VMPL
New Delhi [India], November 13: It is necessary to know about the age limit for health insurance policies. It will help you find the best coverage that best suits your age group. In this article, we will discuss the various age limits to health insurance policies and more.
What is the Age Limit to Get Health Insurance Policies?
There is no one age limit that applies to all types of medical insurance plans. The age limit is different for each unique type of health insurance policy. However, insurers do consider age as a factor for eligibility.
Note: When applying for a health insurance policy, it is crucial to check the minimum and maximum age eligibility limits for a successful application.
Examples of Age Limits for Health Insurance Policies
1. Senior Citizens Health Insurance Policy
Health insurance policies for senior citizens offer cashless hospitalisation and other benefits for critical illnesses, treatment, medication and more.
The applicable age eligibility for mediclaim policy for senior citizens is between 60 and 75 years.
2. Young Individual Health Insurance Policies
Individual health insurance policies cater to the unique health needs of young people. It provides an extensive coverage, including daycare procedures, cashless hospitalisation, and pre and post-hospitalisation expenses for the insured.
The age limit of these policies is generally between 18 and 40 years.
3. Women's Health Insurance Polices
These policies address the unique healthcare needs of women. With these policies, women get benefits like comprehensive coverage, health check-ups, newborn coverage, and preventive care. The age limit for these policies is between 18 and 75 years of age.
What is the Ideal Age to Get a Health Insurance Policy?
The ideal age to get a health insurance policy is before the age of 30. Here are a few reasons why it is beneficial:
1. Lower Health Insurance Premiums
One of the biggest advantages of getting a health insurance policy at an early age is the lower premiums. It is because insurers categorise younger people under a lower-risk profile.
Moreover, young people who have good lifestyle habits, a healthy BMI and a clean medical history have zero waiting period.
2. No Requirement of Pre-Policy Checkups
The hassle of pre-policy medical screenings is very time-consuming. This is not something that applies to young individuals who buy health insurance policies.
Young individuals get to purchase health insurance policies easily due to their young age and associated low-risk factors.
3. Higher Savings in Long Term
Rather than not being able to get a health insurance policy at a later age due to age restrictions in health policies, it is better to lock in early.
Furthermore, this will also give you a chance to save more in the long term on healthcare-related expenses.
4. Protection of Your Family Against Any Liabilities
In a broad sense, a health insurance policy will ensure that they are not facing a financial crisis in the event of a health emergency.
5.Options for Getting Additional Benefits
There are insurers who offer attractive benefits for early policyholders, such as discounts on premiums, a vast range of coverage options and a wider choice of hospitals. By purchasing health insurance early, you will also inevitably get a broader range of options to choose from.
What is the No-Claim Bonus Benefit on Health Insurance Policies?
Most of the health insurance policies have a no-claim bonus benefit. It means that when an insured person does not make any claim during the policy year, the sum insured gets increased for no extra costs. The premium amount also does not get increased further.
As a young individual, you will have higher chances of making no claim. This means you can accumulate this bonus over time, which will result in additional advantages due to the no-claim bonuses.
What are the Factors to Consider When Getting a Health Insurance Policy?
Apart from the health insurance policy age limit, there are some other things that you need to keep in mind when purchasing a health insurance policy:
1. Sum Insured
A lower sum insured leads to lower premiums, but that tactic is one to fail and not viable. Make sure that you are selecting a sufficient sum insured so that it adequately covers unexpected health emergencies.
2. Room Rent Cap
Room rent refers to the expenses related to room charges during a hospital stay. There are insurance providers who impose a restriction or upper limit cap on how much they will cover during your hospital stay.
Hence, it is necessary to check these details as well, apart from age limit for health insurance policies, before making any decision to purchase the policy.
3. Exclusions
Every health insurance policy has both inclusions and exclusions. By having an idea about the exclusions beforehand, you can avoid any surprises when trying to claim a policy.
Final Words
By knowing the age limit for health insurance policies, you can opt for different policies wisely. This will help you conduct a better comparison to best suit your healthcare goals and lifestyle needs. Secure your health today by getting a suitable health insurance policy.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL.will not be responsible in any way for the content of the same.)
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