You must have heard that health insurance must be bought early, as that would provide you with better benefits at a lower rate. And today we will take a look at why buying health insurance early is better.
What is health insurance?
Health insurance can be understood as a safety net that would protect you in case of a medical emergency. Health insurance covers your medical expenses in case of an illness, accident, or hospitalization. It can be understood as a contract between an insurer and the insured, under this contract the insurer would have to bear medical expenses for the amount stated in the contract. This is against the premium that has been paid by the insured person. There are two basic types of health insurance-
Cashless treatment- where you don’t have to pay a single dime and is taken care of by the insurance company.
Reimbursement- under this you pay your medical expenses and later they would provide reimbursement.
Which age is the best time to buy health insurance?
3 When to buy health insurance: Now or later? The sooner, the better. The early you buy the better deal you get-
In the 20s
It is possibly the best age to buy health insurance. You are likely to be in the best health condition and have limited financial responsibilities. Also, buying health insurance at an early stage has its advantages such as a better insurance policy for a lower premium amount, no medical test, etc.
In the 30s
This is the phase you settle down. You may be married and would have started a family, but your financial responsibilities increase. Also, you may be prone to lifestyle diseases. So be ready for a higher premium.
40 to 60
A stage where your financial responsibilities are at their peak. And if you have fallen prey to any of the diseases such as diabetes or BP, would result in a higher premium. Also, you would need to go through medical screening, and you would have to pay a high premium that’s for sure.
Senior citizen –
You will need a high sum insured that comes with a higher premium. Also, as a senior citizen, you are prone to more critical illness. It would be better if you compare all the policies available before purchasing any. Also, this would come with a co-pay agreement, in which you would have to bear a part of medical expense
This would have helped you understand why buying an insurance plan early on is better, as you have to pay a lower premium, you wouldn’t have to go through a medical check-up, and also you could get an overall better insurance plan. That is why it is advised to start early in life, so you get the best deal.
In closing – So, now you know that buying early is always better, and in case you feel that you are in good health and you won’t be claiming it, eventually, insurance would get wasted, then worry not because you can get them to add to your insurance later. So, it is better to buy insurance early on in life.
What is health insurance?
Health insurance can be understood as a safety net that would protect you in case of a medical emergency. Health insurance covers your medical expenses in case of an illness, accident, or hospitalization. It can be understood as a contract between an insurer and the insured, under this contract the insurer would have to bear medical expenses for the amount stated in the contract. This is against the premium that has been paid by the insured person. There are two basic types of health insurance-
Which age is the best time to buy health insurance?
3 When to buy health insurance: Now or later? The sooner, the better. The early you buy the better deal you get-
In the 20s
It is possibly the best age to buy health insurance. You are likely to be in the best health condition and have limited financial responsibilities. Also, buying health insurance at an early stage has its advantages such as a better insurance policy for a lower premium amount, no medical test, etc.
In the 30s
This is the phase you settle down. You may be married and would have started a family, but your financial responsibilities increase. Also, you may be prone to lifestyle diseases. So be ready for a higher premium.
40 to 60
A stage where your financial responsibilities are at their peak. And if you have fallen prey to any of the diseases such as diabetes or BP, would result in a higher premium. Also, you would need to go through medical screening, and you would have to pay a high premium that’s for sure.
Senior citizen –
You will need a high sum insured that comes with a higher premium. Also, as a senior citizen, you are prone to more critical illness. It would be better if you compare all the policies available before purchasing any. Also, this would come with a co-pay agreement, in which you would have to bear a part of medical expense
This would have helped you understand why buying an insurance plan early on is better, as you have to pay a lower premium, you wouldn’t have to go through a medical check-up, and also you could get an overall better insurance plan. That is why it is advised to start early in life, so you get the best deal.
In closing – So, now you know that buying early is always better, and in case you feel that you are in good health and you won’t be claiming it, eventually, insurance would get wasted, then worry not because you can get them to add to your insurance later. So, it is better to buy insurance early on in life.