We hear a lot about saving money from our parents when we’re young. It is always better to have a backup for emergencies. Some parents might even suggest their children buy a medical insurance policy, but you tend to ignore these things as they might not matter to you at that particular moment.
When an individual enters their 20’s phase, they seem to care more about enjoying their lives, rather than thinking about purchasing health insurance. Or maybe, some people might not be aware of its importance. So, if you’re young or a parent of a youngster, this article will tell you why this age is the best to buy an insurance policy.
Advantages of purchasing a Health Insurance Policy at a young age:
Cover for major diseases
Today, it has become quite easy to contract diseases such as diabetes, heart conditions, besides many more ailments, even for youngsters. An adequate health plan can provide financial security for the treatment of these ailments. Therefore, if you’ve already bought a health insurance policy at a young age, you can be at peace as you have security for a life-threatening disease.
Waiting period for specific conditions
The health insurance companies have a fixed waiting period on a few conditions. Only after this period is served can you receive coverage. The conditions can include pre-existing diseases and maternity benefits. Every insurer will have different waiting periods to offer. In this situation, even if there is a medical emergency, you cannot make an insurance claim during the waiting period. If health insurance is purchased at an early age, you can pass this waiting period and not worry about the emergency.
When you are young, you can avail of more coverage at a lower cost. A basic health insurance policy offers coverage for hospitalization as well as day-care procedures, along with OPD expenses, pre and post hospitalization, etc. If you don’t have coverage now, these same expenses are going to cost you much more later in life.
As per the Insurance Regulatory and Development Authority (IRDA), a health insurance policy can be renewed. However, there is a specific maximum age to renew insurance. If you purchase the policy early in life, you can avail of the lifetime renewability option.
Lower Premium Quotes
When you’re at an early age, there are fewer chances of you suffering from a medical condition as compared to an older person. You must know that the health insurance premium cost will increase as you grow old.
If you plan your finances early in life, it will benefit in the later stage of life. But if you purchase the policy later in life, when you’re already suffering from a condition, your finances will be disturbed. It is always good to be well prepared, especially when it comes to your finances.
Rejection of application
The health insurance companies have the full right to reject your application if they come across certain conditions that do not comply with their regulations. This happens if you’re suffering from critical pre-existing conditions and the risk for covering you is higher. This mostly does not happen with young age individuals, and the chances of your application getting rejected are less as well.
Waiting period for Pre-existing Illnesses
Most people in their 30s or 40s are already facing some of the other health conditions. And like you already read above, in a circumstance like this, the insurers will want you to first serve the waiting period before offering you with the coverage. But, if you buy the policy at a younger age, you will have already completed the waiting period.
If you’re at an early age and confused about getting the right policy, you need not worry. It has become easy to purchase the policy online without facing hassles. Also, to get quotes instantly, you can calculate the premium online using a health insurance premium calculator. This will surely help you make a wise choice and help you buy your first health policy.