Right Age to Buy a Mediclaim Policy

It is a common misconception amongst young people (below 40 years) that they are immune to all sorts of medical problems and no severe ailment can ever touch them. To be frank, no one ever thinks of falling ill. However, that’s not how life goes. Medical issues are a modern-day reality. You can fight them but you cannot escape them altogether.

And if you think about it, falling ill is not the worst part, as you can always check yourself into one of the hospitals across your city and get yourself treated. It is the inability to afford proper medical aid; due to lack of finances or Mediclaim coverage that is the actual issue. As hospitalization expenses have been following an upward trend since last few years, seeking quality medical care without cashless Mediclaim could literally burn a hole in your pocket.

Taking all of this into consideration, it is ideal to buy a health insurance plan at a young age.

As a responsible Insurance Service Provider, we at IFFCO Tokio offer the best health insurance policy as it would help you tide over tough times with ease. Here we are listing out various advantages that you can enjoy when you avail a Mediclaim cover at a young age:

When you subscribe to a mediclaim at a young age, your chances of suffering from those ailments are very less. Therefore you can very easily comply with the waiting period requirements. On the contrary, if you were to avail, let’s suppose a new mediclaim policy for senior citizens at an older age, waiting for a few years for particular ailments to get covered can even be life-threatening.

As a result, if you opt for a Mediclaim policy once you are in your late forties, you might already have a few pre-existing medical conditions, which is excluded from the policy coverage, would defeat the whole purpose of it.

  • Low Premiums: - The best part about buying a Mediclaim policy online at a young age is that you get a large cover for a relatively lesser premium, as most insurers calculate their premium based on your age. For example, if you get a cashless Mediclaim policy at the age of 25, the premium that you would pay would be much lower as compared to getting a new policy at the age of 45.

  • Extended Coverage: - Opting for a cashless Mediclaim policy at a young age enables you to get coverage for a wider number of medical conditions at lower premiums as compared to coverage for the same ailments at an older age. The cost of adequate mediclaim coverage is only going to increase with time, so it is better to start early and continue enjoying the benefits for longer durations.

  • Lower chances of rejection: - When you buy online Mediclaim policy at a young age, the chances of you being rejected for the coverage is very low. When you are young, there are many more productive years ahead of you and you are less susceptible to age-related medical conditions. Therefore, there are very minuscule chances of your application for cashless Mediclaim policy being rejected.

  • Waiting Periods: - The time period after which certain illnesses are deemed to be covered under a Mediclaim policy is known as the waiting period. The waiting period for specific illnesses differs from one insurance company to another and the difference could be anything from a few months to a few years.

  • Pre-existing conditions: Most insurance companies exclude certain pre-existing conditions from the Mediclaim plan coverage. When you are young, your chances of suffering from chronic ailments are relatively lower. Hence, when you opt for a cashless Mediclaim policy very few ailments shall be excluded from the protection of the policy.

  • Freedom to choose: When you are young and decide to opt for a Mediclaim, you will be in a better position to dictate your own terms and exercise your power to pick from among the multiple options available in the market. When you cross the age of 40, the number of options available to you decreases significantly and you might have to choose a cashless Mediclaim policy which might not serve all your requirements.

  • Lifelong renewability: You also have the option for lifelong renewability of your cashless Mediclaim policy for family and self, which would ensure that your insurance coverage remains ongoing for the rest of your life if you continue to pay your premiums on time.

  • Financial Planning: When you decide to buy Mediclaim policy at a young age, you not only get greater coverage for a lower amount, but you also get the freedom to plan your finances in a better way. Having an assurance of medical coverage, you get to better utilize your finances and even make long-term investments.

  • Cumulative Bonus: When you do not make claims during a policy period, no claim bonus is added to your Mediclaim policy. When you are young, there are extended periods over which you need not make any claims, as such your cumulative bonus would be added. This will offer you extended coverage over and above the sum insured, which will come in handy when you get old and need to file claims for hospitalization.