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What Is The Right Age To Buy Health Insurance?

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The right time to buy health insurance is when you are young and hale and hearty. This may appear as a foolish statement; however, the following reasons should be able to convince you about the soundness and credibility of this statement.

Escape pre-existing disease waiting period: Most health insurance policies have 48 months waiting period for pre-existing ailments meaning that these diseases will not be covered during this duration. Buying a policy when you are young and free of any diseases would ensure that later on as you age and contract any ailment you would be able to get instant coverage for your ailment and thus optimally use your policy. 

If bought at an advanced age when you are suffering from some ailments, these will be considered as pre-existing diseases and you would not be covered for the same or complications arising out of it in the waiting period. Many health insurance companies also decline cover in case of a history of pre-existing ailments.

Lower premium: The premium for a policy bought at an early age is much lesser than the premium for a policy bought at the later stages of life.

Vast choice:  The number of products available for people of advanced age is much lesser than products available for younger age groups.  There are many comprehensive plans available for individuals in the early phases of life. Many plans come with maximum entry age and do not allow people beyond that age to buy.

Financial planning: Health insurance is one of the cornerstones of prudent financial planning as it helps you take care of your and your family’s medical expenses without hurting your savings. Health insurance provides coverage for accidents too. An accident can happen irrespective of age. 

An accident can prove to be a huge setback financially and you may end up spending all your savings or fall in debt to recover from the accident. Similarly, incidents of H1NI, dengue, chikungunya, etc are on the rise. These diseases affect people across ages and may need hospitalization and one can end up spending Rs 40,000/- to Rs 1,00,000/- or more depending on the severity.

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