The Right Age To Purchase Health Insurance Policy
With the emergence of various new diseases, infections and afflictions, health and well-being have risen to the top of the priority list for modern individuals today. Especially ever since covid-19 pandemic captured the world in its grip, people have largely become conscious of their health and are excessively adopting healthy practices.
Although living a healthy lifestyle can ensure the best health, it is crucial to be financially prepared to cover unforeseen medical costs. Here is where health insurance policy comes into the picture. It provides additional financial security for your medical costs in an unexpected event and allows you to avoid the accompanying financial hardship. In fact, according to Research and Markets, India's health insurance market will reach USD 198.45 billion by 2027, rising at a CAGR of 10.2 per cent from its anticipated USD 122.11 billion in 2022.
Health insurance policy: Significance
We are currently living in a world where health threats are noticeably growing every single day. Given the escalating cost of medical expenses, access to quality medical facilities, and hospitalization charges, an unexpected health emergency could leave an individual financially distressed. In light of this, a health insurance policy can offer you the additional security you often need in such circumstances.
Given the sedentary lifestyle of human beings supported by unhealthy eating habits, stress and gadget addiction, lifestyle diseases are on the rise. Diabetes, obesity, breathing problems, and heart problems were formerly more common in older generations, but changes in lifestyle patterns have also made the younger generation a prey of such diseases. While taking preventative steps can undoubtedly help you manage the disease, an unexpected incident can put a financial strain on you. Thus, investing in a health insurance plan that will allow you to cover the medical expenses has become the need of hour.
Moreover, with both technology and diseases growing multifold, the cost of treatments have also proliferated. In addition to treatment charges, this list of expenses also includes things like doctor consultation fees, diagnostic tests, operating room fees, medication prices, room rental fees, and more, all of which can take a toll on your financial health if you are not adequately prepared. By investing in a suitable health insurance policy, you can effectively manage your medical expenses without exhausting your savings.
Purchase a health insurance policy: What is the right age?
The earlier you invest in a health insurance policy, the more beneficial it will be for you as you grow older. While you are young, you can get health insurance at a reduced cost and with more coverage alternatives. Moreover, the majority of insurance includes a pre-existing waiting period that bars coverage for pre-existing conditions. When you purchase a health insurance policy in the early years of your life, the waiting time is eliminated, giving you the benefit of comprehensive coverage that will be valuable if you become ill later in life.
Also, since you won't have any financial obligations to take care of when you are young, you won't have any trouble covering the cost. The danger of contracting a fatal disease is also low when one is younger, as is the risk associated with expenditure. Therefore, you can simply buy a health insurance policy with a more considerable assured sum at a cheaper premium rate.
Health insurance policy: The need of hour
There is no denying the fact that having health insurance is a must if you want to protect yourself from the financial strain brought on by unforeseen medical expenses. It is certainly advised to purchase a health insurance policy at an earlier age in order to take the benefit of reduced premium rates and greater sums insured. Hence, if you are planning to purchase a health insurance policy, better do it when you are young.
