Why Young Adults Shouldn't Delay Buying Health Insurance?
Many young adults often think they can worry about health insurance later in life. After all, they are healthy, focused on building their careers, and enjoying their lives. But here’s the reality: health emergencies don’t come with warnings. When they strike, they come with hefty bills that can turn your world upside down. Thus, buying health insurance for adults early is the best way to protect your finances and peace of mind when it’s needed the most.
Key Highlights
- Delaying health insurance increases the risk of facing high medical expenses without coverage.
- Young adults face higher premiums and coverage exclusions if they delay buying health insurance.
- Early health insurance purchases offer benefits like no-claim bonuses and restoration benefits.
- Health insurance helps manage rising medical inflation and ensures timely access to treatments.
Many young adults often think they can worry about health insurance later in life. They are healthy. They focus on their careers and enjoy their lives. But here’s the reality: health emergencies don’t come with warnings. When they strike, they come with hefty bills that can turn your world upside down. Buying health insurance early is the best way to protect your finances and peace of mind when you need it most.
Table of Contents
Importance of Buying Health Insurance for Young Adults
Good health insurance for young adults provides financial protection. It also enables access to the modern medical care system. Let’s take an example to understand its importance.
Rakesh, a 35-year-old software professional in New Delhi, was commuting to the office one morning.. He had always cared about his health. He believed health insurance was a “later in life” need. That belief changed on a rainy Tuesday.
As he crossed an intersection on his bike, a speeding car jumped the red light and collided with him. Within minutes, medical staff rushed Rakesh to a nearby private hospital. After weeks of hospitalization, Rakesh was on the path to recovery, but the medical bills of Rs. 10 lakhs told a different story.
Rakesh didn’t have health insurance policy. His family wasn't ready for such a big expense. They had to get a high-interest personal loan and borrow from relatives to pay the bills. Now, imagine if Rakesh had medical insurance.
Most health plans cover hospital bills, surgeries, ICU stays, and post-hospital care. His family wouldn’t have had to scramble for funds, take on debt, or risk their financial stability.
Potential Risks of Delaying Health Insurance Purchases
If you delay purchasing health insurance, you may run into the following risks:
- Insurance Denial for Chronic Diseases
Delaying your health insurance policy purchase has major risks. If you wait, the insurance company might not approve your claim for a chronic or rare disease. If you don't buy it in your 20s or early 30s, insurers might charge high premiums later. They could also exclude coverage for these conditions.
- Medical Inflation
Do you know that the current medical inflation in India runs at 14% and is expected rise?
In 2025, gallbladder surgery at a well-known private hospital in India costs between Rs. 45,000 to Rs. 200,000, more than what it was 5 years ago. Delaying health insurance now can lead to higher treatment costs. You may also face much higher premiums later.
Key Benefits of Buying Health Insurance at an Early Stage
Young adults gain many benefits from buying good health insurance. They get wider choices of plans and more.
NCB refers to the reward given to the policyholder who doesn’t file a claim during the policy year. Usually, for each claim-free year, the insurer raises the sum insured. This increase is often between 5% and 50% for the following year. Low-cost health insurance for adults gives you better protection without raising your premiums.
If you use up your whole premium in a year for any illness, the insurance company will restore it. They won’t ask you for more money. Many health plans for young adults come with a restoration benefit. If you buy the policy in your 40s or 50s, your premiums will rise. Also, you may not get the restoration benefit for the same illness in that year.
When you buy health insurance at a young age, most companies don’t ask you to take a medical test. This is because you are likely healthy and have no serious health issues. Insurers feel confident giving you coverage without needing any reports or check-ups. Thus, it makes the process faster and easier.
- Lower Risk of Rejection
Buying health insurance for young adults under 26 lowers the risk of application rejection. Young people often have fewer health issues. So, insurers tend to approve their policies easily.
Today, most policies have a waiting period of about 3-4 years. During this time, you can't file a claim for specific surgeries or serious diseases. As you get older, the risk of illness and hospitalization increases. So, it's wise to buy health insurance while you're still young. Buy health insurance sooner to finish the waiting period quickly. This way, your policy covers pre-existing conditions and other treatments.
- Wellness Rewards
Buying health insurance early can help young adults save money. You might get discounts on premiums, gym membership vouchers, or even free medical checkups. For example, if you have the best health insurance for young adults and you’re maintaining optimal health every year, then the insurance company will grant you wellness rewards periodically.
So, that’s a wrap. Delaying medical policy is a risk no middle-class family can afford. Even though employer-provided insurance is a good thing, it’s still not sufficient. Health insurance is essential for young adults. It offers cheaper premiums, comprehensive coverage, and access to the latest medical facilities.
