' What is the best age to buy health insurance?

best age to buy health insuranceAdvances in medical technology have resulted in a longer average lifespan for people. But at the same time, sedentary lifestyles, high stress, desk jobs and minimal physical exercise have exposed a larger number of people to health hazards. These days, people from all age groups run the risk of falling sick. That’s why it is always ideal to have a health insurance policy in place as early as you cab. When you were a minor, you may have been covered by your parents’ family floater plan, but if you’re above 18 and not covered under a family floater plan, you should get insured. It is a good idea to buy a health insurance plan for yourself as soon as possible.

Here are a few reasons why it’s a good idea to get health insurance early on in life.

Sum AssuredMedical coverage as soon as possible

Illnesses and accidents are not dependent on an individual’s age. Whether it is a sudden illness or a road accident, health issues can happen to anyone at any time. And since treatment for these medical problems can be expensive, it is best to buy a health insurance plan at the earliest.

If you have started working, a health insurance plan can be one of your first investments. More from Reliance Health Insurance covers you from 18 years of age; and under family floater you can get cover ed as a kid till you reach the age of 24 years. You also get additional cover of 2 lacs for free when you buy a policy of 5 lacs which makes it a 7 lacs policy.

premiumIt is cheaper

Health insurance policy is based on the foundation that younger people have lesser chances of falling ill. This is scientifically and statistically true because health complications generally increase, as one gets older. Hence it makes financial sense to purchase a health insurance policy at a young age because the premium you have to pay is much lower. More from Reliance health insurance also gives you an additional 10% discount when bought online on relianceheathinsurance.com.

waiting periodAvoid waiting periods

Most health insurance policies come with waiting periods for some diseases or pre-existing conditions such as arthritis, kidney stones or ENT disorders. This waiting period can be around 24 -36 months from the date of policy purchase. So, if you have any of these health issues in future, you wouldn’t have to wait as you might have bought your policy when young and completed the waiting period to avail full coverage. But this works only if you buy a health insurance plan earlier on. The more you delay, the longer you have to wait.

rejectionChances of rejection are less

The Insurance Regulatory and Development Authority of India (IRDAI) states that health insurance companies cannot deny a policy renewal even if the insured person is very ill. If you have already purchased a health insurance policy, you have all rights to seek a renewal each year. However, an insurance company has the full right to reject a new application for a person with pre-existing conditions.

And if the insurance company does not reject the policy, it can impose restrictions and exclusions on the insurance policy. This can limit the benefits you avail when it matters. You can avoid this issue by obtaining a health plan when you are young and healthy. This ensures you get a more comprehensive deal. And any diseases that are diagnosed at a later date can get covered automatically under your health insurance plan.

Financial PlanningFinancial planning

In addition to health benefits, buying a health insurance plan at an early age makes economic sense as well. When you have adequate health coverage, you don’t need to worry about paying from your pocket in case of any medical issues. With medical costs on the rise, this is an excellent way of minimising the cash outgo from your pockets. When you purchase health insurance with a premium amount of say ₹ 5,000, you can avail benefits for a range of issues including road accidents and other illnesses. But if you were to pay for hospital treatment with your own money, the bill could run into lakhs of rupees.

Instead of spending on hospital bills, you can utilise the money for investments in other avenues for better returns. And when you do this from an early age, you can earn high returns in the long term. In addition, you can save ₹ 25,000 each year on taxes, under Section 80D of the Income Tax Act, when you buy a health insurance plan. More from Reliance Health Insurance offers you 1 month of extra for free when you pay for 12 month policy. So you enjoy your health policy after 13 months.

Getting health coverage is crucial. You may be covered under your parent’s health plan as long as you are a non-earning member. But the moment you start, earning, it is a good idea to purchase  More from Reliance Health insurance (even if you are covered under your company’s group insurance policy). This ensures you are well protected in case of a medical emergency at any given time.

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What is the best age to buy health insurance?

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