Health Insurance For Young Adults in India

Earlier there was a myth that health insurance plans are designed for older people who are more prone to various diseases. Due to fast-paced and sedentary lifestyles, nowadays, younger people are getting various diseases like critical illnesses, disabilities, and other ailments like coronavirus in their 20s and 30s. Even deaths are also not restrained to elderly people. Anyone can meet untoward situations at any point of time in his/her lifecycle. Many young adults (above 26 years) are losing their lives due to various diseases.

Heart attack is one of the prominent causes of death in India and cardiovascular diseases are getting more popular among people who are below 50 years old. Many statistics have also claimed that nearly 20-40% of young people need hospitalization due to various health illnesses. In India, the out-of-pocket expenses for healthcare treatments are rising in manifolds due to inflation and advanced technologies. That’s why many young adults are opting for various health insurance policies such as individual health plans or family floater plans.

Why do young people need health insurance in India?

Medical inflation in India is rising fast.  According to the statistics, it was nearly 4% in 2017-18, but it came to around 7% in 2018-19. Moreover, due to sedentary lifestyle, unhealthy eating habits and increasing pollution, these days, diseases are not only constraints to a particular age group of people.

If you are a 26-years-old guy and staying in a non-metro city, then you should look for cheap health insurance for young adults. A family floater policy of Rs. 5 to 10 lakh sum insured could be adequate to meet your healthcare requirements in case of a medical emergency.

But if you are living in a metro city, then you must opt for the best health care for young adults. In this scenario, a health insurance policy of Rs 15 to Rs 20 lakhs will successfully meet all your healthcare needs. A health insurance policy of Rs. 5 lakhs will not be enough for you to sustain yourself in metro cities. You always look for separate health insurance for 25 years old that will cover all your medical expenses without paying anything from your end.

In today’s digitalized era, if you need to get admitted for 4-5 days for a common illness, then it will certainly drain all your savings. If you suffer from serious diseases like kidney ailments, heart ailments, etc., you may need to end up paying a hefty amount to the hospital for your treatment. Moreover, this lethal COVID-19 is a life-threatening disease to all irrespective of their age. The new COVID variant B.1.617 is even dangerous for young populations. To safeguard your health and stay protected against various diseases, you should opt for a health insurance policy of Rs. 10 lakhs (minimum).

Today’s young generations are more conscious about their health. Thus, they protect their health with a suitable policy after getting a job.

Will you purchase health insurance at a young age?

Many experts also recommend purchasing a health insurance plan in your late 20s or 30s. The prime reason is the waiting period clause in health insurance plans. The range of the waiting period may vary from insurer to insurer and this could be from 30 days to 4 years. After the completion of the waiting period clause, you can file a health insurance claim.

If you purchase a health insurance policy early, then the waiting period clause will be over when you are young and healthy. After that, you can initiate a claim as per your requirements.

You can enjoy the maximum benefits of your policy if you purchase health insurance at a young age. Most health insurance policies offer sub-limits and waiting periods for older applicants.

While purchasing a health insurance policy at a young age, you don’t need to go to any pre-medical check-ups. Many insurance companies offer a plethora of benefits, like OPD expenses, maternity benefits, etc. to young policyholders. Even many health insurance plans offer a sum insured of higher than Rs. 1 Crore.

Things to consider before buying the Best Health Insurance Plan for 25-year-old Male

If you want to purchase a health insurance policy at a young age, you should be careful about certain things before making any conclusion. Certain factors you should evaluate before any commitment.

• Type of policy purchased (individual or family floater)
• Policy duration, i.e., 1/2/3 years
• Select a company that has a healthy claim settlement ratio (more than 85%)
• List of network hospitals where you can enjoy cashless treatment for your disease
• Claim settlement process (both cashless and reimbursement)
• Intriguing features of the policy like maternity cover, daycare procedures, and add-on cover options
• Consider the sum insured amount and your premium amount
• Go through the list of exclusions
• No-claim-bonus that ranges from 10% to 100%
• A free-look period when you cancel your policy
• Waiting period before initiating the claims
• If you want higher coverage, then your premiums will be on the higher side

Consider the aforementioned point to make a wise purchase decision while buying a policy at a young age.

5 Best Health Insurance Plans for Young Adults in India in 2022

Here is a list of top 5 health insurance policies for young adults in India in 2022 as given below:-

1. Aditya Birla Active Assure Diamond Plan
2. Care Health Insurance Policy
3. ICICI Lombard Health Plan
4. Star Young Star Insurance Policy
5. HDFC ERGO Optima Restore Plan

Conclusion

The deadly COVID-19 pandemic has forced many people, including the younger population of the country, to purchase comprehensive health insurance plans to stay protected against various diseases. When you are young, you need to make prudent investment decisions so that you can lead a healthy and stress-free life. Since health insurance is a necessity for all, hence purchase the best health plans after comparing all the available plans in the market.