Whenever you have expressed interest in buying health insurance, how many times have you heard someone respond with, “The sooner you buy health insurance the better”. Why? Is it because you don’t get health insurance after you reach a certain age? According to Insurance Regulatory Development Authority of India (IRDAI), any one up to the age of 65 years can get health insurance.
Yes, you may buy health insurance for your senior citizen parents. In fact, some new-age health insurers offer health insurance to people who are above 65 years old, based on their underwriting terms. Moreover, if your parents are above 60 years of age, you can get tax benefit up to Rs 50,000 under Section 80 D.
When IRDAI has stated that health insurance providers should offer health insurance cover to anyone up to the age of 65 — if they meet underwriting conditions — you may ask, "Why should you hurry with buying it?" Perhaps, health insurance can be purchased after you take your dream vacation or after you have paid off the loan for your car or after you have enrolled your children into the dream school. Of course, you may wait to buy health insurance till your other ‘dreams’ are fulfilled, but what if you fall critically ill or meet with an accident while doing so? A lack of health insurance at the time might mean that you will have to dip into savings that you would have reserved for your holiday or child’s education or dream home. In fact, if you have the right health insurance, you may not have to touch your savings to cover your hospitalisation and other healthcare expenses. Today, you can get health insurance up to sum insured of Rs 1 crore.
Finally, after assessing your expenses, you may decide to postpone your health insurance purchase for a few years. This decision may be complemented by your belief that you don’t need health insurance right away because you are healthy. Well, congratulations that you are healthy and love to take care of yourself. However, if you purchase health insurance a few years later, your health condition may not be the same as it is presently. For instance, if you are diagnosed with an illness such as diabetes while purchasing health insurance some years later, you may have to bear the underwriting loading for the illness and/or waiting period thereon to receive coverage for the illness.
Hence, if you buy health insurance now when you are healthy, you can avoid insurance proposal rejection or underwriting loading due to medical conditions. You can enjoy your insurance coverage without any capping, and at a lower premium too.
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