What is the Right Age to Purchase Health Insurance for Women?

For most youngsters who are done with college and moving on to the next phase of life such as starting a new job, there are things to be checked off under the adulting checklist. While most regular checklist includes adventure traveling or soul-searching journeys, adulting checklists include finding a new place to live, learning how to file ITR (income tax returns), assessing and managing funds, and most importantly getting a health or term insurance plan. In the natural cycle of growing up and growing old, one may be faced with some medical conditions, either due to increasingly sedentary lifestyles and work stress, or on account of other reasons as well.

Life insurance endowment is a type of mutual fund that is set up to provide a lifetime income in the event of death. In return, the owner receives regular income over time from the company’s investments. Life insurance endowment has been around for decades, but its popularity has been rising in recent years.

While medical science is now advancing at an exponential rate, the costs of hospital or medical treatment for most diseases have also been rising exponentially. The best way to be able to afford treatments, if and when necessary is with a health insurance policy. The policy helps provide you with the right medical and financial help and saves you a lot of stress and money during a health challenge. The policy also offers you cashless treatment under a network of hospitals ensuring a hassle-free experience.

Right Age to Purchase Health Insurance for Women 

A recent study states that men live shorter and healthier lives, while women live longer and may be prone to bad health in advanced senior years. One in 5 women in India suffers from PCOS and other medical conditions. Now, that most of the women are handling both professional and familial responsibilities, it can be very difficult to set aside time for self-care or personal health. This is all the more reason for women to buy health insurance policies to ensure they can afford the best medical care without losing out on precious life savings. 

When it comes to health insurance policies, there is no such thing as the right age to buy a policy. But, the unspoken golden rule is the earlier the better. When it comes to women, the health insurance policies can not only be beneficial for health ailments, but also for covering the expenses related to reproductive health, pregnancies and post-natal care. Generally, health insurance comes with a waiting period before which the policy comes into effect. Since pregnancy is considered a pre-existing condition, the maternity cover has a waiting period of 3 or 4 years, based on the insurer.  

While health insurance, in general, can be beneficial, purchasing them at an earlier stage can be a lot more beneficial. The premiums of health insurance are generally determined based on the existing health condition of the policyholder. The chances of being vulnerable to diseases increase with age, so women can enjoy lower premiums if they buy a policy while younger. Further, it can also reduce or eliminate the waiting period procedure helping them avail coverage with immediate effect. So, our advice to all women out there, who have not purchased an adequate health insurance policy already, now is the right time for it. Buy early and enjoy a stress-free and healthy life.

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