Did you know that millennials are the most uninsured generation in Kenya? Perhaps this is because millennials are also known to be more risk-averse when it comes to their money. Regardless, if you’re a millennial and don’t have medical coverage, your generation has some explaining. But not getting insurance at a young age can be risky, especially if it means that a major illness or accident could lead to bankruptcy or other serious financial problems later on down the road.
Many people think they need medical coverage only when they start ageing or when they become prone to falling sick and dependent more on medicines. One of the biggest misconceptions about health insurance is that people think that they do not need it if they are young and healthy. But this bubble needs to burst sooner than later.
People as young as 18 years of age can buy health insurance in Kenya. And people below the age of 18 years can be covered under the health insurance policy of their parents. It is well-known that Health insurance is as important for children as it is for adults.
The key factors that determine the health insurance premium are:
Following are some of the advantages of purchasing a health insurance plan early:
Earn the benefit of cumulative bonus: At Shimin Insurance Agency, we offer our customers the benefit of a cumulative bonus, which is an opportunity to earn a higher SI (Sum Insured) without any increase in the premium amount for every claim-free year. If you are young, it is very less likely that you file claims frequently. Thus, if you get medical coverage at a young age, you can earn a cumulative bonus for every claim-free year.
The right age to get medical coverage is in your mid-twenties and early thirties. At this age, you will most likely be in your best health and will be free of any financial responsibilities of your family. Let’s take a look at the outcome of buying a health insurance policy at different ages below:
If you buy medical coverage in your mid-twenties, you will be able to pay its premium easily as you won’t have any financial pressure. Your premiums will be affordable, which will allow you to opt for the best coverage as per your insurance needs. You will be able to afford additional coverage such as maternity insurance and get over its waiting period in case you plan to start a family in the coming years. Moreover, you can get a lifetime renewal facility and earn a cumulative bonus with ease.
If you decide to get medial coverage in your thirties, you are most likely to opt for a family health plan. You may be planning to settle down and start a family at this age if you haven’t already and would want coverage for your spouse & children as well. Further, you may want to buy additional covers for diseases, such as heart ailments, whose symptoms are known to start showing at this age. Thus, the likelihood of your health insurance premium increasing and raising a claim is greater in your thirties.
If you are thinking of getting medical coverage in your forties and fifties, you would need to opt for higher coverage. Your financial responsibilities will be the highest at this age and you may have developed certain ailments like diabetes, high blood pressure, cancer, etc. As a result, you may have to opt for wider coverage with critical illness and sum insured enhancement benefits. Your premium will no doubt be very high at this time. You may opt for a family floater coverage to reduce your premium to some extent but it will still be pretty high.
If you are getting medical coverage after turning 60 years old, you will have to pay a hefty premium amount. You are most likely to face severe health ailments during this age, which may need long-term treatment and hospitalization. A primary health policy will not be sufficient at this stage of life and you may require a senior citizen health insurance policy. They will come with a higher sum insured and provide coverage for AYUSH treatment, domiciliary hospitalization, organ donor expenses, etc.
The right time to buy a health insurance policy is as soon as possible. The sooner you buy, the better it is for your pockets. Make sure to compare different health insurance plans online on Shimin Insurance Agency to choose the best policy within your budget.