Although there is quite a rat race in starting earning early, yet the larger population of India still remains negligent when buying insurance policies. A majority of people believe in getting "settled" before getting secured. The importance of health insurance policy and the need for one only hits them until late. However, will this be helpful? Most of the people are unaware of the terms and conditions levied on health insurance policy in India. There are several important factors which affect the approval of health insurance in India, among which, age remains primary. A person who is willing to buy health insurance after 40 or 50 years of age might not be able to effectively claim the benefits as much as a person who has availed the policy at a much younger age. This is because the insuring company particularly imposes a set of rules which prevents claiming policy benefits before a certain period of time. Hence, considering such factors we eventually return to the same question: what is the right age to buy health insurance?
The Early You Start, The Better It Is
It is always better to start early. Most people grow up with an existing health insurance policy availed by their parents at a young age. On attaining maturity or starting a job, they can either renew or port their policy to the one that suits them. However, it is always recommended to buy health insurance as soon as you get a secured source of income. Where some people start earning before hitting their 20s, others might do the same after 20. The greater the term of the policy, the better will be the coverage during times of distress. Since buying a policy is pretty easy these days due to the unquestionable assistance of the internet, a number of people choose to buy health insurance online. Not only this helps them in understanding the features in a better way but also gives them the chance to compare and choose the best.
Advantages of Buying Medical Insurance Early
No Age for Accidents
Neither there is an age for accidents, nor any specific age for falling sick. Although the unfortunate accidents or sickness are thoroughly unavoidable, yet securing ourselves is not. It solely depends on the personal choice of people. However, if an individual chooses to buy health insurance early, it simply means he is securing himself from a very early age and thereby is relieved of any financial burden during old age.
Cheaper Health Insurance
A quick look online exposes a number of reputed insurance providers who either reject the approval of policies availed by aged people or charge a hefty sum to balance their profit line. This is because, with increasing age, the probability of falling sick increases linearly, which will directly cause a higher risk to the insuring company. On the contrary, the chances of youngsters requiring regular check-ups or acquiring severe diseases are comparatively less. Hence, the insuring companies readily provide health insurances at relatively cheaper rates than that listed for the senior citizens.
Lesser Probability of Pre-Existing Conditions
A number of insurance providers hesitate in approving policies to people with pre-existing conditions like diabetes, heart diseases, history of long-term skin diseases like psoriasis and eczema, and other medical conditions which might recur in future. These proposals are generally treated as high risks with regards to claims being incurred which results in lesser profits for the insurer. However, people who want to buy health insurance online in India at a young age have a lesser probability of suffering from a pre-existing condition and also have a greater number of insurers willing to sell their policies and at a lesser price.
Lesser Waiting Period
After buying insurance, one cannot claim the benefits before a certain period of time, which is known as the waiting period. Though the duration of the waiting period generally varies from two to four years, it highly depends on companies providing policies. The period also depends on the age of the policyholder and is usually longer for people belonging to the older age group. This is because, the company allows the policyholder to submit a sufficient amount of money, based on which, it shall be able to bear the expense of the required treatment in future.
Given the number of policies available, one can easily buy health insurance online. However, the right age for choosing one highly depends on the individual claiming it. Starting early simply means greater amount saved for future and greater security for hard times during old age.