All About Health Insurance for Young Adults in India
Updated On Jul 02, 2021
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There has always been a perception among many that health insurance policies are for old people, but nowadays people are understanding the importance of health insurance policies and have started to get one in their 20s and 30s. These days, critical illnesses, disabilities, diseases like coronavirus, and death are not just confined to elderly people. These are unforeseen situations that might occur at any point in your life.
According to statistics, around 20-40% of young people need hospitalization for some of the other reasons, the costs of which load heavily on their pockets. The out-of-pocket expenditure for healthcare in India is also higher when compared to other countries like the US and UK.
Therefore, regardless of age, health insurance is a necessity for everyone.
Why Do Young Adults Need Health Insurance?
Healthcare inflation in India has been on a steep rise. With around 4% in 2017-18, it rose to 7% in 2018-19. Moreover, with the changes around in the climate and increasing pollution, the contraction of diseases is not motioned towards one age group of people. Anywhere and everywhere there is a possibility of unforeseen circumstances.
The spread of coronavirus disease should be a big lesson as to why we all need a health insurance policy, that too young. The people who don’t have a health policy cover have to undergo the costs of treatment from their pocket, which burdens them financially leading to insolvency in their budget. Therefore, one must secure their health and finances with a health insurance policy as soon as possible. These days young adults cover their health with a suitable policy as soon as they start earning on their own.
Appropriate Health Insurance Plans To Consider In Your 20s And 30s
The type of health insurance plan to choose depends a lot on the surroundings that you live in. a person living in a non-metro city can choose a family floater health insurance plan in which the expenses can be covered with a claim amount of around Rs. 5 Lakhs.
But if a person resides in a metro city, the charges applicable in hospitalization and treatment are much higher, and so an amount of Rs. 5 Lakhs is not recommended, in such cases, they can go with a separate plan with has a claim that can cover all the expenses without spending much from their pocket.
Factors To Think About Before Buying A Health Insurance Policy
Health insurance policies are offered by many insurers and all of them have a combination of one or the other facilities. Proper research and knowledge about the same can help you choose the best for yourself and your family.
There are certain essential factors which an individual must be aware of before buying a health insurance policy, which includes:
- Type of policy( individual or the family floater insurance)
- Process of claim settlement
- Duration of the policy
- List of policy inclusion and add-ons
- Policy features like hospitalization, medical bills, doctors consultation, etc
- Specified waiting period before availing the claims
- Policy premium, as with the increase in coverage increases the premium
- Period before which you can reject or continue the policy
- Nearby hospitals where cashless facilities can be claimed
- No claim bonus from 10 to 100%
Keep in mind these factors while choosing your health insurance plan and buying a health insurance cover at your young age is always the best choice to make. This secures your health, future, and finances.
Also Read: Young & Healthy? You Still Need Health Insurance!
Reasons Young People Should Buy Health Insurance
Conclusion
When you are young, it is important for you to plan your investments and finances wisely. For this, you might have to refer to a few sources and gain some knowledge about the subject, but it is for the good.
In the case of a health insurance policy, as seen above, it is best to have it when young. Often when mishaps take place, people fall short of money and face monetary issues which hampers the quality of treatment. In order to avoid such a situation to occur, get your health insurance policy on time.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
