The Best Time to Buy Health Insurance: Right Now

In a World full of uncertainties one has to plan for the unplanned events like the medical emergencies, hospitalizations. People have become more aware of the health and Mediclaim policies which is an encouraging sign. However many people are of the view that health insurance is best to be bought after a certain age and are of the belief that after 40 is a good age to think about taking up a health insurance policy. Many ponder as to what is the best age to buy health insurance or the best time to buy health insurance.

One more term to buy health insurance is ASAP (As Soon As Possible). Many of the people use their current good health as a parameter for their delaying decision to buy a health insurance. Even the ones who have purchased are apprehensive of their renewal of health insurance policy and delay their payment of premium till the last moment and many of the health policy fall in the lapsed state. The percentage of people who treat health insurance as an investment is less but is expected to grow as awareness about the benefits of health insurance is growing.

Delay in Buying Health Insurance Can be Harmful:

Hoards of people realize the importance of health insurance only after they are besieged with a health issue or some kind of illness. This could be a result of ill health or prospective sudden realization about their bad health after they reach around 50 to 55 years of age and seeing the high cost. Insurance is a tool wherein the risk of the individual is transferred from the individual to insurance provider, therefore Insurance Companies weigh in the risk and then decide whether the person should be given insurance or not. In general insurance provider are hesitant to provide insurance to people above age of 55 due to the risks that are associated with old age. Therefore beyond a certain age the options for health insurance for the customer becomes limited and one then would have to buy from the limited prospects that are available to him.

Benefits of Buying Health Insurance Early:

One of the benefits of buying health insurance early is that he/she would have to pay a lower premium as insurance premium is low when the policyholder takes the insurance at a young age. Also by taking health insurance early, the policyholder has equipped himself with financial shield against the prospective health related expenses and in case of any medical emergency.

Do not wait for any accident or condition to happen which forces you to look out desperately for health insurance. It’s better to be safe rather than sorry. Would you like to take a hasty decision or a well informed and thought out decision. People who have employer provided health insurance should definitely opt for an individual health insurance plan and look to directly establish connections with the health insurance company. Premiums offered by the group insurance cannot be changed as per the needs of the individual. Therefore for individual customized policy solution, one definitely needs to go for individual policy.

Key Features of a Good Health Insurance Plan:

A good health insurance plan would include the following features, kindly note that the list is not exhaustive.

1.      It is designed as per the needs of people and is uniform in its feature and doesn’t vary according to regions.

2.      It lists best facilities and services.

3.      Has a facility of lifelong renewal.

4.      Has a simple policy issuance procedure.

5.      Has the cashless hospitalization procedure.

6.      Empaneled hospitals and health service providers should have well qualified doctors.

7.      Should have clear terms and conditions which are stated clearly and in a simple manner for the policyholder to understand.

8.      Should be free of sub-limits in case of coverage offered.

9.      Medical expenses for Outpatient and inpatient services.

10.  Could also include treatment under Unani and Ayurveda and Homeopathy.