etc. But when you’re younger and have fewer liabilities, you can opt for health insurance based on your needs.
After that, you can upgrade the same health insurance to a family floater plan in the coming future. It’s guaranteed that you will not experience any type of issues when you purchase a health insurance plan at a young age.
Frequently Asked Questions or FAQs
1. At what age should you purchase a health insurance plan?
When you’re planning to get a health insurance policy, you should try getting one during your 20s or 30s. It’s because you will surely get the best rates during that age.
2. Why should you get a health insurance plan at a young age?
Getting a health insurance plan when you’re young will help you get lower quotes and no chances of undergoing a medical check-up. Your insurance application will not get rejected when you apply for health insurance at a younger age.
3. Can I apply for health insurance online?
In short, yes, you can. You will find many health insurance companies offering the best insurance plans. You can opt for the one based on your needs.
4. Which is the best way to find the right health insurance?
Doing proper research, comparing the rates, etc., and checking out the insurance company is the right way to find a great insurance plan.