No matter what time of the year you are reading this now is always the best time for purchasing any type of policy or insurance program.
You should buy a health insurance policy when you are in your youth or early 20s. If you purchase a health insurance plan during the age of 25, this would average out to about $15 per month. On the other hand, if you were to wait until you reached the age of 40 your premiums would be anywhere from $75-$100 per month.
This is a general rule that applies to most types of insurance policies. The earlier you buy, the lower your rates will be. And, if you wait until you are older, the premiums will be much higher.
Other than that common rule, there are three reasons why getting your health insurance coverage now will save you money in the long run.
1. You will take advantage of open enrollment periods
Open enrollment periods are the time of year when you can sign up for a health insurance policy without having to go through underwriting. This means that you will not have to answer any questions about your health history, and you will be approved for coverage immediately. The open enrollment period for most health insurance policies is typically in the fall, but some companies will also allow you to sign up outside of open enrollment for a more limited amount of coverage.
2. You can avoid paying the fine for not having insurance by signing up now
The Affordable Care Act, also known as Obamacare, requires all Americans to have health insurance. If you do not have health insurance and are not covered under a government-sponsored program, you will be required to pay a fine. The amount of the fine varies depending on your income, but it can be quite expensive. By signing up for health insurance now, you can avoid having to pay this fine.
3. By getting coverage now, it will keep you out of a high-risk pool and save you money on your policy
If you do not have health insurance, you may be required to join a high-risk pool. These pools are for people who have been denied coverage because of their health history. The premiums for high-risk pools are usually quite expensive, and the coverage is often less than what you would get if you were to purchase a policy on the open market.