How Does Age Affect Medical Insurance?

Every person should have a health insurance to deal with at least unexpected major medical expenditures.?

You may have often heard people advising you to buy health insurance at a younger age. Have you ever wondered why?

How does age affect the purchase of a health insurance policy???

Health insurance premiums tend to increase with age.

A key factor in the calculation of premiums is the age of the policyholder and dependents.?

When purchasing health insurance, the older the insured is, the higher the premium will be. The policies are priced based on the health risk which becomes greater with older age.

As you get older, the increase in premiums will be more and more significant especially after entering your 50s and 60s. That’s why re-assessing your situation on a regular basis and remarketing your options make sense.

The advantage of securing health insurance when you are young and healthy is to have a wider choice of health insurance provider and being covered under standard terms.?

The continuity of coverage will avoid having exclusions due to preexisting conditions.

Your ability to buy or not insurance depends on your health condition.

The older you are, the more likely you are to have physical problems, chronic health issues or possible large expenses to come. Health insurers are scrutinizing the new applications to ensure that the level of risk they take is acceptable.?

This could translate into getting certain restrictions or special terms on the policy, for example an exclusion of a benefit cap or premium loading.

It is not rare to see that health insurers may deny coverage for new applicants diagnosed with severe ailments as they consider the risk too high for them to accept.?

This is where a brokers’ help could be precious to screen the market and get more chance to find a solution.

This is why enrolling when being healthy is paramount to have the maximum risks covered. Most high-end medical insurers will not require their insured members to go through underwriting each year if you just renew your benefits so once you successfully passed the underwriting step you can continue being insured without worrying.

New application age limit.

Many insurance products have limits for new applicants, for example 60- or 65-year-old for an initial application.?

The older the new applicant is, the less choices there are, and premiums tend to be high. When selecting a policy, it is also a good exercise to take a look at the future premium evolution with age.?

Some insurers have exponential rate increment for older age while some others will be flatter hence more sustainable in time.

When is the best time to buy health insurance?

Cautious parents will get their children insured from birth.

Some policies including maternity plan allow children to be enrolled underwriting free, which means all their possible health issues will be covered within the plan limits and terms & conditions from day 1.

If not, it is also possible to enroll kids afterwards and the probability of passing underwriting is higher and the premium is low.?

Buying insurance is not only a protection for children, but also can reduce the burden of children's future life, cultivate children's good habits from an early age.

If you are not covered at all, it's best to buy now.

No one knows what tomorrow is made of. It is impossible to predict when one may be injured, or when a sudden sickness could arise.?

But one thing is certain: today is the youngest day for the rest of our lives. If you have missed to be insured until this point of your life, then "now" is the best time to buy insurance.

Because the current age will always be younger than the future age, and very possibly your future physical condition in time will be worse than your current one, so it is best to buy now to increase your chance of being accepted.?

Buy in anticipation of future high risks

With the progress of medicine and technology, it is now possible to know your pre-disposition to potential illnesses through genetic testing even though it hasn’t been declared yet.?

By having this information early, you can ensure that you are fully prepared to face this risk by getting suitable health insurance that will cover this cost. In doing so you will prevent future high financial burden and ensure yours and your family wellbeing.

If you’re not sure what your options are or have any questions about health insurance, contact our experts today.

As a leading insurance broker, our experienced advisors are prepared to answer all your questions, and give you a free personalized quote and plan comparison.

We are offering FREE consultations to help you assess your situation and assist in choosing the right plan. (Scan QR code)

If you wish to know more, feel free to leave us a comment below or to contact us:

WeChat: JasonCKman

Email: [email protected]

Jason Man - Business Development Manager at Abacare Group Limited