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What type of health insurance policy is suited for people in their prime?

Regardless of age, gender, or well-being, a health insurance policy is the need of the hour. It’s high time we move past the notion that health insurance policies are only meant for older people. Post the global COVID-19 pandemic, the essentiality of good healthcare facilities and financial support for all age groups has become quite evident. 

Not surprisingly, around 20-30% of the young Indian population needs hospitalization due to some kind of health vulnerability. A sedentary lifestyle and lack of discipline have made young adults more susceptible to illness and other health problems. While medical emergencies are unanticipated, they can be fatal and financially draining. Hence, having a suitable health insurance policy should be an absolute priority. 

Types of Health Insurance Policy 

Buying a health insurance policy is relatively easy, given that you approach it the right way. There are a variety of health insurance policies available in the market wherein each offers distinct coverage facilities. It is important to inquire about such policies in detail before getting one.

Most people in their prime neglect health insurance and often consider it an additional expense. However, this shouldn’t be the case. This article will take you through the importance and types of health insurance policies that assure financial and medical aid in case of emergencies. 

Broadly speaking, health insurance policies can be categorized into two types i.e., Indenminty plans and Defined-benefit plans. The most popular health insurance policies suitable for people in their prime are discussed as follows: 

Indemnity Plans: These include common insurance plans that assure financial coverage up to a certain insured amount. 

    Mediclaim insurance – This is the most basic yet essential type of health insurance that every individual must have. As the name suggests, this insurance policy covers all the medical expenses incurred during hospitalization such as the doctor’s fees, nursing expenses, medicines, oxygen, etc. It is mostly available in all types of insurance i.e., individual, group, or overseas. 

    Individual insurance – Meant for every candidate individually, buying individual insurance entitles the person to claim up to a certain insured amount incurred during a medical situation such as hospitalization. In this case, each person is eligible to receive financial medical aid individually. 

    Family floater insurance – It is one of the most common types of health insurance policy that people opt for. A family floater plan assures medical coverage for the entire family wherein the total insured amount is equally divided among the members. What makes this insurance plan preferred over others is the low premium payable amounts that are higher in the case of individual and Mediclaim insurances. 

    Unit Linked Insurance – A combination of both insurance and investment, this is a good health insurance plan for the young population. In such insurance plans, a part of the premiums paid is invested in the stock market while the rest is meant for medical coverage only. However, it is important to note that returns on the amount utilized for investments depend on the current market conditions. 

Defined-Benefit Plans: This is a special type of insurance plan wherein an individual can receive a lump sum compensation amount on the detection of certain illnesses.

    Critical Illness – Owing to the rising number of lifestyle diseases and their widespread impact on the young population, getting a critical illness plan is a wise decision. One can rest assured of receiving high-care medical facilities and treatment in case of severe diseases without worrying about expenses. Common illnesses under this plan include organ transplants, cancer, kidney ailments, heart attack, etc.

    Accidental plan – This type of insurance is ideal for those who travel frequently and are more likely to meet with an accident. In cases where the insured person has met with an accident, he/she is liable to receive a large compensation amount from the insurance company. 

    Hospital daily plan – This is mostly included in the health insurance plan where the eligible candidate is paid a certain amount to cover the everyday hospital charges other than the hospitalization charges. 

Why is health insurance necessary for Young Adults?

In the year 2022, the medical inflation rate in India rose to an all-time high of 14% which is a key contributor to the rising demand for health insurance policies. Upsurging health problems and hefty medical care expenses have made health insurance imperative for all. Changing lifestyle habits, increasing pollution, and other rising health problems can affect anyone, lead to financial burdens, and make a hole in the pocket. Hence, a comprehensive health insurance policy is important for securing both health and finances at a young age. 

Also, most of the sub-limits and waiting periods are inapplicable to young people in their 20s and 30s. As a result, they can easily claim medical aid without having to go through varied formalities. Of late, the devastating impact of the global pandemic has cautioned everyone on the need for medical insurance that covers accidental and other health emergencies. Anyone can be a victim of accidents, chronic diseases, terminal illnesses, and other eventualities. While these are unlooked for, one should be prepared for such situations. 

Summing Up 

Multiple reasons make health insurance policies essential for young adults. Financial aid against unforeseen medical crises is the most crucial of the many reasons that make health insurance vital. Quite often, the cost of adequate medical care facilities can exceed regular savings and demands for out-of-pocket expenditures in emergency situations. This financial drainage can be avoided by getting a health insurance policy that assures quality health solutions in the quickest time possible.


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