Despite the fact that you are fit and healthy when you are young, there is a very important reason why you should buy health insurance, especially in your 20s. This is why health insurance covers all your medical treatments requiring hospitalization.
As a young person, it is only natural to think that “nothing will happen to me because I am young and healthy”. However, this is no longer true. According to various industry sources, one in five heart attack patients is under the age of 40.
One in four people under the age of 25 is diagnosed with type 2 diabetes. Respiratory or lung problems may start to develop in their 30s as a result of active or passive smoking. You don’t have to be old to get any of these diseases.
The reason why young people contract these diseases early is due to their sedentary lifestyle which includes unhealthy diet, irregular sleep patterns, work-from-home schedules and stress.
By following this lifestyle as you age, you are more prone to contracting illnesses that require hospitalization. As you get older and contract illnesses, your health insurance premium increases dramatically. Despite the conditions, you must wait 3 to 4 years, which corresponds to the “waiting period” of the policy, before which your health insurance does not cover your pre-existing conditions requiring hospitalization. This can become dangerous because you will not receive any financial assistance from your insurance company if you are on a waiting period.
However, in your twenties, you don’t have to face any of these issues. You will easily get a health insurance policy with substantial coverage for a very low premium amount as you are less prone to illnesses.
Different Types of Youth Health Plans?
John Mayne, Executive Director of Coverfox.com, said that “there are different types of health insurance policies in India eg individual health insurance policies, family floating policies, critical illness insurance policies, plans for the elderly, etc. can start by purchasing an individual health insurance policy and then move on to a floating family health plan in the future.
Now let’s take a look at why you should get health insurance early, and what are the main benefits you can enjoy in your 20s and not when you get older.
Reasons to buy health insurance in your 20s
1. Low premium
John says, “When a person is in their twenties, their chances of developing a health problem are lower than those of people in their thirties and forties. Therefore, they have to pay a low premium.
This is true because people in their twenties have to pay an average premium of Rs 8,000 per year for a coverage amount of Rs 5 lakh. People in their thirties will have to pay an average premium of Rs 12,000 for the same amount of coverage. As you get older, your risk factor for acquiring lifestyle-related illnesses increases and, as a result, your premium increases.
2. Low health risks
A comprehensive health insurance plan covers you for many serious illnesses like heart disease, kidney failure, diabetes, cancer, and more. However, once you contract any of these conditions, your premium will increase dramatically. The insurance company can also put a permanent exemption to offer coverage for any of these illnesses if the condition is too severe.
However, if you buy health insurance in your 20s, you are safe because most critical health issues begin when you are in your late 30s. Not only do you pay a low premium, but you also get coverage for future critical illnesses without any issues if you purchase health insurance early enough.
3. Protect your savings
John Mayne also mentions that “Even if you buy a health insurance policy with Rs 5 lakh coverage when you are young and healthy, looking ahead, you won’t have to worry about your health bills. hospital up to Rs. 5 lakh. Rs 5 lakh health insurance is like an emergency amount of Rs 5 lakh in your savings account which you can use anytime for medical purposes. In addition, your savings remain intact.
4. You end the waiting period
As you get older you are more likely to get certain lifestyle diseases like heart disease, kidney disease, diabetes, cancer, etc. Buying health insurance with a pre-existing health problem has a waiting period that varies between 3 and 4 years.
What if an emergency arises while you are waiting for your policy? In such a situation, you will not be able to use your health insurance coverage amount to pay for medical expenses.
Therefore, purchasing health insurance in your 20s helps you end the waiting period faster. Since you are young and in good health, there is rarely a chance of falling into a medical emergency related to a lifestyle-related illness.
● Your health insurance covers any treatment requiring hospitalization. It also covers pre and post hospitalization costs.
● When you are young, your premium is low with an adequate coverage limit.
● Your waiting period ends faster and your long-term future is secure.
● Your savings stay intact and you don’t have to worry about hospital costs.
The author, John Mayne, is executive director of Coverfox.com. Opinions expressed are personal