Among the different factors that matter in terms of financial planning for yourself or your family’s health requirements, health insurance stands out as the most important. Taking into consideration the qualification requirements of various health plans is important to make sure that your loved ones are financially protected.
However, it can be challenging to select an appropriate health insurance online, especially without knowing the eligibility criteria. With proper knowledge of the eligibility criteria for health plans, you can compare and choose the policy that best works for your family.
This guide discusses the different factors that affect the eligibility criteria for health plans.
How Can You be Eligible for Health Insurance?
When you compare health plans online, you have the advantage of using a health insurance premium calculator to find out how much premium you will have to pay for the plan you choose.
It is when you fill out the parameters using this tool that you come across different factors that affect the premium cost of your medical insurance plan. Here are factors that affect your eligibility criteria when opting for a health plan for you/your family.
Your Health Condition
A term frequently used in health policy is a pre-existing disease, which refers to an illness one suffers before purchasing a health plan. One of the health insurance requirements is that you should not have any pre-existing disease, and if you do, you should declare it to your insurer.
For example, if you suffer from diabetes and wish to purchase a health plan from TATA AIG, it is essential for you to disclose your pre-exiting illness. Once you declare your pre-existing disease to the insurer, you may be offered a medical cover that would include such a disease, but at a higher premium.
Medical Test
One of the eligibility criteria for qualifying for health insurance is undergoing a medical test before purchasing a health plan. Individuals above 40 years are mandated to undergo a medical test to help the insurer decide what health plan type will work best for such individuals.
Your Age
Generally, the medicare age requirement falls between 18 and 65 years. The earlier you resort to purchasing a health policy, the more beneficial it is for you financially. If you start investing in a health plan early in your life, you have to pay a lower premium and you can remain insured for a long time.
Opting for a health plan after the age of 65 can be a challenging task and an expensive affair.
Policy Exclusions
Again, health insurance eligibility is dependent on whether or not the disease that you suffer from is covered under the health policy. Some insurers exclude certain illness types from their health plan coverage as a part of eligibility criteria.
Exclusions to their health policies could include some disease types or specific procedures or treatments.
How Age Plays an Important Role in Eligibility for Health Insurance
Age is a factor that directly affects your eligibility for health insurance. While generally, the maximum age for health insurance is 65 years, it can extend to 80 years for senior citizens.
Here are some important benefits of buying a health policy at a young age.
Lower Premium
As discussed earlier, the medicare eligibility criteria include your age as an important factor. If you purchase a health plan below the age of 25, you will have to pay a low premium, and if you buy a plan after 50, you will have to pay a hefty amount as a premium.
More Benefits
Purchasing a health plan when you are young not only allows you to fit into the medicare eligibility criteria comfortably, but it also grants you several benefits. These benefits are, however, not available as you age because the older you get, the more you are at risk of developing diseases.
Moreover, old age makes you prone to developing lifestyle-related ailments.
High Sum Insured
When you are young, your sum insured is higher, while the premium you have to pay is lower than when you are old. As you age, the sum insured keeps getting expensive. If you plan to buy a health plan after 50, you will have to undergo a medical examination to even avail of a health policy.
Conclusion
Knowing the basic medicare eligibility requirements for a health policy helps you make the correct choice when buying a health plan for your family. Having an understanding of the eligibility criteria and details of the health plan will ensure that all your family members are well-insured. You are recommended to communicate with the insurance company directly to find out the exact eligibility criteria of a medicare insurance plan.
