 "What is the right age to purchase a health insurance policy?")
As healthcare costs continue to rise and lifestyle-related diseases become more prevalent, many are left wondering: What is the right age to purchase a health insurance policy?
Experts suggest the ideal age to purchase a health insurance policy is as early as possible, typically in your 20s or early 30s. Starting a health insurance policy at a younger age provides several key benefits. Here are some of them.
Lower premiums: Your age is one of the most important factors that determine your health insurance premium. Insurance companies consider younger people to be healthier and lower risk, so they charge lower premiums for those in their 20s and 30s compared to older individuals.
No pre-policy medical check-up: If you apply for a health insurance policy at a younger age, you will often not be required to undergo a medical check-up before buying the policy.
Waiting period for pre-existing conditions: Most health insurance policies have a waiting period before they cover pre-existing illnesses. By purchasing a policy early, you are more likely to be covered for any conditions that may develop later in life.
Earn cumulative bonuses: Most health insurance plans provide a cumulative bonus for every claim-free year. This bonus can be used to enhance your coverage over time. Starting a policy at a younger age allows you to accrue these bonuses more easily.
Tax benefits: You can claim up to Rs 25,000 for exemption under Section 80D every year. Buying health insurance at an early age allows you to enjoy these tax benefits for a longer period.
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Don’t wait for a health crisis to consider insurance. Act now to secure your financial future and ensure access to quality healthcare when you need it most.