Health insurance has become essential to financial planning, especially in India, where medical expenses are rising rapidly. But many people ask a common question: “When is the right age to purchase a health insurance policy?” The answer is simple — the sooner, the better. Let’s explore why.
Why Early is Better?
Lower Premiums:
Health insurance premiums are largely determined by your age and health condition. The younger you are, the healthier you are likely to be, and the lower your premium will be. Buying a policy in your 20s or early 30s can save you a significant amount of money in the long run. As you age, the risk of health issues increases, which leads to higher premiums.
Comprehensive Coverage:
When you purchase a health insurance policy at a younger age, you’re more likely to get comprehensive coverage. Insurance providers are more willing to offer better terms and cover a wider range of treatments when the risk of claims is lower. As you grow older, certain pre-existing conditions might not be covered, or the waiting period for coverage might be longer.
Pre-Existing Conditions:
Most health insurance policies have a waiting period for pre-existing conditions, often ranging from 2 to 4 years. If you buy a policy when you’re young and healthy, this waiting period is likely to pass without much concern. But if you delay purchasing until you’re older and have developed health issues, you may face significant waiting periods before you can claim benefits for those conditions.
