Many people are of the view that healthy individuals do not require medical cover. The people belonging to this pool believe that investing money in health insurance products is not very useful to them. In addition to this, they also say that products offering medical coverage are useful at middle-age or old-age, when the body becomes more prone to facing health issues. This shows that these people are not very aware of the reality behind working of health insurance or medical cover plans.
The main point that a person should keep in mind is that these products are designed to keep a person away from financial hardships that might come into his/her life due to medical exigencies and there is no fixed age band for people to face sudden mishaps. Thus, these plans should be purchased as early as possible so that a person can get the coverage when he/she meets with an unforeseen incident.
There are a large number of benefits associated with these plans, if bought at an early age. A person has to pay more for a plan at old age. One would be spending on medical care expenses from his/her pocket till the time he/she does not purchase it. Overall, he/she might end up paying more towards medical expenses. Buying plan at early age will cost very less.
The number of products offering coverage to people of lower age groups is far much higher than the products offering coverage to those belonging to old age groups. Thus, the number of options reduces with age. A person can look into plans’ features and can get the best one easily at an early age. The insured gets coverage for all covered perils, right from the age, he/she buys the plan, till the age that the coverage lasts. In order to enjoy more benefits, a person should buy health insurance with lifelong renewal facility, as it offers him/her the coverage till the last breath of his/her life.
One should also remember that there is a waiting period associated with the coverage of a certain diseases. A person can avail coverage for that particular disease only when the waiting period elapses. Thus, there are more benefits if the plan is purchased at an early age. It will also help you to avail pre-policy benefits by renewing regularly. Besides this, the cumulative bonus for each claim-free year adds up to the sum insured amount.
So, pay less and enjoy more benefits on buying health insurance at an early age.