Insuring Your Health: Timing the Perfect Age
Introduction:
A proverb says, “Health is wealth.” It is true as our health is the most valuable asset we possess. Illness does not knock our doors before entering our lives, and that is why it is essential to have health insurance. Choosing the perfect time to buy health insurance can save us from paying more premiums or getting a policy that does not meet our requirements. In this blog post, we will discuss the best age to purchase health insurance and important factors to consider.
1. What is the Ideal Age to Buy Health Insurance?
The early bird gets the worm. It applies to health insurance as well. The best age to purchase health insurance is in your early twenties as you are unlikely to have any pre-existing medical conditions. Therefore, the premiums will be lower.
2. Consider Your Life Stage
Your life stage plays a crucial factor in determining the perfect age to buy health insurance. If you have dependent parents, it is advisable to buy a family floater plan as it can save you money instead of purchasing separate policies.
3. Job Stability and Insurance
In today’s world, job security is uncertain. If your company provides health insurance, you can take advantage of it. But, if you are not new to your job, purchase an individual health insurance policy.
4. Waiting Period and Health Insurance Policy
Waiting period is the time period in which you cannot claim insurance benefits. The waiting period for health insurance is usually 30 days, but it may vary depending on the insurer. So, it is wise to purchase insurance early for early coverage.
5. Health Issues and Premiums
If you have medical issues and are above 35 years of age, the premium is likely to be higher. It is not only age but also lifestyle and medical history that can affect health insurance coverage and premiums.
6. Benefits of Buying Health Insurance Early
Buying health insurance early can help you accumulate no claim bonus accumulation for every claim-free year. With early purchase, you can get coverage of pre-existing conditions after a certain period. You can also get several medical examinations with no extra cost offered by some insurance providers.
7. Don’t Delay the Purchase of Health Insurance
Delaying the purchase of health insurance can bring you undesirable consequences such as pre-existing exclusion, expensive premiums, and higher chances of rejection.
8. Research Before Buying
Before buying health insurance, look for factors like coverage, waiting period, benefits, premiums, and so on. You can compare various plans to get the best deal.
Conclusion:
Buying health insurance is essential, and deciding on the perfect time to purchase it is vital. The ideal age to get health insurance is your early twenties as it starts at a lower premium. You should also consider your life stage, type of job, and waiting period before purchasing. Opting for an early purchase can save you money, help you accumulate no claim bonus, and give you pre-existing health condition coverage after a period. Besides, it is better not to delay purchasing health insurance to avoid any undesirable consequences. Do your research before purchasing health insurance and get the best deal.
FAQs:
1. How important is health insurance?
Ans: Health insurance is crucial as it provides financial security in case of medical treatment.
2. Can I add my parents to my health insurance policy?
Ans: Yes, you can add your parents to your family floater health insurance policy.
3. What is a waiting period in health insurance?
Ans: Waiting period is the time duration after which one can claim health insurance benefits.
4. How is the premium of health insurance calculated?
Ans: The premium of health insurance is calculated based on age, medical history, lifestyle, and type of policy.
5. Should I research before buying health insurance?
Ans: Yes, it’s essential to research before going for health insurance to analyze different policies’ pros and cons.