There is a common myth among people that health insurance is needed for critical illness or during old age. But due to today’s fast-paced lifestyle, desk jobs, high stress a large number of people belonging from all age groups are falling sick. So, it is essential to have health insurance as early as possible. However, the optimal age for applying for life insurance is right after birth. Because the more you age health insurance becomes more expensive.
Young people may avoid buying health insurance as they tend to deal with other debts like home loans, car debts etc. But they forget that buying health insurance is as crucial as getting saving for retirement. When you age you start having health issues so getting health insurance then can cost a lot. Instead, when you are young and don’t have typical health issues so buying health insurance will save you money as you won’t have to go for a health check-up as well as buy insurance for any specific policy. Thus, we will discuss in this article why you should buy health insurance as soon as possible. If you want to fetch more information regarding health insurance policies then click here.
Less coverage cost
When you are young the possibility of having surgery or any serious medical condition is low so it helps to decrease your insurance coverage costs. On the other hand. When you decide to get health insurance as you already have some health issues then the coverage cost increases. Thus, it is better to get health insurance when you are young as the coverage cost increases with age. You can also apply for health insurance online.
Fewer chances of rejection
As per the Insurance Regulatory and Development Authority of India, the insurance companies cannot deny the renewal of health insurance policy even if the person is in a serious condition. So if you already have insurance then you can renew it every year. On the contrary, the insurance company has full rights to reject a new application that has existing medical issues.
Most insurance policies provide a minimum age limit for health insurance. Which means as you exceed the age limit you will not be able to enjoy the full benefits of that health insurance.
No waiting period
Some insurance companies provide waiting periods for certain diseases like ENT disorders, Kidney stone etc. This waiting period can include 24 to 36 months starting from the purchasing date. Hence, if you buy insurance when you are young then you may complete the waiting period and be able to avail full coverage.
Health insurance is provided based on the notion that older people have more chances to fall sick than younger people, which is both scientifically and statistically true. Hence, if you buy health insurance when you are young then you pay less premium.
Helps you with financial planning
Medical costs are rising day after day. When you get health insurance at an early age then you don’t need to worry about medical issues as you know your insurance will cover them. It is a great way to stop outgo, which helps you do better financial planning.
Health issues or accidents can happen to anyone at any time so it is wise to have medical coverage as soon as possible. If you are a minor then your health insurance can be covered by your parents also.
It is crucial to get health coverage because it ensures that you are secure in case of any emergency. The above-mentioned points may help you to understand the importance of buying health insurance at an early age.