Health insurance for young generation

By: Pranav V Sharma

It is a good idea to start planning and securing future at an early age. There is a tremendous rise in the awareness of importance of securing future unexpected expenses from an early age. Thus more and more youth are indulging in buying health insurance policies from an early age. Also you get the best possible plans if you are below the age of 25 or 30. If right insurance policy is chosen then it will be there with you life long as well as will stand by you in times of need.

It is a fact that everyone needs to buy health insurance policy at one time or the other during their entire lifetime. Well if one has to buy health insurance policy then why not early. Also age of an individual is one of the factors that affect the cost of health insurance policy. Once you turn 31 then according to the government norms one has to pay an additional 2 % surcharge per year on the actual cost of the health insurance policy. The numerous advantages that an individual can obtain on buying a health insurance policy include the following:

• Premiums: As one is young, he is healthy and do not indulge in dangerous activities for a living. This enables you to choose a plan with low premiums. Thus one has to pay less amount of premium time to time (can be monthly, 3 monthly, 6 monthly or yearly). In return you will get greater lump sum whenever one requires health care. When choosing a plan that offers low premium it is very essential to understand what will be the upper limit of the cover that will be provided when you undergo health treatment. Also make sure that you understand the policy very well so that when you file a claim then you don’t get any shocks later.
• Coverage limitations: Usually when opting for health insurance policies that offer less premiums and more coverage then there could be some limitations on the healthcare that one may undergo and thus might file a claim. These limitations include that the insured may be able to file a claim only if he uses a specified network of health care providers. Note that to eliminate these limitations one might have to pay more premiums.
• Coverage scope: A good health insurance policy has a wide coverage scope. It covers the cost of hospital stays, the charge of doctor visits that you may require, cost of prescribed drugs, emergency evacuation costs etc. A female under 25 who is interested in buying a health insurance policy can also include the medical expenses due to pregnancy if she is planning a pregnancy in coming years.
• Rewards: Some insurance policies reward the insured by providing weight loss incentives or discounts on gym membership etc.

There are multitudes of health insurance policies and plans available in the market. Therefore it is essential to spend some time in shopping around and doing some research and comparing of different plans before choosing the right one.

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Pranav Sharma is an insurance agent based in Mumbai; Pranav assists individuals and corporates in purchasing the right health insurance & often shares his insights about the Mediclaim industry on internet.

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