What Is The Best Age to Get Health Insurance and Why

Getting sick is inevitable. Whatever age you are, you become vulnerable as you are exposed to various elements that can trigger sickness or injuries. It is why having health insurance is vital nowadays, especially with the emergence of COVID-19 that infected millions of people worldwide.

However, many people are still pondering whether they already need to acquire health insurance or not. Some may even ask why they should get one. In this article, we’ll shed light on these questions to help individuals decide whether it is the right time to get their medical insurance or wait it out.

When Should You Get Health Insurance?

As soon as you turn 26 years old, you will be automatically removed as a dependent of your parent's health insurance. It is why experts suggest that as soon as you turn 26, you start applying for medical insurance of your own.

However, not everyone who turns 26 can afford to get one. The choice will still depend on your capability to acquire insurance.

Moreover, you can also choose to acquire term health insurance in the meantime rather than getting a permanent one. Because you might still have no permanent job at 26, which means you still cannot afford permanent premium health insurance.

It is not easy to start paying for health insurance when you are still starting in life. Although it is recommended, nobody is required to acquire health insurance, especially if your finances do not allow you yet.

If you plan to get health insurance now, you might want to do some research and inquire about the price of the health insurance that you want by contacting the insurance company.

Reasons Why You Should Buy Insurance at the Young Age

There are many benefits of acquiring health insurance while you are still young. If you plan to get one at a young age, here are the benefits you should expect.

Lower Premiums

Because you are still young, the insurance company still considers you a lower liability. Young people are strong and healthy, which means they’re less likely to get sick or hospitalized. In return, the insurance company will not be paying any bills for you anytime soon.

As you get older and the risk of acquiring sickness and hospitalization increases, you become a greater liability for the company. Thus your premium also becomes higher. Remember that your age is the determining factor of your health insurance premium.

Acquire Financial Freedom

Having health insurance at a young age will give you the financial freedom you want. You have to note that the primary purpose of health insurance is to pay any expenses that will come up concerning your health.

If you have health insurance covering all your medical expenses for you, you will get the chance to save more. You will reach financial freedom quickly because you can focus on saving money rather than paying for medical expenses.

Earn A Cumulative Bonus

Some health insurance companies give their policyholders a cumulative bonus for every year they haven't claimed the insurance. This opportunity will give you the chance to increase your policy amount without any extra cost to you.

Because you are young and healthy, there is a small chance of you using your insurance for any medical needs any time soon. Thus, expect to earn a cumulative bonus every year.

It is why you must choose a health insurance company that offers this kind of benefit to their policyholder. Ask your insurance agent about the cumulative bonus before you purchase a policy.

Other Options

In Addition, once you acquire your first insurance, you should also consider getting additional insurance products over time. You can do this through cross selling insurance, which your existing insurance agent will offer you. Therefore, ask your agent to ensure that you get the best out of your insurance plan.

To Sum It Up

Buying health insurance as young as 26 years old will provide many benefits to you as a policyholder. So, if you are already 26 and plan to acquire health insurance, you are making the right decision. Wait no longer and start filling up a health insurance application form.

On the other end of the scale, if you are approaching age 65, become familiar with Medicare by reviewing our many articles on this insurance topic.