It is important for every person to buy health insurance. But what about young people! Should they not invest in health insurance? Majority of the young population feel that they lead an active life and are in good health. Hence, they do not feel the need to purchase one for themselves. According to industry experts, if you are able to afford, then you should then check out health insurance plans in hindi or English as preferred and buy a suitable plan. It will be a wise idea to get a health insurance policy as soon as you reach 18 years old. 

Reasons for young adults to invest in health insurance plans

1. No need for pre-policy medical checkup:

Since you are young, lead an active lifestyle, you are expected to be in good health. Hence, medical checkup will not be necessary to buy a health policy. Therefore, the insurance company does not carry out pre-purchase health checks, thereby not discovering any medical/health condition that otherwise could increase your premium amount. But those having crossed 45+ years need to undergo a medical checkup, based on which the amount is set. This way, by not having to undergo a medical checkup, you also save ample money. 

2. Lower premium amount:

One of the major factors considered by insurance companies to determine your premium amount is your current age. Young people, by default, are assumed to be healthy and hence, invite lower liability on them. But elderly people are found to be more prone to contracting different types of ailments. Hence, insurance providers regard this group to be a major liability. Therefore, lower the age, lower is likely to be your premium.

3. Cumulative Bonus:

Majority of the health insurance plans offered in the market offer cumulative bonus. This is for each claim-free year. You may use the availed bonus to improve your insured sum amount without inviting additional charges. Being more fit, you are not likely to make any claims throughout the policy year. Thus, with time, you tend to earn a cumulative bonus. However, older people might require to lay claim due to medical conditions arising due to their age, thus not accumulating cumulative bonus. 

4. Overcome waiting period:

There is a mandatory thirty days of initial waiting period that comes with every health policy. During this period, young people generally do not lay any claim since their chances of contracting serious medical issues are very low. But elderly people are more susceptible to medical emergencies within a few days of purchasing a health policy. However, the waiting period will not allow them to make any claim if health issues arise during this time. 

5. Financial freedom:

Health insurance is generally purchased to meet huge medical expenses. Having a valid health policy will allow you to save huge amounts on those medical expenditures, caused mostly by leading a sedentary lifestyle. Without a policy, you will be compelled to pay from your pocket, encash your retirement funds or take loans from different places. It will only cause trouble to those caring for you. With a policy, you can derive enhanced financial freedom. 

When to buy a health policy? What is the right age to invest?

According to experts, you need to invest in a health policy during your mid-20s and early 30s. You are expected to be in good health during this time while being free from financial responsibilities. 

• Investing in a health policy in your 20s: During this age, you can pay premium without much worries since you experience less financial pressure. Also, you enjoy affordable premiums while deriving the very best insurance coverage based on your insurance needs. additional coverage can also be availed like maternity insurance and overcoming waiting period if plans are there to marry and have a family. 
• Investing in a health policy in your 30s: Since you are expected to be a married person and have small children, you should choose a family health plan. Coverage should be available for spouse and children. Also get additional coverage for various types of diseases including heart ailments, cancer, Covid, etc. With claim chances being more, you will expect an increased health insurance premium. 
• Investing in a health policy in your 40s & 50s: Choose higher coverage. During this age, you are likely to experience the highest financial responsibilities. Hence, choose wider coverage having critical illness combined with sum inured enhancement advantages. You will have to pay a very high premium during this time. Family floater coverage can help reduce premium amounts, but still be high. 
• Investing in a health policy in your 60s: A hefty amount will be charged during this phase of life as you are likely to experience severe health issues. You may require hospitalization, frequent doctor visits and long-term treatments. 

It is for this reason, you are recommended to buy a health insurance policy now at a young age so that it’s cumulative benefits can be enjoyed at a later age. Contact the professional advisors at Care Health Insurance for more details.