Health Insurance Plans For Young Adults In India

Almost 20%-40% of young people in India need hospitalization for some or the other serious illness that may require emergency healthcare.  The reason why health insurance for young adults under 26-years and above 26 is picking up in both individual health plans and family floater policies is the growing inflation rate, which is more than 50%.

What Does It Means To Buy A Health Insurance Plan At A Young Age?

It is important to buy a comprehensive health insurance plan in your late 20s or 30s. The reason behind this is simple- the waiting period clause in most medical insurance plans. This period can range from 30 days to 4 years. It depends on the type of policy you are purchasing, and till this waiting period clause is over you are not eligible to file any health insurance claim.

So, getting insured early will help you get rid of the waiting period soon while you are still young and healthy. And can easily file a claim at the time of the need. You can avail maximum coverage benefits out of your policy if you buy it at a young age as most of the sub-limits and waiting periods apply to the older applicants.

You probably do not need to undergo any medical screening before policy purchase. Many insurers are offering a wider scope of coverage benefits to young customers including OPD expenses, maternity benefits, among others. These days, you can find various health insurance plans for sums insured higher than Rs 1 Crore.

Things Young People Should Consider Before Buying a Health Insurance Policy

If you are a young individual who is looking forward to buying a health insurance policy, there are a few things that you need to be aware of before you make a final decision. Here are certain important factors that you need to keep in mind before buying a health insurance policy:

• Type of policy required (individual or family floater)
• Policy duration i.e. 1/2/3 years
• Claim settlement ratio (CSR)  should be more than 85%
• List of network hospitals where you can avail cashless treatment
• Claim settlement process ( both cashless and reimbursement)
• Policy features like hospitalization cover, maternity cover, daycare procedures, add-on cover options, etc.
• Check the sum insured amount and the premium charged against it
• Do check the list of policy exclusions
• No-claim-bonus, which ranges from 10% to 100%
• Free look period, during which you can decide to continue or reject the policy
• Waiting period before you can start filing the claims
• Policy premium, the higher the coverage amount the more is the premium and vice versa

Now that you are aware of what all you need to keep in mind, remember to take these points into consideration before you buy a health insurance plan for young adults online. To reiterate, there is no doubt that an early investment in health insurance will benefit you a lot in the longer run.

Conclusion

If you are in your 20s or your 30s it is the time when you can plan your investments wisely, and during the Coronavirus pandemic, the realization and need to buy health insurance has increased too.  It has now become necessary for all age groups. When buying a health insurance policy, you can pick the one that serves your purpose and is worth your hard-earned money.

Also Read: Calculate your health insurance premiums with Dekho's premium calculator.