With time, the rapidly changing lifestyle has also given rise to many health problems. From a minor illness to a serious health condition emergency, the cost of treatment can drain our savings. In such a situation, health insurance acts as a financial security cover, which gives you the facility of better treatment without any financial burden. But many times, people either ignore it, considering it a useless expense, or buy it late. But if you give priority to health insurance and buy it on time, then you will get many benefits. Know what the right age is to buy it?

What is the right age to buy health insurance? (What is the Right Age to Buy Health Insurance?)
Experts believe that there is no fixed time to buy health insurance; the sooner you buy it, the better. However, the age of 25 to 30 years is considered the most ideal for taking medical insurance. There are many reasons for this:

By the age of 25, most people have completed their studies and started their careers. At this age, they are out of their parents' group insurance coverage, so it becomes necessary to take out a health insurance policy.

In today's time, even the youth are falling prey to lifestyle diseases like diabetes, hypertension, and heart disease. Therefore, waiting only for old age can be a big mistake.

An early health insurance policy forms an important part of your financial planning, which prepares you for the future.

Benefits of Buying Health Insurance at a Young Age

Low Premium: This is the biggest advantage. Insurance companies decide the health insurance premium based on age and health status. The risk of diseases is lower at a young age, so companies offer policies at a very low premium. The premium also increases with age.

Better Coverage: Insurance companies offer plans with better coverage to attract young and healthy customers. At a young age, you can get a comprehensive cover without any additional conditions.

Waiting Period Ends Easily: Every health insurance policy has a waiting period of 2 to 4 years for some diseases (such as cataract, hernia) and pre-existing diseases. If you buy the policy early, this waiting period ends when you are healthy, and you get coverage immediately when needed.

Benefit of No-Claim Bonus (NCB): If you do not claim in a year, the company rewards you in the form of a no-claim bonus. This bonus increases your sum insured (cover amount) without increasing the premium. The chances of a claim are lower at a young age, so you can accumulate NCB for many years.

What things should you pay special attention to while taking health insurance? (Important Things to Check Before You Buy Health Insurance)
Sum Insured: Choose the amount of cover as per your need. If you live in a metro city, the cost of treatment will be high, so consider taking a cover of at least Rs 10 lakh.

Compare Premiums: Compare plans of different companies, but do not decide just by looking at the cheapest health insurance premium. Also, pay attention to the coverage and features.

Claim Settlement Ratio (CSR): This ratio tells the percentage of the total claims the company has paid in a year. Always give preference to a company with more than 95% CSR.

List of Network Hospitals: Check which hospitals around your home and office are included in the company's network. You get the facility of cashless treatment in network hospitals.

Pre-existing Disease (PED): If you have a pre-existing disease, check the waiting period for it in the policy. A plan with a shorter waiting period is better.

Sub-limits and Co-payment: Some policies have a sub-limit on room rent, doctor's fees, or treatment for certain illnesses. Co-payment means you have to pay a part of the claim yourself. Avoid policies that have these conditions. Read the policy document carefully and know which illnesses or conditions will not be covered.

FAQs
1: If I have company group health insurance, should I buy a separate policy?

Yes, you must buy a separate individual health insurance policy. The company cover is valid only as long as you are employed there. You will lose the cover if you change or leave the job.

2: What is the waiting period for health insurance?

The waiting period is the time during which you cannot claim for certain illnesses. It is usually 30 days from the start of the policy (except accident), 2 years for certain illnesses, and 2 to 4 years for pre-existing illnesses.

3: What is the difference between individual and family floater plans?
An individual plan covers one person, while a family floater plan covers all family members (husband, wife, and children) on a single policy and at the same premium.

4: Can I increase the coverage of my health insurance policy later?

Yes, you can increase your sum insured (cover) while renewing the policy, but the company may have some conditions for this, and your premium will also increase.

5: Is a medical check-up necessary to buy health insurance?
This depends on the company and your age. Generally, a medical check-up is not required for healthy people below 45 years of age, but if you are older, the company may ask for a check-up.

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