Right Age to Buy Health Insurance Plan in India

Before you buy health insurance, you must have often wondered about the right age to buy the same. Typically, people think that they need to buy a health insurance policy only when they start ageing, or when their health begins to deteriorate. The biggest fallacy, believed in by some people, is that they don’t need to buy a health insurance plan, while they are young and healthy. But, market experts advise that the right age to buy health insurance plans is at a relatively younger age i.e. in between 18-25, while you are in sound health. Besides, the millennials of the present age are at a high risk of lifestyle diseases, like hypertension, obesity, diabetes, and cardiac ailments because of poor lifestyle habits. These include lack of exercise, odd working hours, stress, pollution, and poor dietary habits. Alongside, there is the risk of vector-borne diseases, like dengue, chikungunya, jaundice etc. and pandemics such as coronavirus. So, buying a health insurance policy should be a top priority for young people.

Types of Health Insurance Plans

Before you buy a health insurance policy, you must be aware of the different types of plans. You can avail individual health insurance plans or family health insurance plans. Among the key benefits of health insurance plans is the feature of health plans for specific needs. These include Corona Kavach, critical illness insurance and personal accident insurance.

Advantages of Buying Health Insurance Plans at a Relatively Younger Age :

1. Lower Health Insurance Premiums:

When you buy health insurance at a young age, you will be able to avail lower and attractive health insurance premiums. Insurance companies will provide a policy with lower premiums as being young and healthy, your claim frequency will be lower vis-a-vis aged and elderly policyholders.

2..Niva Bupa’s GoActive plan

GoActive plan offers an ‘Early Age AdvantAGE’ to young buyers by offering a lifetime discount of 10% if you buy at or before 35 years of age.

3. Comprehensive Coverage:

If you buy a health insurance plan at a young age, insurance companies are more likely to provide comprehensive coverage at low premium payment rates. You can also avail a wide range of add-ons, like critical illness insurance and personal accident insurance to enhance the coverage of your policy. Other benefits could include no room rent cap, , OPD and diagnostic cover, maternity and newborn cover, all day care treatment and so on.

4. Wide Range of Policies to Choose:

You can easily get a plan of your choice, or the one that exactly fits your requirements, when you buy a health insurance policy at a younger age. This means you can compare health insurance plans and zero in on the one that suits you the best. As you grow older, you will have limited options to choose from.

5. Lower Chance of Rejection:

Still wondering about the right age to buy health insurance plans? If you are between the age of 25 and 30, and apply for a health insurance plan, the chance of rejection is minimal. Conversely, if an individual above the age of 40 applies for a health plan, the probability of the application being rejected would be quite high. This is because aged and elderly people fall in the high-risk category.

6. Lesser Waiting Period:

Ageing could result in any type of ailment - be it a lifestyle disease or any other health-related issue. If an individual with a pre-existing disease wants to buy health insurance, it would entail a waiting period - up to 48 months and in some cases may result in rejection by the insurer. . 

7. No Extensive Medical Tests Required:

Typically, insurance companies would ask aged or elderly individuals to undergo a battery of medical tests, before approving their health insurance plans. But, if you buy a health insurance plan at a younger age, you could avail the policy without any medical check-up.

8. Financial Planning:

Buying a health insurance policy at a young age will allow you to focus on your investment and other financial goals with ease. This is because you are already well-equipped to deal with any medical emergency.

9. Tax Benefits:

The right age to buy health insurance is while you are still young. This will enable you to enjoy tax benefits on health insurance premiums for a longer duration. Section 80D of the Income Tax Act, 1961 allows you to claim significant deductions every financial year -  for the health insurance plans of self, spouse and dependent children.

Conclusion

Thus, buying a health insurance policy at a young age comes with manifold benefits. You must remember to choose a reliable and trusted insurance company before availing a health insurance policy. Look for features, like quick cashless claim settlement, alternative treatment, high-value sum insured, long-term discounts and No Claim Bonus (NCB).