If you are thinking to buy health insurance online, you are probably wondering what the right age to buy health insurance is. At what age is one too young to do so and at what age is a person too old to insure one’s health? According to experts, it is advisable to buy Health Insurance as early as possible in your life. Whether you are buying online health insurance or buying from a broker, there are several reasons to do so early in life:
Lower Premiums on Online Health Insurance
There are several different parameters based on which companies calculate health insurance Age is a primary parameter. The younger the policyholder is, the cheaper it is to buy health insurance online. The perceived risk of illness and disease is lower among younger people and hence the premiums are lower as well.
No Need for Medical Checkups
Most insurance companies do not require the policy buyer to undergo medical tests or health checkups prior to buying health insurance. In most cases, the insurance company will waive off such tests for the policyholders till he/she reaches 45 years of age. Hence the older you get; the more chances are that you will have to undergo a medical check-up before getting your policy issued.
Online Health Insurance Benefits
A younger person is far less likely to have chronic medical problems or conditions that are likely to result in hospitalization. Hence the policyholder can opt for wider coverage at lower premiums. Since most online health insurance policies have a waiting period of 30 days after the first policy purchase and before any claim can be made, this 30 days waiting period becomes immaterial when one is young. This waiting period is not applicable at the time of policy renewal. The younger the policyholder is, the less likely it is that they would need to make an early claim within that first 30 days period. Furthermore, insurance companies will typically exclude coverage for pre-existing conditions (medical conditions that exist at the time of policy purchase). Since such pre-existing conditions are far less likely at a younger age, this is beneficial.
Disease and Ill Health Can Strike at Any Time or Age
Though the likelihood of a young person becoming ill or contracting a disease is lower than that of an older person, health is unpredictable. Illness can strike at any age. However, health insurance helps provide peace of mind against such an eventuality. It provides protection against conditions that could need surgery or hospitalization, no matter what the age of the person.
Bonus and Tax Benefits
While renewing an insurance policy, insurance companies offer certain incentives called no-claims bonuses to discourage policyholders from making frivolous or small claims. There are also certain tax benefits that a policyholder avails when they buy online health insurance or through a broker. The longer a policyholder maintains their health insurance policy, the more they are likely to earn and save in terms of tax breaks and no claim bonuses.
Wider Choice
There are lot many options if you want to buy health insurance at an early age – a variety of plans and riders, basic and comprehensive policies and an array of insurance companies to choose from. Choices are wider when one is young and healthy. Some companies tend to make it difficult for older people to purchase health Generally, the chance of rejection of a proposal to purchase a health policy is negligible or non-existent among younger policyholders.
Medical Expenses Continue Rising
Medical expenses tend to increase exponentially and outstrip inflation levels every year. Hence it is important to always have medical health coverage.
It is Recommended
Even if an individual’s company provides health insurance, it is advisable to buy an additional policy for more comprehensive coverage. It will ensure that even if a young person finds themselves without a job their health needs are still protected.
From the foregoing, it becomes obvious that health insurance is a must even for young people. In fact, the younger one is when one buys a health policy, the better it is!