Myriad people in India believe that health or medical insurance should be purchased in later stages of life. The people belonging to this pool concede that these products are useful, but from the late 40s onwards. This is because by that time a human body gets more prone to health issues. But is this really true? Is it fine to buy these plans in the late 40s?
In reality, this is far from the truth. It clearly throws light on the fact that people with such beliefs are not aware of the working of health insurance plans. These people do not know much about the concept of a waiting period and/or cover ceasing age. Thus, the need of the hour is to educate people about the importance of buying these plans in early stages of life. People should buy these products at the earliest. There are many advantages of the same.
Firstly, if a health insurance policy is purchased at later stages of life, a person might be deprived of coverage due to waiting period. Thus, it is better to buy it before the body becomes prone to health issues. Once the waiting period elapses, the policy purchased is able to offer complete coverage. Secondly, the premium amount to be paid for health insurance bought at early stage of life is much less than that of a policy purchased at later stages of life. Thirdly, the number of products offering coverage to older sections of society is far less than products available for young groups. There are many options available before an individual at the early phases of life, as many plans come with cover ceasing age or maximum entry age and thus, do not permit people beyond that age to buy these plans.
In addition to this, there are a number of other benefits that a person enjoys on buying the plan at an early age. An ideal way a person should adopt is to buy a plan with lifelong renewal so that its coverage can be enjoyed all through life. A person would get coverage for health risks both at early age and at old age. Hence it is always advisable to buy health coverage as soon as possible.
The facility of lifelong renewal feature gives insured individuals the right to enjoy health cover for their entire life, on renewing their policies regularly.