Just turned 18? It’s super exciting. You’re now an adult and are old enough to drive and vote. When you’re 18 or even in your 20s, you feel full of energy and ready to rock the world. You probably don’t want to think about illness and medical emergencies, right? The truth is that this is just the right time to buy health insurance. After all, you’re an adult, which means it’s time to start making responsible choices.
You may be wondering why you need to get a health insurance policy at such a young age. Here’s a look at some of the reasons to buy health insurance early.
Insufficient Funds
Many people put off getting a medical insurance policy because they have just started earning and their income is low. However, low income is the very reason why you need health insurance. With low income and low savings, getting quality healthcare is practically impossible with adequate health insurance coverage.
Age is Not a Barrier for Medical Emergencies
If COVID-19 taught us anything, it’s that people of all ages are vulnerable to falling ill. In fact, recent studies show that younger adults are now more susceptible to medical conditions that were earlier associated with age. The rise in risk factors like obesity, lack of exercise, unbalanced diet, and substance abuse (like smoking) in younger adults have led to serious health problems. An increasing number of young adults are now affected by high cholesterol, high blood pressure, Type 2 diabetes, heart attacks, strokes, and even certain forms of cancer.
Lower Health Insurance Premiums
Age is among the most important criteria that determine the premiums when you buy health insurance. Insurance providers consider younger adults to be healthier, with a lower chance of falling ill and filing a claim than older adults. So, they provide insurance at much lower premiums when you’re young. You can get comprehensive health insurance coverage at highly affordable premiums.
No Medical Tests for Health Insurance
When you’re younger, you may be able to buy health insurance without having to undergo a series of medical tests or with a minimal pre-policy medical checkup. This makes it much more convenient to get a medical insurance policy. Also, there is no risk of a medical condition increasing your premium. As you age, the tests required will gradually increase.
Waiting Period is Over at a Younger Age
Insurers typically have an initial waiting period, called a cooing period, of 30 days. During this time, you’re not eligible for any claims, even if you have a medical emergency. Health insurance policies also have different waiting periods for a list of diseases, during which you cannot file claims for those specific conditions. For pre-existing diseases, the waiting period usually ranges from 2 to 4 years. When you’re younger, the chances of you needing to file a claim within the waiting period are much lower. Getting a medical insurance policy at a young age means you won’t have to go through years without coverage when you’re older.
There are some other benefits of getting a health insurance policy at a younger age. For instance, some health insurance providers offer a bonus every year when you don’t file a claim. This bonus can be used to increase your coverage or sum insured. With so many advantages, the preferred age to buy health insurance is as soon as you turn 18.