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What is the Right Age to Buy Health Insurance & How Much Coverage Do You Need?

By Finserv MARKETS - Dec 25,2019
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When to Buy Health Insurance

There is one common perception, due to which a significant amount of people in India are underinsured. A majority of adults believe that health insurance is only a necessity in case of critical illnesses or during old age. A rise in the incidence of these illnesses and the increasing cost of treatment has only strengthened this belief. However, in reality, even young adults need health insurance. The increasing cost of treatment and the rising number of ailments account for a huge share of claims. This depicts the size of insurance you need to have and the illnesses you need to cover.

Purchase basic health plans

You must have a regular health insurance plan in your portfolio. Some of the most common health conditions include pregnancy, diseases of the digestive system, parasitic diseases, and diseases of the respiratory system. Critical ailments can put you in a financial crisis. However, you may be likely to contract common ailments, which are usually overlooked. A health insurance plan is indispensable and the common infections or ailments can happen to anyone in any age group. In addition to infectious and digestive ailments, injuries also account for one-third of the total claims. This throws light on the point that non-critical ailments can drain your savings.

Ailments that have high claims

Illnesses such as cancer and diseases of the circulatory system such as hypertension, and joint and spine issues have a high claim. Even non-life threatening illnesses can impact your finances. The cost of medication and hospitalization is going to increase in the coming years and it is best to take the right decision now.

According to economic times, policyholders falling in the age group of 19 to 35 accounted for almost 43% of the total claims for poisoning and injuries. Moreover, they account for 42% of the total infectious diseases claims. Another reason for claims is accidents. Many policyholders under the age of 25 tend to meet with accidents and the average claim size is INR 55,000. Individuals in the age group of 26 to 35 and 36 to 45 also suffer from genitourinary ailments, which is otherwise associated with senior citizens. The young population is exposed to public facilities and the external environment. Some infections are no longer seen as an age-related problem.

Consider future costs

Many insurance companies predict a rise in the number of diseases in the next five years. This will lead to more out-of-pocket expenses if you do not have a health cover. In addition, respiratory diseases are expected to rise due to the deteriorating quality of air and air pollution across the country. Apart from hospitalization, you will have to factor recurring expenses as well.

For all the reasons mentioned above, it is best to invest in a health insurance plan at a young age. If you buy a health insurance plan available on Finserv MARKETS when you are younger and fitter, you can avail of a valuable insurance cover at an affordable premium. Through Finserv MARKETS, you can avail several benefits like access to a large number of network hospitals, cashless hospitalization and swift claim settlement. Additionally, you will also be eligible for tax benefits through deduction under section 80D of the Income Tax Act, 1961.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522