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Guide To Purchase Health Insurance Policy At Right Time

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The best time to invest was yesterday. The next best time is now”. One can apply the same philosophy to health insurance as well.

 

The right time to buy health insurance – is the earliest possible:

There are many reasons to get health insurance as early as you possibly can – even in your twenties. Some people ask - what is the use of incurring the expenditure of the health insurance premium at an age when they are still hale and hearty. Try not to think of it as an expense but an investment in the availability of resources for maintaining your health. There are many reasons that support the purchase of health insurance as early as possible:

 

Life is unpredictable – you cannot be sure when you may need health insurance

Good health cannot be taken for granted. There are many cases where seemingly healthy people have fallen sick suddenly and with diseases requiring intensive treatment. Set yourself up for receiving the best possible care – when you are in good health and not after you fall sick.

 

Low Premium Costs:  

If you get health insurance at a younger age, you can purchase a higher cover at a relatively lower premium. This will also increase your chances of enjoying no claim bonus.

 

No claim bonus:

Every year that you do not file a claim – you receive a claim bonus. Accumulating a few years’ worth of no claim bonuses – can have a very real impact by an increase of your sum assured or premium reduction.

 

Waiting Period:

The waiting period when you take a health insurance policy is - 1 month for a regular health insurance policy; except for critical illnesses, where it is 3 months. In the case of pre-existing illnesses, it is 4 years from the date of taking the policy. The waiting period is the period after taking the policy after which the protection gets activated. It is clear that the minute you have contracted an illness or disease or even a condition – insurers are wary of you, and you are anyway more Susceptible to illnesses after that which is when you need the insurance cover immediately. Another factor is – maternity benefits under health insurance have a long waiting period. This period varies between insurers.

 

Finally, do keep in mind that if you are a senior citizen and aren’t covered by health insurance, it doesn’t mean that your chance at being protected has passed. Certain insurers offer specific health insurance plans for seniors. The premium would obviously be on the higher side, but you will find it being a judicious investment as even a brief spell in the hospital would end up costing a significant amount.

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