Is a health insurance only for the sick or aged? Should you buy a health insurance only when you fall ill? What is the health insurance age limit? We often get caught up with these questions but, fail to make the most of the health insurance schemes that are available to us. Continue reading and get all your answers sorted.
Here’s all you need to know as to the best age to invest in a health insurance plan:
· The minimum age for health insurance:
Ideally, the minimum age legally required for an individual to purchase a health insurance on his/ her name, independently, is 18 years of age. Since, most don’t start earning as soon as they become a major, they prefer to buy a health insurance once they get a proper job i.e. 25 years and above.
· The maximum age for health insurance:
The upper age limit or the maximum age at which you can buy a health insurance policy that gives you the maximum benefits is 60 years. But buying an insurance so late means depriving yourself of all its benefits for all the years gone. Certain critical illnesses insurance plans can be obtained only till the age of 50 years and not beyond.
· Buying health early v/s buying health insurance later:
Keeping the health insurance age limit in mind, the basic rule is that your premium cost is directly proportional to your age (at the time of purchase of the health insurance plan). The earlier you buy a health insurance plan, the lower will be your premium cost with maximum benefits. While if you choose to buy the same health insurance plan at a later age, the higher the premium with restricted benefits. The reason is that when you are younger, you are at a lower risk of getting severely ill but, with each passing year, you become increasingly prone to chronic and lifestyle diseases. Thus, qualifying as a vulnerable candidate in the eyes of the insurer.
Moreover, pre-existing diseases require at least two years of waiting period before they can get covered by the insurance plan. That is why it is advisable to buy a health insurance not when you are diagnosed with diabetes, hypertension, etc. but well in advance so that you can reap the full benefits of the insurance claims as soon as the need arises.
Thirdly, if you buy health insurance plans after the age of 60 years (the time when most really need a health insurance), you get very limited benefits and more restrictions like sub-limits to claims, co-payment of medical bills and highly reduced number of diseases covered in the plan.
Now that you know that with every passing minute you are only depriving yourself of the benefits of a health insurance, don’t delay further. Buy your health insurance today only from one of the leading financial companies of the country – ManipalCigna – for maximum advantage.