While staying fit is important, getting good health insurance is just as important in today’s unpredictable times. Not only are millennials at risk of vector-borne diseases like jaundice and dengue fever, but they can also be vulnerable to lifestyle diseases.
Nevertheless, the demand for health insurance among the younger population is low. The main reason for this is the lack of awareness of the benefits of insurance coverage. Health insurance provides financial protection against medical expenses in unprecedented scenarios. To get the most out of health insurance, a person must buy the right policy and buy it at the right age.
According to the Indian Insurance Regulatory and Development Authority (IRDA), anyone between the ages of 18 and 65 can get health insurance. For dependent children, the age criterion is between 90 days and 25 years.
Best age to buy health insurance
Although you can get health insurance anytime between the ages of 18 and 65, it’s best to get it when you’re in your 20s, as getting it when you’re young provides maximum protection and financial benefits.
What are the advantages of early purchase?
Purchasing health insurance at an early age can provide a person with a wide range of coverage and a plethora of benefits. Here’s a look at some of the benefits.
Affordable Premium: When a person is young, the health concerns are lower and they are therefore considered a low-risk policyholder. For such buyers, insurance companies offer higher coverage, such as For example, critical illness insurance at an affordable premium.
More options: A person has a multitude of options to choose from when they are young compared to when they are growing up. You can compare health plans and make an informed decision. As a person ages, the insurer may no longer offer all types of illnesses, reducing the number of options.
Waiting period: A short buyer can bypass the waiting period during which pre-existing medical coverage is unavailable. Those who take out health insurance early can be sure that the waiting time is over when they are in the best of shape. If they are later diagnosed with an illness, they can claim insurance coverage immediately.
Drive to the pre-medical screening: For older people, health insurance companies prescribe a check-up before taking out insurance. However, young people can pass the medical examinations and get their own health insurance.
Therefore, it is best to get health insurance from an early age to take advantage of low premiums, high coverage, and other benefits.
(Edited by: Shoma Bhattacharjee)