What is the best age to purchase a health insurance plan?
Why do you need health insurance?
Health insurance plans serve as a vital safety net, providing financial protection against the potentially exorbitant costs of medical care. It offers access to a range of healthcare services, including preventive care, diagnostic tests, treatments, and cashless hospitalization, without imposing financial strain on individuals and families. It safeguards your finances and mitigates the risk of catastrophic medical expenses that could otherwise jeopardize financial stability depleting one’s savings during a medical emergency.
Things to consider while investing in a health insurance plan
1. Individual Health Needs: One of the primary considerations in deciding when to purchase health insurance is your health needs.
While it's never too early to prioritize health insurance, if you have pre-existing medical conditions or a history of chronic illnesses you may benefit from acquiring coverage at a younger age to ensure access to comprehensive healthcare services once the waiting period is over. If you are thinking of including your family in your healthcare plan, the sooner you do it the better. In fact, opt for one while you start a family and include your parents too.
However, including senior citizens can affect your premium in a family health policy as it is calculated considering the age of the eldest member included in the plan. If you don’t wish to pay a high premium on your plan, consider exploring health insurance for senior citizens.
2. Chalking out financial goals: Health insurance plays a crucial role in defining your financial goals as it safeguards your savings during an emergency or planned surgery.
