Can you buy health insurance anytime you want?

Health insurance has emerged as one of the most important insurance product portfolios in recent times for urban dwellers. This is owing to the health uncertainties and the complex lifestyle we all are leading at present. From pollution to tough nuances of modern lifestyle, stressful living, and the rising medical costs, a lot of factors are adding up to cause the acceleration of health insurance today. However, just buying health insurance is not enough. It is also vital to understand the prospects of the insurance policy, including its total claim amount, inclusions, etc. But, what is most important here is the timing of the insurance policy.

What is the best time to buy a health plan?.
There is no fixed age conventionally when it comes to buying a health insurance policy. However, the interesting thing to note here is that the longer you stay insured with a particular insurer, the higher are your perks on the policy. You tend to get unclaimed bonuses over time that add to your benefit and help you seek added advantage with time. So, even though as a young individual you do not tend to fall sick often and hardly have a reason to claim your insurance, but the right age to get insured is when you are in your twenties ad early thirties. A medical insurance plan at this age becomes the building block for your future and then you can continue investing in it to get the maximum benefit at a later stage in your life, by when your lump sum may have increased substantially, owing to the unclaimed bonus.

Keep in mind tax implications Your health insurance is a savior in many ways, not only does it help secure you from future illnesses and keeps you covered against unwanted medical worries, but it also helps you get ample tax benefits. So, when planning the policy purchase, do keep in mind that you need to do so before the end of a financial year, that is the 31st of March. This way, every financial year you can claim a substantial sum for your health insurance policy under Section 80D of the Income Tax Act. Moreover, by paying the insurance for your parents, you can increase your tax benefits further.

When deciding the right health policy, insurers pay attention to:

  • Deductible and co-payment clause in the plan.
  • The sum insured amount you pick.
  • Coverage for pre-existing medical conditions.
  • Any add-on covers.

There is no way that insurance agents or insurance companies can predict and pre-determine the occurrence of health conditions for an individual. They can assume the risk factor owing to age and generally allow for a bigger coverage on a lower premium to a healthy, young individual. So, to get the maximum advantage on your health plan, it is always good to start early on a lower premium and let the coverage grow over time. However, it is not possible to buy an individual policy for someone below the age of 18 years. At this stage, the policyholder will have to be supported through the family insurance plan. So, the idea of individual coverage comes once you are an adult.

Avoid medical tests by starting early When you start early with your health insurance policy, then automatically you are exempted from the medical tests. This full body checkup is a prerequisite for the elderly and they have to undergo a long list of tests in order to get a health insurance plan. This way the insurer is aware of their underlying illnesses and can decide on the inclusion and exclusion list beforehand in order to avoid any ambiguity.

When you have timed it right, you can proceed to buy the best medical policy. At this stage, get in touch with the best insurance agent in Mumbai, Akshar, and make your decisions rightfully. They will judiciously help you sort out your inclusions list on your policy and tell you about the benefits and exclusions thoroughly. This will help you choose the best health insurance policy with ease and the same will allow you to stay covered for all your illnesses. So, consider the medical needs of you and your family, and then with the assistance of your agent, choose the right healthcare coverage to get benefited in the future.

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