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Is there any age to have health insurance?

by ritika sharma
health insurance

Though there is no specific age to get health insurance, get one when you are still young, the health deteriorates with age, and therefore, the cost of insurance would be significant when you get it at an old age. If your parents are still not covered under a medical insurance policy, get a parents health insurance policy for them. This type of medical insurance offers a high sum insured to cover the expensive treatments. The noteworthy features of parents’ medical insurance are listed below:

Hospitalization costs, including room charges, medicine bills, ICU fees, etc., are covered. 

  • The insurer bears pre-hospitalization and post-hospitalization expenses.
  • Daycare treatments are covered, which means that your parents need not be admitted to the hospital to get coverage.
  • AYUSH, i.e. Ayurveda, Yoga, Siddha, Unani, and Homeopathy treatments are included in the coverage.
  • A high sum insured is provided to cover major surgeries such as open-heart surgery, bariatric surgeries, or any other major illness. 
  • A parent’s health insurance plan covers the pre-existing diseases once they serve the initial waiting period. This period can vary between 1 to 3 years, depending upon the medical insurance plan selected by you. 

Though a parent’s medical health policy offers several benefits, it is usually more expensive than regular health insurance. Therefore, if you haven’t purchased medical insurance for yourself, get it now. The following benefits apply to those who get medical insurance at a young age:

Premiums are affordable

As health risks are lower when you are young, the insurers will be happy to cover your health issues at an affordable premium. The health risks will grow as you age. Therefore, the more you delay getting health insurance, the higher will be the insurance premium when you apply for it. 

Availing Coverage Without Medical Check-ups

Many insurers ask you to undergo a medical test before deciding the premium. They want to analyze if your health condition can create a higher or lower liability for them in the future. However, if you are young while applying to the policy, the insurers might skip this part and cover you without any medical checkups and tests!

Serving Waiting Period is Not a Concern 

When young, you can serve the waiting period easily as you might not need insurance coverage for a long time. On the contrary, search for a medical coverage plan with a minimum waiting period at an older age. You are exposed to greater health risks and health issues as you get older. 

Higher Chances of Earning No-Claim Bonus

You will earn the No-Claim Bonus more often at a younger age as you may not need health coverage during the entire policy tenor. Utilize the cumulative bonus to reduce the policy premium or get a higher coverage without paying a higher premium. However, getting this benefit as you age is a challenging task as you might be needing insurance coverage more often. 

The financial advantage over a period 

When you get a health insurance policy at a young age, you will save a substantial amount over a period. The health care plan will cover your medical expenses whenever you get hospitalized due to an accident or any other reason. Therefore, the money you spent on the premiums will be justified. 

If you find that your existing health care plan does not provide sufficient coverage, you can always get a top-up medical insurance plan. It is an add-on cover that manages the expenses exceeding your existing policy threshold. Here are some things you should consider before getting a medical insurance policy for yourself or your family members:

  • Please go through the claim settlement process insurers adopt before getting a medical insurance plan from them. Also, purchase the policy only if the insurer holds a high CSR (Claim Settlement Ratio). 
  • Find whether the policy you are about to buy contains sub-limits or not. Some insurance providers include a sub-limit on room rent charges, medical tests, consultation charges, and a few other expenses. 
  • Go through different parents health insurance types like a family floater, family health cover, senior citizen cover, etc., to know which type suits you and your family members. 
  • Despite the benefits you get on buying medical insurance at a young age, it is never too late to get health insurance. The higher expenses associated with medical treatments are one of the main reasons. Senior citizens plans are specially created to address the health care concerns of individuals above 60. 
  • The health care plans that offer coverage for critical illnesses should be purchased if you have a history of a critical disease or medical condition in your family. 

Also, if you have been covered under a medical insurance policy all along, getting medical insurance at a lesser premium as you grow older will be a lot easier. For exploring the best medical insurance plans in the market, analyze the health cover plans offered on the portal of Bajaj Finserv. The medical insurance plans for senior citizens and regular health cover plans of several insurers are available here.

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