While staying fit is imperative, buying a sound health insurance policy is equally important in today’s unpredictable times. Millennials are not just exposed to the risk of vector-borne diseases such as jaundice and dengue, they can also be prone to lifestyle diseases.
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Yet, the demand for health insurance plans among the younger demographics is low. The primary reason for this is lack of awareness about the benefits of an insurance cover. A health insurance policy provides financial protection from medical expenditure in unprecedented scenarios. To get the best benefits of a health insurance policy, an individual needs to buy the right policy and purchase it at the right age.
Age eligibility criteria
According to the Insurance Regulatory and Development Authority of India (IRDA), any person between ages 18-65 years can buy a health insurance policy. For dependent children, the age criterion is between 90 days and 25 years.
Best age to buy health cover
Although one can buy health insurance policy anytime between 18 and 65 years, it is best to buy it when the individual is in their 20s as buying it at a younger age will provide maximum protection and financial benefits.
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What are the benefits of buying early?
A person can get a range of coverage and a multitude of benefits by buying health insurance at an early age. Here’s a look at some of the benefits.
Affordable premium: When a person is young, there are fewer health concerns and, therefore, they are considered low-risk policyholders. For such buyers, insurance companies provide higher coverage like critical illness insurance for an affordable premium.
More options: An individual can choose from a variety of options at an early age than when they are older. They can compare the health plans and make an informed decision. Insurers may not offer coverage for all types of ailments when a person grows older, thereby reducing the number of options.
Waiting period: A younger buyer can bypass the waiting period during which coverage for pre-existing conditions is not available. Those who buy health insurance at an early age can ensure that the waiting period is over when they are at their healthiest. In case they are diagnosed with an ailment later, they can avail the cover immediately.
Ride over pre-medical screening: For older individuals, health insurers mandate pre-medical screening before issuing the policy. However, younger individuals can surpass the medical examinations and get their health insurance plan.
So, it is best to buy a health insurance plan at a younger age to enjoy lower premium, higher coverage and other benefits.