What Is The Right Age To Purchase A Health Insurance Policy?

Every person must have a health insurance policy to deal with major medical expenditures. You may have often heard people advising you to buy health insurance at a younger age. Have you ever wondered why? Let’s find out the right age to buy health insurance and why you must buy it at a younger age.

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    Should You Buy Health Insurance At A Younger Age?

    Yes. You should definitely buy a health insurance policy at a younger age. If you can afford it, you should buy health insurance as soon as you turn 18 years old. Take a look at some of the reasons why buying health insurance at a younger age is a great idea:

    1. Lower Premiums– Your age is one of the most important factors that determine your health insurance premium. Insurance companies consider younger people healthier and so, are a lower liability for them. On the contrary, older people are more vulnerable to ailments and thus, are a greater liability to the insurance provider. As a result, the lower is your age, the lower will be your premium amount.

    2. No Pre-policy Medical Check-up– If you apply for a health insurance policy at a younger age, you will not be required to undergo a medical check-up before buying the policy. This prevents the insurance company from discovering any disease/ medical condition that may increase your premium. But this option is mostly not available for people above 45 years of age and their premium amount is determined based on their medical check-up report.

    3. Easier to Get Over Waiting Period– Every health insurance policy comes with an initial waiting period of 30 days. Younger people are less likely to raise a claim during this period as their probability of having any serious medical condition is very low. Therefore, they can wait out the initial waiting period with ease. The same cannot be said for elderly people as they may face a medical emergency within days of buying the policy but will be unable to raise a claim during the waiting period.

    4. Earning Cumulative Bonus– Most health insurance plans provide a cumulative bonus for every claim-free year. This bonus can be used to enhance your sum insured amount for no additional cost. A younger person is more likely to be fit and may not need to raise a claim during the policy year. This way they can easily earn cumulative bonus over the years. But older people may need to raise a claim owing to their age-related medical conditions making it difficult for them to earn a cumulative bonus.

    5. Financial Freedom– The basic purpose of health insurance is to pay your medical expenses. With a health policy, you end up saving a lot of money on medical expenditures, especially those arising due to a sedentary lifestyle. Otherwise, you would have to pay for these expenses from your own pocket. Thus, the sooner you buy the policy, the more financial freedom you can enjoy.

    When Is The Right Time to Buy A Health Insurance Policy?

    The right age to buy a health insurance policy is in your mid-twenties and early thirties. At this age, you will most likely be in your best health and will be free of any financial responsibilities of your family. Let’s take a look at the outcome of buying a health insurance policy at different ages below:

    Buying Health Insurance in Your Twenties:

    If you buy a health insurance policy in your mid-twenties, you will be able to pay its premium easily as you won’t have any financial pressure. Your premiums will be affordable, which will allow you to opt for the best coverage as per your insurance needs. You will be able to afford additional coverage such as maternity insurance and get over its waiting period in case you plan to start a family in the coming years. Moreover, you can get a lifetime renewal facility and earn a cumulative bonus with ease.

    Buying Health Insurance in Your Thirties:

    If you decide to buy a health insurance policy in your thirties, you are most likely to opt for a family health plan. You may be planning to settle down and start a family at this age if you haven’t already and would want coverage for your spouse & children as well. Further, you may want to buy additional covers for diseases, such as heart ailments, whose symptoms are known to start showing at this age. Thus, the likelihood of your health insurance premium increasing and raising a claim is greater in your thirties.

    Buying Health Insurance in Your Forties And Fifties:

    If you are thinking of buying a health insurance policy in your forties and fifties, you would need to opt for higher coverage. Your financial responsibilities will be the highest at this age and you may have developed certain ailments like diabetes, high blood pressure, cancer, etc. As a result, you may have to opt for wider coverage with critical illness and sum insured enhancement benefits. Your premium will no doubt be very high at this time. You may opt for a family floater coverage to reduce your premium to some extent but it will still be pretty high.

    Buying Health Insurance after Turning 60 Years Of Age:

    If you are buying a health insurance policy after turning 60 years old, you will have to pay a hefty premium amount. You are most likely to face severe health ailments during this age, which may need long-term treatment and hospitalization. A basic health policy will not be sufficient at this stage of life and you may require a senior citizen health insurance policy. They will come with a higher sum insured and provide coverage for AYUSH treatment, domiciliary hospitalization, organ donor expenses, etc.

    How to Buy A Health Insurance Policy Online?

    You can follow the steps given below to buy a health insurance policy online:

    • Visit the official website of Policybazaar Insurance Broker Private Limited
    • Go to the option of buying health insurance
    • Provide your contact details and choose your policy coverage
    • Enter your age and details of your past medical history
    • Choose the most suitable plan and pay its premium
    • The policy will be issued in a couple of minutes.

    In A Nutshell

    The right time to buy a health insurance policy is as soon as possible. The sooner you buy, the better it is for your pockets. Make sure to compare different health insurance plans online on Policybazaar.com to choose the best policy within your budget.

    Written By: PolicyBazaar - Updated: 30 September 2021

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