Is There a Right Age to Buy Health Insurance?

Author : pavan sing | Published On : 26 Oct 2023

With the rising cost of health insurance expenses, every person must have medical insurance. Most people advise buying a health insurance plan early, but is it the right age to buy health insurance? We will find the answer to this in the article below.

What is the Right Age to Buy Health Insurance?

The best age to buy health insurance is mid-twenties and early thirties. During this age, you will be more financially independent and help you save some money.

Buy Health Insurance in Your 20s

In your 20s, you will not have any financial pressure. Thus, you can easily pay your premium, which is affordable. It also allows you to opt for the best coverage that suits your needs. In addition, you will get a lifetime renewal facility and can earn a cumulative bonus at ease.

Buy Health Insurance in Your 30s

In your 30s, you will most likely buy a family health plan. This is because, during this age, you will be starting your family - thus, you need health insurance for your spouse, kids, and maybe your dependent parents. Also, you would want to buy additional cover for certain diseases. Thus, you have to pay a higher premium and increase the likelihood of raising a claim.

What are the Benefits of Buying Health Insurance Early?

As per many insurance buyers, buying health insurance at an early age is advisable. If you can afford medical insurance, you must buy it as soon as you turn 18. Here are some of the reasons to buy a mediclaim policy at an early age -

If you buy medical insurance at an early age, you will have to pay a low premium, as younger people are considered healthy. On the other hand, older people are more vulnerable to diseases and age-related ailments and are considered as a liability.
If you buy health insurance at an early age, there is no waiting period. This is because every medical insurance has a waiting period of at least 30 days. As younger people are less likely to be affected by diseases and illnesses, the chances of raising claims within that period are probably less. Thus, they can easily wait out the waiting period.
Every health insurance offers a cumulative bonus for every claim-free year. This can be used to increase the sum assured at no additional cost. However, older people are more likely to fall sick and raise claims, making earning a cumulative bonus difficult.
Health insurance provides financial freedom when it comes to paying your medical bills. Thus, you can save money on medical checkups, operations and costs related to surgeries. So, the sooner you buy the policy, the more financially independent you will be.

How to Buy Health Insurance?

You can buy medical insurance policies from general insurance companies. Buying health insurance online is the easiest and most accessible way. Here are a few steps on how you can buy medical insurance -

Go to the insurance provider's website.
Log in or sign up.
Enter your personal details such as name, phone number, email address, age, etc.
Once you enter these details, you will be shown the range of plans available.
Select the plan, compare it with others, and pick the one that suits your needs.
Select the add-ons.
Pay the premium via net banking, UPI, or credit/debit card.
Once the payment is done, the policy document will be sent to your registered email ID.

You can print out a copy of the document. This saves you time from scrolling through the piles of emails in case of an emergency. Also, before buying, it is important to ensure that you buy health insurance from a company with a Claim Settlement Ratio of over 90, as it will help you settle the claim instantly without being stranded in unforeseen circumstances.