Here’s a look at the top 5 factors to look at while also looking at your need when buying medical insurance:
- Age: It is often said that you should buy health insurance when you don’t need it because you will not get it when you need it. The best time to purchase a policy is when you are young and without any medical disorders, as is starts getting more expensive as you grow older. It will be more expensive to buy a plan, let’s say, at the age of 40, than to buy it when you are 30 years old. With every passing year, you will end up paying higher premiums for the purchase and for subsequent renewals.
- Initiation of Coverage: Coverage against all specified medical expenses doesn’t start from day one. Most insurance policies have varying waiting periods for different types of diseases and benefits. You should assess your current and future requirements while deciding to purchase protection.
- Maternity Benefit: The maternity benefit provided under most plans has a waiting period attached to it. This waiting period differs from company to company. Most insurance companies have a 2-3 years’ waiting period for availing maternity benefits. You can’t be an expecting parent already and then purchase the plan to cover for expenses. Thus, it is important you be insured before you plan a baby.
- Old-Age Diseases: As you start growing old, diseases and health issues related to ageing start developing. Most insurance companies exclude coverage for such diseases if they are found existing in the person being insured or they increase the amount of premium significantly. The right time to buy health insurance is before you have developed any such diseases so that you are covered against the risk without paying too much.
- Hereditary Diseases: There are some diseases that run in families and one can be almost sure of developing the disease at some point in their life. If there is a history of any disease in your family, then you should purchase insurance for yourself before you have developed that disease yourself.