What is the best age to purchase a health insurance plan?

  • While it is evident that the age for purchasing the health insurance plan can be anywhere between 18 years and 65 years, certain factors suggest purchasing it at a younger age, especially when you are in your twenties, is right for maximum protection and financial benefits.
"The groundwork of all happiness is health." - Leigh Hunt.
"The groundwork of all happiness is health." - Leigh Hunt.
Published on Feb 03, 2022 06:26 PM IST
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ByHT Brand Studio

Well, it is important to maintain good health to accomplish happiness as a way of life! However, while a healthy lifestyle can ascertain the best health, it is always important to be prepared financially to accommodate unexpected medical expenses, especially after witnessing the pandemic. And, that is the prime goal of a health insurance plan. So, what is the best age to purchase health insurance? Let us get started 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, diseases, or critical illnesses in the future. Therefore, the sum insured is a layer of financial protection on your medical expenditure in an unprecedented scenario. Moreover, in some cases, it can help you reserve your savings when the medical expenses are planned.

To retrieve the best benefits of health insurance, it is important that you take the right coverage and, most importantly, purchase 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 coverage you need, and that too in your budget.

Eligibility Criteria Based on Age for Purchasing a Health Insurance Plan

Before we understand the best age for health insurance, let us know the basic eligibility criteria.

1. The age criteria for adults to purchase health insurance is marked between 18 years and 65 years.

2. The age criteria for dependent children lies between 90 days and 25 years.

What is the Best Age to Purchase a Health Insurance Plan?

While it is evident that the age for purchasing the health insurance plan can be anywhere between 18 years and 65 years, certain factors suggest purchasing it at a younger age, especially when you are in your twenties, is right for maximum protection and financial benefits.

Let us understand it based on two scenarios.

Scenario 1: If you buy health insurance at 25 years of age, consider the following pointers.

1. Fewer to no health issues - At the age of 25, you benefit from having fewer to no health concerns. The possibility of having a major or a critical illness or a pre-existing illness is almost nil. Therefore, you can invest in a health insurance plan early, seldom use it, and reap the maximum benefits when you need it ultimately.

2. Lesser premium rates - At a younger age, the possibility of developing a disease and further the related risk on expenditure is low. Therefore, you can purchase a health insurance policy for a higher sum assured at a lower premium rate.

3. Surpass waiting periods - A person can easily surpass the waiting period as a formal procedure in a health insurance plan for older adults in specific scenarios.

4. Ride over pre-medical screening - As you get older, the insurance providers mandate pre-medical screening before issuing the policy. At 25, you can ride over such medical examinations and get your health insurance plan active with basic queries.

Scenario 2: If you buy health insurance at 55 years of age, consider the following pointers.

1. Pre-medical screening - When you plan to purchase a health insurance plan anywhere above the age of 45 years, you have to go through a compulsory pre-medical screening. And, the result will influence the coverage and the premium for the policy issuance.

2. Waiting period for pre-existing diseases - If you have a pre-existing disease that is so common at the age of 55 years, you will have to go through a waiting period of 2 to 4 years based on the disease to ascertain the full benefits under the health insurance plan. It is often recommended you provide the complete medical history to your insurance provider for the best benefits and protect yourself against a delay or rejection of claim when in extreme need.

So, as it is evident, the right age to purchase a health insurance plan is at a younger age and precisely in your twenties for maximum benefits.

And, if you are purchasing it in your thirties or forties, then there is an increasing likelihood of you developing a disease like blood pressure, diabetes, etc. Therefore, the premium is subject to increase. Also, it might further increase if you are purchasing a family health insurance plan to include all your family members.

Conclusion

A health insurance plan is certainly an important necessity to save yourself from extreme financial distress resulting from unexpected medical expenses. And, it is best recommended to purchase the health insurance plan at a younger age to benefit from lower premium rates and higher sum insured. In addition, you can also surpass waiting periods and the pre-medical screening that is compulsory for older adults and especially senior citizens. So, if you have decided to invest in health insurance as part of your financial plan, then do it at a younger age to reap maximum benefits at a lesser cost!

 

Disclaimer: This is a company release. No HT journalist is involved in creation of this content.

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Sunday, June 26, 2022