Two types of insurance for health can be broadly classified as: group health insurance and retail health insurance. Group health insurance is a policyThis is a policy that an employer takes out for a group of employees to pay hospitalization costs. The policy covers one person or a family. The retail health insurance policyThe customer can purchase the product at any time during their LifeTime.
Let us understand the right age to start investing in a health insurance policy.
- 18-30 years:- This is when a person will start earning in their life. This is the ideal age for a person’s health. As people would become sick more often at this age, the need for health insurance would be minimal. This would be the first job of most people in this stage. This is the best age to buy a policy of health insurance. The premiums are very affordable and the policy can be purchased quickly without requiring a pre-policy check.A retail health insurance policy can be taken at this age to reduce waiting periods.
- 31- 50 years:- This stage is mid-life. It’s the time when a person has gone through many stages, such as marriage, childbirth, age related diseases, promotions in career, etc. This is the best stage to get health insurance if you haven’t taken the first stage of your health insurance plan.
A pre-policy health checkup may be required for customers who have any pre-existing conditions.As the policy should cover the entire family, the customer is able to purchase a higher level of health insurance.
- 51-60 years:- This is when a person would plan his/her retirement. Fund allocations would be made on the basis this planning.
This stage would have fewer options for health options insurance policies than the other two. This stage can be used to satisfy waiting periods and allows for claims to be made without waiting until retirement.The premium at this stage is high and waiting periods can be as long as four years.
- Senior Citizens:- This is the final stage of a person’s life where they can retire and live a happy life. A proper insurance policy can make a person’s life more peaceful. hospitalization expensesThey would haunt them.
This period would see very few options for health insurance. This is the time when co-pays would become a part of health insurance policies.
To determine whether or not to provide a health insurance policy, the company might request that customers undergo pre-policy screenings. This stage is where insurance companies have the power to reject customer requests for health insurance policies.
