Why do young adults need to avail of health insurance?

Updated: Nov 14, 2019, 18:14 IST | Partnered Content |

While health insurance may be the last thing on your mind in your twenties, it's probably more important than you think

This picture has been used for representational purposes.
This picture has been used for representational purposes.

Abhay, 23, has just landed his first job. He stays with his parents but is looking to move to a home of his own within the next year or so. When asked whether he has a health insurance policy, his answer is in the negative.

In your twenties, your career will be off to a great start. A new home, a new car – all these lifestyle upgrades will be on your mind. Further, you may also look at getting married in the not-so-distant future. Like Abhay, while health insurance may be the last thing on your mind in your twenties, it’s probably more important than you think. Let’s take a look at the reasons for making medical insurance policy a priority.

Is healthcare affordable?

While modern medicine boasts of an increased life expectancy, it’s equally true that lifestyle diseases and illnesses are on the rise as well. Only too often, we hear about people being diagnosed with inflictions such as diabetes and heart ailments at an alarmingly early age. Further, such diagnoses require the intervention of healthcare professionals to manage these conditions.

It is also a known fact that the cost of healthcare is on the rise in India. A coronary artery bypass graft surgery, for instance, can set you back by upwards of INR 3.0 lacs. For a large section of the population, it is a significant sum to spend out of pocket. When you have the right health insurance, however, it is not a financial burden to provide the best medical assistance for yourself as well as your loved ones.

Why do young adults need health insurance?

Nobody plans to fall ill or to get injured. Unfortunately, even a healthy person may require medical assistance on a contingency basis, and this can happen at any age. Therefore, it is never too early to get insured. Here are some of the benefits of starting early:

. Lower premium payment: The earlier you avail of insurance; your premium amount is more likely to be lower and coverage that much higher.

. Waiting period is covered: Availing of health insurance as a young adult means that the mandatory waiting period (typically 30 to 90 days) before the policy cover begins, is likely to get exhausted without any medical emergency arising.

. No claim bonus: The longer you survive without making a claim on your health insurance policy only boosts your chances of a no-claim bonus, which gets added on to the sum assured of your policy. This benefit continues to accrue every year on policy renewal.

. Tax benefits: Additionally, health insurance offers attractive tax benefits to the person paying the premium. The earlier you begin, the longer you can continue to avail of this tax deduction.

Merely being covered is not enough; it is equally important to be insured for an adequate amount. To determine the amount of coverage you require, factor in the life stage you are at, your lifestyle as well as your future plans.

Make insurance a priority

Here’s a pro tip – don’t get hassled by the information overload out there. An IRDA-certified trusted insurance aggregator such as PolicyX.com should be your go-to for all your health insurance needs. You can compare multiple plans across several insurance companies on a real-time basis, which means you have instant and accurate information to help you make an informed decision.

To conclude, get an insurance policy best suited for your needs and that of your family, and look forward to a financially secure future.

 

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