Are you aware that enrolling in health insurance plans early in life provides several advantages? Furthermore, your health insurance coverage becomes more expensive as you become older. It’s not difficult to see why this is the case. You have a better chance of staying healthy when you are young. You are unlikely to suffer from severe disorders or illnesses except for accidental injuries. As a result, you do not need to file a claim on your critical illness insurance plan when you are young. On the other hand, older policyholders are more likely to be impacted by severe illnesses, necessitating ongoing assistance from their insurer.
Purchasing a Health Insurance Policy when you are Younger
When Indians reach the age of 18, they can acquire health insurance. Family health insurance plans can cover underage family members before they reach maturity. But isn’t it too early to obtain health insurance at 18? Wrong. If you can afford it when you reach the age of 18, go for it. Here are some of the advantages of making such an early purchase:
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Younger Policyholders Can Get Cheaper Policies
When determining a policy’s premium, health insurance companies evaluate several factors. These are the factors to consider:
- The plan’s deductible and co-payment clauses
- You choose the amount of money covered.
- Pre-existing medical conditions are covered.
- Covers for any add-ons
However, another aspect has a significant impact on your premium. An insurance company cannot know whether or not a person is at risk for certain diseases or ailments. The only indication of the policyholder’s physical well-being is their age. As a result, providers assume that older policyholders are higher-risk candidates who are more likely to file claims against the policy than younger policyholders. If you get insurance when you’re in your 40s or 50s, you’ll pay more for the same coverage than if you buy it in your 20s.
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It is Less Challenging to Get Through the Waiting Period
Before the expiration of a health insurance policy, policyholders have a 30-day waiting period during which they cannot file a claim. A younger person is more likely to be free of significant health problems. As a result, persons in their twenties are less likely to require the health insurance policy’s benefits immediately after purchase. Thus, they can easily go through the waiting period without filing a claim. On the other hand, individuals are at more significant risk of developing medical problems as they get older. As a result, if one purchases insurance coverage at an older age, they may need to file a claim before the waiting period expires, and their claim may be denied.
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Medical Tests are Not Required
If you get an insurance policy when you’re older, you’ll have to go through a series of medical exams to see if you’re eligible to use it. The outcomes of these medical examinations are then used to determine insurance coverage. If you get insurance when you’re young, you’re probably not going to go through these examinations.
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Increased Chances of Accumulating Cumulative Bonuses
Policyholders are eligible for a cumulative bonus for each year of claim-free service during the insurance term. Younger people are more likely to stay fit. Therefore, they don’t need to file health insurance claims. With each passing year, they can boost their cumulative bonus.
