Health insurance guarantees peace of mind. This is common knowledge. However, most of the youngsters shy away from making the move. Get it at the earliest, from the day you start earning on your own.
There are benefits of buying health insurance plan at young age
Low premium: Buying a health insurance policy at the age of 25 can cost you less, as compared to if purchased in your 30s. As you age, chances of getting ill increases and that determines the health insurance premium.
The protection your employer offers is never enough: Check the expenses of your last hospitalization. Compare it with the protection that insurance company offers. The result is sure to prompt you to buy a policy for yourself at the earliest. Health insurance protection when young also improves your ability to prepare budget. It comes handy when you grow old.
Types of health insurance for youngsters-
Following are the common types of health insurance available for youngsters in India:
- Mediclaim policy: This takes care of your expenses during hospitalization due to accident or illness. The policy covers all in-patient charges like doctor’s fee, surgery, anesthesia and the like. This plan is known in the market in several names. Group Mediclaim insurance, Individual medical insurance and overseas medical insurance plans are just a few to mention among them.
- Family floater policy: This covers your entire family. The stipulated amount under the policy gets divided equally among members. Family floater health insurance policies come with lower premium than their individual counterparts. So, a family floater plan can cover parents, spouse and kids, if the insured is married.
- Unit linked health plans: Numerous health insurance companies have introduced these types of plan. They combine insurance and investment. The amount available upon maturity here depends on the changes in the stock market
- Critical illness plans: These, as the name suggests, take care of your expenses upon diagnosis of critical illnesses. You can get them as part of your medical insurance or as standalone policies. Your policy here covers the following ailments: Heart attack, Stroke, Cancer, Bypass surgery of the coronary artery, Kidney failure
- Group Mediclaim policies: These are the most popular among the business owners of today. They help them take care of their staff and retain top performers.
- Definite medical plans: These offer a stipulated sum to the insured upon diagnosis of an ailment. Critical illness plans, hospitalization cash benefit plans and personal accident plans fall in this category.
Check your policy and go for the one that offers protection to maximum number of ailments.
Tips to remember
Keep the following points when buying health insurance coverage to avoid unpleasant surprises:
- Be mindful of the claim process: Go for a policy that comes with a simple process when filing claims. This makes sure that you are getting the claim when you need it.
- Choose the right policy: Combine affordability with safety when making a choice here. The sum assured should suffice for your hospital expenses. The younger you are, the lower your premium will be. Choose the policy that gives wider coverage in affordable premium.
- Free medical checkup: Choose a plan that offers free medical checkup at regular intervals.
Spending for health insurance when young may appear to drain your budget. But it is a wise investment to take care of your medical expenses in your old age, and when you are not working.