When to Buy Health Insurance


Buying a health insurance varies depending on your age. The cost of health insurance increases as your age increases. This is because older persons are always prone to illness and has higher chances of having pre- existing diseases. This is one big reason why one should opt a health insurance at a very early age.

When you delay in taking a health insurance, there’ll be a significant hike in the premium rates. It also becomes difficult to get a policy at the later stages of life. There are two important age milestones that you need to be concerned of, 45 years, when the premium shoots up higher and 60 years, when you’ll be tagged as a senior citizen!

For example, if you take a health insurance policy worth of 5 lakhs cover, the premium price tag for 25-34 year old would be around Rs. 6500. People who fall on the 35 to 44 year old category will have to pay around Rs. 7500 per year. But when you cross the 45 year old age category, the premium will hit a skyhigh of around Rs. 11500. This is applicable till you turn 56 years old, when your premium hits further high of about Rs. 21000, which you will have to pay for the next three years. That’s not it! When you cross the 60 year age limit, you will be paying a whopping sum of money as premium of about Rs. 37000 per year!

So it becomes extremely important to choose your health insurance wisely and start investing in it at the earliest stages of life!



Health Insurance should be taken as soon as you start working. This will help you save on medical expenses. A basic Health Insurance plan should essentially take care of hospitalisation charges. This way you do not have to fork out money for a big medical expense and it can be met by your Health Insurance plan. You can look for more customisation in the form of increased medical cover, cover for medical tests, visits to the doctor and cost of medicines. There are also plans that cover out-patient expenses. Here are the points to consider before choosing a plan.

Details Of The Insured Members – This would include health status of the individuals planned to be covered under the policy.
Type Of Policy – Decide which type of health policy you would require- family floater or individual. Both these options have different benefits when it comes to insuring a single person or an entire family. Floater options work well for a younger family, while individual policy works well for a family with members over 50 years of age.
Cover Amount – When buying Health Insurance, you should take into account inflation and the cost of medical treatment. Decide the amount while keeping a long term perspective in mind.
Room Rent Capping – You should ensure the policy you are opting for has no cap towards the hospital room rent.
Co-pay Factor – You should go for a plan that does not have any condition of co-pay under any claim scenario. This condition levies a co-payment clause owing to which a policy holder has to share the cost of claim in the defined proportion as set in the policy.
Hospital Network –In case of emergencies, you should check whether or not a particular hospital figures in the cashless list of network hospitals.
Waiting Period Of Pre-Existing Diseases (PED) – This factor is important in case you have PED like diabetes or hypertension. Your Health Insurance plan in such cases should have coverage for the same

Along with the above-mentioned factors, you could also take into account if the Health Insurance plan you are choosing includes benefits like restoration of cover amount, free medical check-ups, maternity benefit etc

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BB Expert