What Is The Right Age To Buy Health Insurance?

 Even though it may seem counterintuitive, buying health insurance at an early age offers max benefits

At a time when health issues have risen dramatically and treatment costs have skyrocketed, health insurance has become a vital investment. People without a health insurance plan face the risk of their savings being wiped out. When thinking about health insurance, one common confusion is over the right age to buy health insurance. Many people are not sure whether they should buy health insurance at a young age or when they get old. To know the right age to buy health insurance, here are some important aspects to consider.

Health insurance for people in their twenties and thirties

At a young age, there is relatively less risk of major illnesses. That is why many youngsters tend to ignore health insurance in their twenties. However, not many know that taking health insurance at an early age can offer multiple benefits. For example, the health insurance premium is likely to be less for people in their twenties in comparison to premium charged for older adults. This implies that younger people can get health coverage at relatively affordable rates.

Another benefit is that pre-policy medical check-ups may not be required in case of youngsters buying a health insurance plan. This will ensure quick and easy access to health coverage. Youngsters can also avoid any charges related to the pre-policy medical checkup. They can apply online and get their health insurance in just a few minutes.

When youngsters take health insurance, they will find it easier to manage the waiting period. For older adults taking health insurance, the waiting period prevents them from accessing free healthcare services. The waiting period is usually around 2-3 years and even more for some specific diseases. When youngsters buy health insurance, they are less likely to be impacted by the waiting period.

Another benefit for youngsters is that they can access the incentives that come with every no-claim year. For example, an insurer may increase the insurance amount when no claims are made during the year. This increase in insurance coverage amount is offered free, without any increase in the premium amount. Similarly, there can be other incentives for every no-claim year.

Health insurance for middle aged people

For people in their 40s and 50s, it is the time when health issues start to increase. As such, health insurance companies are likely to charge a higher premium amount for such individuals. Moreover, such people may be asked to take pre-policy health checkups before the policy is issued. A full body check-up can cost thousands and part of such expenses may have to be borne by the individual. But considering the cost of treatment these days, it is better to be late than never. So, even if you are in your 40s or 50s, you should get health insurance cover as soon as possible.

Health insurance for senior citizens

Premium amount is likely to be most expensive for senior citizens buying a health insurance plan. However, as treatment costs can be huge, it is still beneficial to have a health insurance plan.

As is evident from above, the right age for buying a health insurance plan is in your twenties or thirties. However, health insurance coverage is relevant for people of all age groups. So, irrespective of what age you are, just make sure you have the required health insurance cover.