Know the right age to buy health insurance


12 Oct 2021

Ensure that you prioritize your as well as your family’s health & get insurance as it is never too soon to buy health insurance with Kotak General Insurance.

Hence, if you are financially capable, you must buy your health insurance at a young age. From the day you start earning, you must start budgeting for health insurance and buy it as soon as you can. Your twenties are the phase of your life where you can afford to take calculated risks to succeed in future. You have relatively fewer financial responsibilities. But that does not mean you should turn away from financial and healthcare planning. In fact, the earlier you start, the better it is.

As a young adult, you are bound to live on the edge, but it doesn’t harm to simultaneously take necessary precautions and indulge in future healthcare planning. One must always be prepared for any health problems that require constant care. In situations like this, you can rely on the health insurance plans that you have been investing in since your early days.

Is it ever too late to buy medical insurance?

Technically, no, it is never too late to buy a medical insurance plan. You can do it in your twenties, thirties, forties, fifties, or even later. Today, there are many senior citizen healthcare plans offered by insurance companies. However, the older you are at the time of buying your insurance, the higher your premium will be.

Even though there is no health insurance age limit, it is ideal to get health insurance in early stages of your life - 20s or 30s. At these stages of life, you are at your healthiest, independent and hoping to work as hard as possible to be more relaxed in your later years.

Here are some of the benefits you score when you buy your health insurance as early as in your twenties.

Lower premium charges

One of the prime benefits of getting health insurance in your twenties is that you are at negligible risk of suffering from any health issues. And there’s a possibility that you will continue to be that healthy for another few years. This means that, to your insurance company, you are a low-risk policy holder. Hence, you are eligible for a lower premium amount than anyone older than you.

Medical tests are not required

If you buy a health insurance plan after the age of 45, you have to get a medical test done. If you are tested for certain medical conditions, there are chances that they might not be included in the policy or may be included at a higher premium rate with certain waiting period.

Stress-free waiting period

Every health insurance plan has a waiting period of at least 30 days but in case of pre-existing diseases, this waiting period may be extended. At younger age, the chances of you having pre-existing health concerns are less and hence, you will not require immediate medical assistance or have to go through any waiting period. However, if you buy health insurance in later years with pre-existing illnesses, your waiting period may be anywhere between 2 to 4 years.

Tax benefits

Buying health insurance early can help you save money on taxes. Under Section 80D of the Income Tax Act. These tax benefits can also be availed by senior citizens. Under this act, senior citizens can avail of deductions on their medical expenses. The tax benefits you receive are influenced by your premium costs.

Comprehensive policy

As a young adult, you are eligible to get a comprehensive health insurance policy that includes lifelong coverage for all benefits like hospitalisation expenses, day-care treatment, road ambulance charges, daily allowance, etc. You can also choose to get more benefits by getting add-on coverage that will strengthen your health insurance policy further.

Lifelong renewal

When you buy health insurance, there’s no turning back. Hence, the lifelong renewal feature will keep you medically and financially secure even in your eighties. When you buy your insurance policy in the early stages of your life and don’t use it for a few years, you get the cumulative bonus for every claim-free year. Hence, you can keep renewing your policy and receive discounts as well as benefits each year.

In conclusion, sow the seeds now and reap the benefits later. It’s never too soon to get a health insurance policy. Hence, ensure that you prioritise your as well as your family’s health and get medical insurance at the earliest possible.

A good health insurance plan helps you safeguard your future from any unforeseen event. Thus, opt for a plan that will fulfil your needs with Kotak General Insurance.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.