When is the Right Time to Buy Health Insurance?
Over the years, the list of necessities that a person needs have increased. While getting health insurance was only followed by a few decades ago, it is almost compulsory to buy one. In most firms, a new employee is asked to take out health insurance before they join. With the current lifestyle, everyone faces new medical conditions that are expensive to treat, no matter the age. With all the above factors, health insurance has become a necessity.
What is insurance?
To be insured is to be protected from any loss that you might face in terms of. Insurance is an agreement between two people. One promises to protect the other person in case of a loss. The other promises to pay a sum of money over a while to stay protected. There are different types of insurance. You can insure your car, your house, your mobile, yourself, your property, your child, your spouse, and you can even insure a holiday that you go on.
What is health insurance?
That is an agreement between you and your insurance provider. You pay a certain amount of money every month, and the insurance provider promises to pay your medical bills when the need arises. The policy provides you with protection and healthcare in almost every aspect. You get protected by unforeseen emergencies.
Primarily health insurance protects for losses arising from accidents, medical expenses, disabilities, accidental deaths and loss of limbs. Each provider will have different plans, and you need to choose one that will provide you stay financially prepared during emergencies. That will ensure that you and your dependents do not suffer financially in case of emergencies.
The right time to buy health insurance:
There are health insurance plans offered for different age groups. For youngsters, some plans have a minimum age limit of 18 and a maximum age limit of 40. For health insurance for senior citizens, the minimum age limit is 60 years, and the maximum age limit is 75. From this, we can see that health insurance can be bought at any time of a person’s life. But like all good things, it is advisable to buy health insurance as early as possible.
Let us look at a few reasons why
- When you are younger, you are charged less premium by the insurance company. You will not have any medical complications, and your health will be at its peak. You are considered a low-risk applicant. The older you get, the higher the insurance premium that you have to pay.
- When you are in your 20s or your 30s, your lifestyle changes as you grow older. You need to invest in a plan that changes as your lifestyle does. It needs to be flexible enough to support your evolving financial needs.
- The premium you have to pay is locked in. That means that you have to pay the same amount every month. Since the premium you have to pay is lower when you are younger, it is best to buy health insurance early.
- Sometimes the organisation you work with might provide you with health insurance, but this might not provide you with enough to cover all your medical expenses. You should buy one at this stage.
Additional Read: Is COVID-19 covered under Health Insurance in India?
No matter when you buy health insurance, it should always leads to sound financial planning. You need to choose a health insurance plan that will cover all your wants and needs so that as you get older, you will be fully covered for all medical emergencies that come up.