What is the Right Age to purchase Health Insurance ?

Nidhi Mahajan
To answer that – what is the right age to get purchase a health insurance plan ? It is, the early you purchase, the more you get. However, this does not mean that you should be having an individual health insurance plan since birth, but you should start investing in a health insurance policy at a younger age like in your 30s. If you are over 30 and for any reasons you have not taken a health insurance plan yet, then you should get it right away.
The reason for taking this plan at your 30s is the benefits you get as a perk of being young are really commendable. In the case of health insurance plans, the proverb, the early bird gets the worm is completely correct. Below mentioned are some of the prominent benefits that you get, if you purchase a health insurance plan at an early age;
* Early Bird Gets the Worm : And yes, this is completely true in case of health insurance plans. It is because the people who are in their 30s and have taken a policy have to pay lower premiums for vast coverage, than those who have bought in their 40s. Do you know that a male of 30 years gets the coverage of Rs 5 Lakh by paying the only Rs 6,065 as premium, whereas a male in his 40s gets the same benefits by paying Rs 8,129? Not only the amount of premium that you pay is lower, but the benefits you get are also wider. Some health insurance companies give you accidental benefits and maternity health insurance plan covers as well at the same premium. On the other hand, some insurance companies as well reject the application of health insurance plan due to the age factor and you are left with very few options while purchasing a policy at an older age. Moreover, you do not have to worry much about the waiting period as you are young in comparison to those who have taken a plan at an older age.
* Not only Protection, But a Good Option to Get Tax Benefits.
Yes, you get tax benefits under section 80D of the Income Tax Act, 1961 for paying the premiums for your health insurance plan. So, it is a good deal in and all as with investment, you are also getting the tax rebate. If you have a family and have taken a family floater plan, then you get the tax benefit of upto Rs 25,000.
If you are paying the premums for the health insurance plans for your parents as well, then you will get the added benefit of Rs 25,000. If your parents are senior citizens, then this benefit increases to Rs. 30,000. In this way, you are saving Rs 55,000 approximately in health insurance only.
* Relying on the Employer Health Insurance ? Well, it is valid till you are employed: Many of you may think that why to take a plan when we already have a health insurance cover from our employer? Well, it is good to have employer health insurance, but it is valid only until the day ou are working with the organization and once you leave, it gets over. At this time, you may argue with a point that I would get a health insurance cover with my next employer as I am changing the job not leaving it forever. But, what will happen when you get retire ? Well, as we have already mentioned, most of the health insurance companies reject the applications if the prospects are older in age, then what will you do for older age. The older we are, the more prone we get towards diseases. So, to protect yourself against future medical expenses, it is always good to compare health insurance plans and buy the best one at a younger age.
To be precise, health insurance companies are also running their businesses and not leading charity firms, so they also want to give good policies with lower premiums rates to those who have lesser changes to avail. Therefore, they prefer younger people. Apart from that, in this current time where stress, late night shifts, and pollution are at their peak, you cannot say that because we are young we are not exposed to illnesses, instead, everyone is. So, it is always good to have a health insurance policy as early as possible in your life and 30s is the best time for the same.
On the other hand, the premiums that you are paying are not going anywhere; they are just adding your investment value. Additionally, the lifetime renewability with most of the health insurance companies gives you a cumulative bonus for sticking with them for a longer time. In this way, on an average, it is a wise decision to take a health insurance plan a the right age – which most likely is the 30s.