A health insurance plan is a necessity for everyone to cover major medical costs. You could have heard folks urging you to purchase health insurance when you were younger frequently. Ever ponder the reasons why? Find out the ideal age to purchase health insurance and why you must do it sooner rather than later.
Should younger people purchase health insurance?
Yes. As soon as you become 18 years old, if you have the money, you should purchase health insurance. Here are some good reasons to have health insurance when you are younger:
- Lower premiums – One of the key elements affecting the cost of your health insurance is your age. Younger people are viewed as healthier by insurance companies and so pose less of a risk to them. On the other hand, older folks pose a bigger risk to the insurance company because they are more susceptible to illnesses. As a result, your premium will be lower the younger you are. *
- No pre-policy medical exam – You won’t need to get a medical exam before purchasing a health insurance policy if you apply for health cover while you’re younger. This stops the insurance provider from learning about any illness or medical condition that could raise your rate. *
- Earning cumulative bonus – For each year without a claim, the majority of health insurance plans offer a cumulative bonus. You can increase your sum insured amount using this bonus without paying any further fees. Younger people are more likely to be in the good physical condition and may not need to file a claim throughout the policy year. They can easily accumulate bonuses over time if they do this. *
- Financial independence – The primary objective of health insurance is to cover your medical costs. By having a health insurance plan, you can significantly reduce your medical costs, particularly those brought on by a sedentary lifestyle. Otherwise, you would be required to cover these costs out of your own money.
When should you purchase a health insurance policy?
The ideal time to purchase health insurance is between the ages of 20 and 30. Let’s look at what happens when you purchase health insurance at various ages below:
Purchase of health insurance in your 20s:
If you purchase a health insurance policy in your mid-20s, you will have no trouble paying the premium because you won’t be under any financial strain. Because your premiums will be reasonable, you will be able to choose the best coverage for your insurance needs.
Purchase of health insurance in your 30s:
In your thirties, if you decide to purchase health insurance, you’ll probably choose a family health plan. If you haven’t already, consider starting a family at this age and need coverage for your spouse and kids as well. Additionally, you should purchase extra coverage for illnesses like heart conditions, whose symptoms are known to manifest at this age.
Purchase of health insurance in your 40s:
In your forties and fifties, you should consider purchasing health insurance, but you should choose a greater level of coverage. At this point in your life, you will have the most financial responsibility and may also have health issues like cancer, diabetes, high blood pressure, etc. You might therefore need to get broader coverage and may choose different types of health insurance that include critical sickness and sum insured enhancement features.
Purchase of health insurance in your 60s:
After turning 60, you will have to pay a large premium if you want to purchase a health insurance policy. At this age, you are more susceptible to serious health issues that can require hospitalisation and long-term therapy. You could need senior citizen health insurance coverage at this point in your life.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
