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People often think that buying health insurance later in life is okay but one needs to understand that if the threshold is crossed, there are risks of proposition.
Health insurance is denied in many cases including genetic disorders such as Parkinson’s and substance abuse-related health issues.
The other cases include unproven medical treatments like fertility procedures or cosmetic surgeries, high-risk occupations like mining or truck driving and repeated risky or unlawful behaviour, including traffic offences.
For pre-existing diseases, a health insurance plan has a waiting period which ranges from 2 to 4 years.
For the insurance which is taken after the disease is diagnosed, one might have to pay and use money out of their own pockets for the particular disease.
1. Lower Premiums: The younger and healthier one buys the insurance, it often gets to lock in lower premiums.
If the insurance is bought at an young age, one is more likely to get coverage without medical exclusions.
One can wait for the insurance waiting period, when healthy.
There are also rewards like discounts of up to 100 per cent on premiums by insurers for maintaining good health.