Know Why You Should Buy A Health Insurance Plan
Published On Nov 14, 2022 10:00 AM By InsuranceDekho
Following the coronavirus pandemic, people have realised the need for health insurance. Here are a few justifications for getting health insurance when you're young.
The primary benefit of getting health insurance when you're young is that the premiums for comprehensive coverage are less expensive. The policyholder's age has a major impact on how much insurance will cost.
Why Should You Buy Health Insurance?
Reasons to buy health insurance as as follows -
- Affordable Premiums for Full Coverage : Older people pay a higher premium to the insurance company since they are more vulnerable to health risks. Therefore, if you purchase a health insurance policy in your twenties or early thirties, you will pay lower rates for complete coverage, which includes expenses for daycare, maternity benefits, outpatient procedures, and other things.
- Pre-policy reviews are not necessary: Most health insurance companies require applicants older than 40 to have a medical exam before granting coverage. This screening raises the chance of finding a medical condition that may raise the premium. However, you won't need to pass a pre-policy medical test if you purchase health insurance while you're younger, which will result in reduced prices.
- Efficient Way to Avoid Waiting: Every health insurance policy has a waiting period during which the insured cannot submit a claim for injuries that are not the result of an accident. Any illness, specific diseases & treatments, and pre-existing ailments can all be claimed when the required waiting period has passed. The normal waiting period lasts anything between 30 days and 4 years. As the probability of being ill decreases with age, it is easier to tolerate this waiting period if health insurance is purchased earlier in life.
- Limits on Age: Standard health insurance plans include a 60–65 age restriction. If you get coverage beyond this age restriction, the premium will probably on the higher end considering the increased vulnerabilities towards diseases due to age. In order to avoid paying higher premiums later in life, it is advisable to start buying health insurance from a young age.
- Pre: Buying health insurance as a senior will increase your financial burden and lessen the benefits of your coverage. Many insurance companies exclude pre-existing condition coverage from standard plans purchased at a later age. As a result, getting health insurance does not accomplish what it was meant to.
- Unredeemable Bonus: Numerous insurers provide a No Claim Bonus (NCB) to policyholders who have not filed a claim during the prior policy period. This incentive can lower your rates if you get a health insurance coverage at a young age, as you are less likely to become ill and file a claim. This incentive may vary from 5% to 50% of the total insured and can be accrued for consecutive years without a claim.
- Reduce Rejection Rate: When you get health insurance coverage at a young age, you are less likely to contract a serious sickness or condition than persons older than 60. Therefore, the likelihood of young individuals filing claims is reduced. Additionally, it reduces the likelihood that your claim will be denied, such as in the case of senior citizens.
- More Options for Plans: When purchasing a health insurance policy at a younger age, you have more possibilities. You are qualified for the majority of health plans if you are young and have a low risk of pre-existing conditions. Before purchasing an online health insurance plan, make careful to evaluate several plans based on the insured amount, coverage, waiting time, network hospitals, and other features.
Health insurance is more advantageous when acquired at a younger age. Why wait to become ill and be forced to pay tens of thousands of dollars in medical expenses? You may instead choose to purchase health insurance in your twenties to secure financial security and peace of mind. Therefore, consider the aforementioned arguments and acquire health insurance as soon as feasible.