Health Insurance: In today’s lifestyle, there is an unbreakable relationship between diseases and the body. In such a situation, taking health insurance becomes extremely important. It paves the way for better treatment for you and does not let any burden fall on your financial situation.
Age is a big factor in health insurance. In such a situation, the question arises at what age should you take health insurance, and what things should be kept in mind while taking it? In this article, we will know why taking health insurance at a young age can prove to be a wise step for you.
At what age should health insurance be taken
The sooner you take health insurance, the better it will be. Because it immediately becomes a strong financial security shield for you. If parents work, they usually get insurance coverage from the company. Many times it also includes coverage of children.
If you do not have the cover of parental insurance, then you should take health insurance immediately. After the age of 25, you must have health insurance in any case. Because after this age, the risk of diseases starts increasing. Insurance taken at a young age will protect you from unexpected health emergencies, keeping your savings safe.
Great benefits of buying health insurance at a young age
There are many great benefits of buying health insurance at a young age, which make you financially strong:
If you buy health insurance at a young age, you will have to pay a lower premium. Insurance companies decide the premium by looking at age and medical condition. If the medical history is clean at a young age, the insurance premium is significantly reduced. At the same time, with increasing age, health problems start to occur, which increases the premium.
Buying a policy at a young age is more likely to get good coverage. Companies have much less stress of claims for young customers. Therefore, they often provide great coverage to attract young customers.
Many policies have a waiting period for certain diseases. If you take a policy at a young age, this waiting period is completed during your active lifestyle, so that you are immediately covered for any health problem later.
Usually, medical tests are not required when buying insurance at a young age, making the process simpler and faster.
What to keep in mind while buying health insurance
While buying health insurance, you should keep certain things in mind so that you can choose the best policy for yourself:
Choose the amount of health insurance cover as per your requirement and budget. Make sure that this amount is sufficient to meet the possible medical expenses in the future.
Compare the premium rates of different insurance companies and choose according to your budget. Cheaper policy does not always mean better, also check the coverage and terms.
Look at the Claim Settlement Ratio (CSR), which indicates the rate at which claims are settled by the company. A company with a high CSR is considered reliable.
Do check the list of network hospitals, which are available in your area. These hospitals offer cashless treatment.
If you have any pre-existing disease, do check the terms and waiting period of pre-existing disease coverage. This is important as it tells you when your pre-existing illnesses will be covered.
Make sure the policy has a lifetime renewability feature so that you can stay covered even in old age.
Check for any co-pay clauses or sub-limits on specific expenses in the policy, as these may impact your out-of-pocket expenses.