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What is the Ideal Age to Buy a Health Insurance Policy?

Age Limit for Health Insurance: Overview

The rising cost of healthcare makes it difficult to manage the expenses of any medical difficulties. In this regard, access to a individual health insurance policy can be of great help.

Owing to its apparent advantages, the demand for a health insurance policy has risen. Although there are various health insurance plans available to cater to the considerable population of the country, choosing the right insurance plan before turning 30 is ideal. However, if you are searching for an answer to the question “when should I take health insurance?”, then you should read along:

Reasons to avail a health insurance policy before you turn 30

Usually, the demand for an insurance plan among the younger demographics is considerably low. The primary reason is the lack of awareness regarding the advantages of an insurance plan. Such a thought process often leads individuals to lose out on necessary benefits which health insurance policies offer. To offer an answer to the question “why should we buy health insurance before turning 30” you can take a look at the reasons below:

1. Obtain health insurance at an affordable premium

Individuals within the age group of 25-30 years have a lower chance of being diagnosed with critical illnesses. Leaving the unpredictable and genetic illnesses, the probability of developing critical illnesses is low, reducing the insurance provider’s liability. In this regard, the premium imposed on such insurance plans obtained by individuals within 25-30 years of age is lower than the policies purchased at the later stage.

2. Availability of multiple options

Another major advantage of opting for a health insurance policy at an early age is the availability of options. In this case, individuals will have the liberty to compare various policies and then opt for one that meets their needs. However, as one gets older, their chances of accessing options in terms of policy selection also decrease. With age, one is more susceptible to developing various illnesses that increase the policyholder’s risk.

3. Claim tax benefits

In addition, individuals can claim tax exemption against the premium amount they have spent on the health insurance policy. Individuals can claim an amount of up to Rs. 25,000 under Section 80D against the paid premium every year.

4. Waiting period

Insurance companies specify a certain waiting period for pre-existing diseases for various health insurance plans. The waiting period can vary from one month to at least four years based on the type of treatment and its cost. Since the chances of demanding any claim while availing of insurance policies at 30 years are lower, individuals will have substantial time to stick around the lock-in period.

5. No requirement of medical history

Since the probability of complicated health conditions is lower before turning 30, insurance providers may not demand any inclusive medical history details. It reduces the hassle of obtaining health insurance.

6. Lifelong renewal

Usually, insurers offer lifelong renewal if you obtain a health insurance policy early. It ensures your financial stability if you are hospitalised at an older age. However, it is crucial to renew your policy on time to ensure uninterrupted coverage. If you have the “what is the age limit for health insurance?” question in your head, it is better to avail of the policy as soon as you are 18 years old. It will allow individuals to gather benefits and obtain adequate coverage when older.

7. Extended coverage

Choosing medical insurance at a young age enables individuals to obtain coverage for a wide range of medical conditions at affordable premiums compared to the coverage for the same illness at an older age. However, the cost of substantial mediclaim coverage will increase with time, so it is wise to avail of the policy at an early age and enjoy benefits for a considerable period.

Enjoy a no-claims bonus for every no-claim year

A no-claim bonus is an essential benefit extended to the policyholder in health insurance policies. Also termed as NCB, it effectively rewards the policyholders for not raising a claim in a year. A major advantage of NCB is that it helps to reduce policy premiums in the following year. Therefore, one should choose a health insurance policy with a significant no-claim bonus for every claim-free year. Thus, it is one of the crucial things to know before buying a health insurance policy.

Negligible financial burden

Unforeseen events cannot be avoided in life. For example, it is impossible to predict a road accident or diagnose a severe illness without recurring symptoms. Nevertheless, during such unfortunate complications, the cost of treatment can be substantial. Thus, having an adequate health insurance policy comes in handy and allows individuals to receive quality treatment at renowned network hospitals. For instance, the average surgery cost is very high in private hospitals. However, possessing a health insurance policy with substantial coverage can be effective as one has to pay lower premiums which further alleviates the financial burden.

Thus, if you are still searching for an answer to the question “when should I take a health insurance policy?” you can consider the main points mentioned above and avail of a health insurance policy that best suits your medical requirement and affordability.

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