In the current scenario, when medical expenses are on the rise, health Insurance is not an option but a necessity.
Today, diseases, illness, disability, and death not only strike the old and elderly but also young adults. As per a recent study, it is found that Indians are 10 times more likely to die out of heart diseases than the rest of the world. Problems like depression, stress, anxiety, diabetes, and heart attacks which were mostly seen in older ages are now being faced and encountered by young and younger generations too.
With the rising incidents of diseases in young adults, it seems that 30 is the new 50. This increases the need for a health insurance plan even for younger generations who consider themselves healthy.
Importance of Health Insurance Plan for the Younger Generation
A health insurance plan is important for various reasons. Let’s discuss these reasons for buying a health insurance plan for young adults:
- Peace of mind- Health Insurance is important for your peace of mind. Even when you are young and healthy, buying health insurance is a wise choice. You will not have to worry about any financial stress when an unforeseen injury or illness befalls you.
- Greater coverage- Investing in a health insurance plan at a younger age ensures greater and longer coverage. Many health insurance plans offer wide coverage benefits for young adults without any restrictions. Thus, you would be able to avail of comprehensive coverage when you buy the health policy at a younger age.
- Exhausting the waiting period- Usually, health insurance plans have a waiting period of 2 years to 4 years for pre-existing illnesses. Buying a health insurance plan at a young age means exhausting the waiting period of the plan while you are young and healthy and do not have pre-existing illnesses. Therefore, when illnesses strike, you would be able to enjoy complete coverage from the health plan.
- To enable you to seek quality medical treatment- Many people who do not have a health insurance plan find it hard to seek quality medical treatments when they need them. This proves detrimental to their health. Health insurance plans, by covering your medical expenses, enable you to seek quality medical treatment without pinching your pockets.
- Accidental injuries- Accidental injuries can happen to anyone. Young adults are more prone to accidental injuries as they live a fast-paced life. If you meet with an accident, you don’t have to worry about the hospitalisation expenses if you are covered by a health insurance plan.
Options for a Health Insurance Plan for Younger Generations
Since having a health plan is necessary there are two coverage options for younger generations. They are discussed below-
- Family Floater Health Insurance Plan
Family floater health insurance policy safeguards the entire family against medical emergencies. It provides coverage to all the members of the family, both younger and older. If your parents have a family floater health insurance plan, then you might be already covered under it. You can, therefore, check the coverage of your parents’ floater cover. However, under family floater health insurance plans, coverage to dependent children is allowed only up to 23 or 25 years of age. So, if you are older than the maximum coverage age, you need an independent health plan for your coverage needs.
- Individual Health Insurance Plan
If you are not covered under your parent’s family floater health insurance plan or if you are older than the maximum age under the family floater coverage, you should buy an individual health insurance plan. If you are financially independent, then you can buy it for yourself. If not, your parents can buy an individual health insurance plan for you.
In the coming time, the importance of health insurance will keep rising with the rise in diseases due to the unhealthy lifestyle of people. Buying a health insurance plan, therefore, is an investment that should be done as early as possible. Even younger generations can be covered under a health insurance policy. Because diseases and injuries can strike at any time and lead up to considerable financial losses in the absence of health insurance. So, if you are a young millennial, get covered under a health plan. If you are a parent of a millennial, ensure that your child is covered under a health plan for financial security.