When is the right time to buy a Health Insurance Policy?

Post Covid-19, nothing ever seemed so unpredictable and beyond control but life. True? Thinking about the right time to buy a health insurance policy? The best time to buy a health insurance policy is As Early As Possible. You may be in a good state of health at present but are you assured of continuing with it forever? No, right? The rationale to not buy health insurance because you are young and healthy has failed for many. Why? It is because a health insurance policy pays for the unexpected costs of hospitalization which you would otherwise have paid from the savings. The rising cost of healthcare facilities makes it important for you to consider buying a health insurance policy. You must know that medical emergencies may not always knock you before happening. That is not possible. If you want to avoid spending your savings at the last minute, you will have to plan to buy a mediclaim policy. Let us look at the right time to buy the health insurance policy: 1.When you are an adult or above 18. As soon as you turn 18, think of buying an individual health insurance policy. At a young age, the premium is low and hence you can choose a higher sum insured. The insurance company can provide you with coverage of pre-existing diseases. Buying policy at an early age will give you the benefit of waiting periods because you do not fear the occurrence of a sudden illness. When young, health insurers do not ask for medical tests before giving the policy. You end up earning a higher cumulative bonus because often claims are less when you are young. If you are an independent adult, the health insurance policy will help you save income tax also under section 80D. Check out the list of investment options under section 80 C and how you can use them 2.If you drive a vehicle. As per the law, adults above 18 years are allowed to drive a vehicle. If you have started driving any car or two-wheeler, along with your motor insurance you should consider buying a health insurance policy. A mediclaim policy covers you for accidental injury or any treatment cost caused after an unfortunate mishap on the roads. When you buy the policy in your twenties, you also get lifetime renewability from the insurance companies. Read more: What does a motor insurance policy cover? 3.When you are starting a family. Nothing would be wiser than buying a health insurance policy when you plan to get married. It is best to purchase the maternity benefit cover that generally comes with a waiting period of two years. Considering the high cost associated with childbirth, purchasing the add-on cover will be a wise decision. 4.You have a family and you are responsible for their safety. You must be in your thirties to forties when you are married and have children. You must get them covered under the health policy. A study confirms that maximum claim in this age band happens due to injury, heart ailments, childbirth, and other diseases. Spending under these heads can cost you too much when you already are bound with monthly expenses. Individual health insurance policy is better but when young you can think of purchasing a family floater policy as an excellent option. Here is a buyer’s guide to family health insurance plans in India 5.When you are prone to acquire lifestyle-related diseases. Lifestyle-borne diseases like hypertension, diabetes, heart diseases, etc. happen when you are not very active or cannot manage a healthy routine. These days, busy work schedules and excessive pressure may also lead to giving rise to these diseases. At this age also, a family floater will be a comparatively good idea than an individual health policy. You save a premium amount in the family health insurance policy and get one sum insured that floats to cover all the members. You can look for critical illness coverage also at this point in life. 6.It is the time when you are sixty. Growing old is the onset of many diseases either hereditary or naturally. That is the time when your income tends to remain stable or decrease considerably. That is because you are either on incomes from investment or pension. In either case, you might always feel that you lack the excess money that you might need for any treatment or hospitalization. To prevent your savings from getting drained, you must buy a health insurance policy. Absorb this expense considering your premium spending capacity. Also, depending on the age and pre-existing illnesses, insurance companies might impose some conditions when you buy the policy. These would include exclusions, co-payment, etc. You can think of purchasing the AYUSH treatment cover for alternative therapeutic remedies. The policy will pay you for domiciliary expenses if you are seeking treatment at home. Health insurance at sixty needs a lot of minds that will pay you when you are ill, the premium is not exorbitant, and you also get some benefits like that of Income Tax. As a senior citizen, you will be reluctant to pay for the hefty premium even when you are desperate because the sources of your income are reduced. Check out IRDAI rules that are suitable for senior citizens Buying a health insurance policy at an early age is not just being wise. It is about:

• Earning more cumulative bonuses with claim-free years.
• Starting with small sum insured amounts and pay less premium.
• Pre-existing diseases because they are covered only after a waiting period.
• Keeping your savings safe.