It is never too late to avail a health insurance plan. You must avail a health insurance plan between 30 to 35 years of age. However, if you are 40, then you are at the mid-point of your career where most of your long-term debts are either ongoing and you have certain family liabilities like taking care of your dependents or children’s education.
At this age, you still need to earn to provide for your family and take care of responsibilities as well as stay healthy. So, it is advisable that once you are 40 years of age, you must purchase a health insurance plan to take care of any sudden medical expenses. This helps avail quality treatment at the right time and keeps finances stable.
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By the age of 40, you would most likely suffer lifestyle diseases like diabetes or high blood pressure. So, while purchasing the health insurance plan, make sure your policy has a low waiting period. This helps avail the benefits of health insurance, without having to wait for a long period. The waiting period of health insurance plans for pre-existing diseases varies from 2 to 4 years.
In case you have a pre-existing medical condition, then you must choose your health insurance plan, based on the waiting period to avail coverage when you badly need it.
Premium loading refers to the premium that an insurer needs to cover the medical costs of the insured as well as make a profit. Some insurance companies choose to increase the premium amount of health insurance plans, for people availing health insurance at a certain age i.e. 45 and above.
Loading of premiums is also done by considering other factors like pre-existing health problems, smoking and drinking habits and so on. So, before purchasing a health insurance plan, find out if premium loading is applicable.
If you are already suffering from high diabetes or health issues or you have any chronic ailments, then chances are your insurer might impose coverage restrictions. Read the policy documents or compare plans online and study policy exclusions. Do not choose a plan which does not suit your medical requirements. While comparing plans online, choose a health insurance plan that has good coverage features and has beneficial riders like daily cash benefits, critical illness cover, hospital room cover and so on.
See Also: Health Insurance Benefits
The cost of healthcare and medical facilities are on the rise, due to factors like inflation. While purchasing health insurance, make sure that sum insured is sufficient to cover the medical expenses and hospitalization charges. You must opt for a health insurance plan with high sum assured. Check if No Claim Bonus (NCB) is offered for years in which claims are not made.
A health insurance plan comes with add-on riders which help the insured enhance the policy cover. So, carefully check the add-on riders like critical illness rider and death benefit rider to guard against financial uncertainty in case of critical illness or a road accident.
Most of the health insurance companies in India, ask you to go through a mandatory health check-up before the purchase of a health insurance plan. A pre- medical check-up is a must for people purchasing a health insurance policy after 40 years of age. The insurer decides the policy premiums based on your health conditions.
Compare and evaluate the health insurance plans available in the market. You can get the best deal by comparing the various health insurance policies online and comparing features and benefits. Choose the plan which provides comprehensive coverage, has minimum restriction and fits your budget.
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