Health Insurance

Best Time to Buy Health Insurance Plan

Health insurance has now become an essential part of life. There are many benefits to buying a health plan at an early stage of life. The older you are, the more you have to pay to buy a health…

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Health insurance has now become an essential part of life. There are many benefits to buying a health plan at an early stage of life. The older you are, the more you have to pay to buy a health insurance plan. For example: You are more likely to maintain your best health when you are young and not likely to experience serious illnesses or diseases except for accidental damage. As a result, when you are young, you are not required to submit a claim for your health insurance plan. Alternatively, elderly policyholders are more likely to suffer from critical illnesses and require regular assistance from their health insurance.

The right time to buy a health insurance policy is when you are in your twenties or early thirties. Take a look at some of the benefits of buying health insurance at a younger age.

Benefits of Buying Health Insurance at a Younger Age

A health insurance policy is something that you should buy at a young age. The moment you turn 18, you should definitely buy health insurance. Given below are some reasons to buy health insurance at an early stage of life:

  • Low Premiums

Your age can be one of the most important factors on which your health insurance premiums are based. Health insurance companies consider young people to be healthier and provide health insurance at a lower premium amount. Conversely, older people are more prone to serious diseases, thus, they are considered more liability to health insurance companies.

  • Pre-Screening Medical Check-ups

At a young age, you do not have to go through a pre-medical screening test if you want to buy a health insurance plan. This factor saves you from being discovered by the health insurance company for any pre-medical diseases/medical conditions that may increase your health insurance premium amount.

  • Easy to Get Over Waiting Period

The initial waiting period of a health insurance plan is 30 days. Young people are less likely to claim during this waiting period because they are less prone to serious medical conditions. Hence, they can easily negate the initial waiting period. This is not the same for older people as they may face some medical emergencies but will be unable to file a claim during the initial waiting period.

  • No Claim Bonus

Almost every health insurance company provides no claim bonus or cumulative bonus for every claim-free year. You can use this bonus to enhance your sum insured amount at no additional premium amount. A younger individual is more likely to be in good health and may not need to file a claim throughout the policy term. This makes it simple for them to earn no claim bonus over time. However, older persons may need to file a claim because of age-related medical issues that make it impossible for them to receive a cumulative bonus or no claim bonus.

Best Time To Buy Health Insurance Plan?

The ideal time to buy a health insurance policy is in the 20s and early 30s. You will probably be in good health at this age, and will not have any financial obligations to your family. Let us see what happens when you buy a health insurance plan at different ages below:

Buy Health Insurance in Your 20s

The twenties are a good time to buy a health insurance policy as you will not be under any financial pressure and can even afford the premium. You will be able to choose the best health plan for you as your premiums will be affordable. If you decide to start a family in the coming years, you will be able to afford additional coverage benefits like maternity insurance and get through the waiting period easily. You can also easily earn a cumulative bonus and have the option of lifetime renewal.

Buy Health Insurance in Your 30s

The family health plan is most likely what you will opt for if you decide to purchase health insurance in your 30s. You may be planning to get married, have children and settle down at this age. In that case, you want coverage for both your spouse and your children. Also, you may want to add additional add-on riders to cover conditions such as heart problems, symptoms of which are known to appear at this age. If you buy your health plan in your 30s, your premium will be higher as compared to your 20s.

According to a report published by Economic Times, the highest number of claims made by individuals are in the age group of 35 to 45 years. Therefore, we can say that you are less likely to get more than your 20s.

Buy Health Insurance in Your 40s/50s

In your 40s and 50s, if you are looking to buy a health insurance plan, you will need to choose a plan that offers a higher sum insured amount. You will have the most financial obligations at this age and may also develop health issues like cancer, diabetes, high blood pressure, etc. Hence, you may need to choose a policy with a higher sum insured and coverage benefits for critical illness. Your health insurance premium will be very high during this time. You may buy a family health plan to reduce your premium amount.

Buy Health Insurance in Your 60s

In your 60s, You need to buy a senior citizen health insurance plan. You have to pay a very high health insurance premium amount once you cross 60 years of age. You are more vulnerable to serious health issues like heart disease, diabetes, etc., and may require long-term treatment and hospitalization. In this case, a senior citizen health plan would be the best option that you can opt for as it will offer you a higher sum insured and higher coverage benefits such as AYUSH treatment, Domiciliary Hospitalization, etc.

Why Buy Health Insurance From D2C Insurance Broking Private Limited (“RenewBuy”)?

RenewBuy brings you the best deals on Health Insurance plans across the market. The key reasons for you to consider us are as follows:

  • IRDAI Certified
  • Get Insured by a leading Insurer
  • Compare Various Health Plans in Just a few Clicks
  • Simple & Easy Buying Process
  • 24x7 Claim Assistance

Health Insurance Plan Buying Process

You can buy a health insurance policy from the insurance company’s official website as well as from “RenewBuy.com”. Below mentioned are both the buying process of health insurance plans:

Buy from the official website of the insurance company

  • Visit the insurance company’s official website and click on the “Health Insurance” tab.
  • Select the desired plan.
  • Fill in all the required information.
  • Click on the “Buy Now” button.
  • Make payment.
  • The insurance company will send the policy documents to your email address.

Buy from “RenewBuy.com”

  • Visit the official website of RenewBuy.
  • Click on the “Health Insurance” tab.
  • Fill out the form that shows on the next page.
  • Compare health plans and select your desired plan.
  • Click on the “Buy Now” button
  • A pop-up will show you the plan details and the additional riders information.
  • Click on the “Proceed to Buy” button.
  • Make online payment and the policy documents will be sent to your registered email address.

Conclusion

The best time to buy a health insurance plan is as soon as possible. The earlier you buy, the lower your premium amount will be. And, don’t forget to compare different health plans at the “RenewBuy” health insurance calculator before buying one.

Other Important Pages

Individual Health Insurance Plan

Family Health Insurance Plan

Senior Citizen Health Insurance Plan

Best Health Insurance Plans in India 2022

 

Disclaimer: The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your health insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.