International Youth Day – Tips To Get Started With The Right Health Insurance Plan

August 12, 2021 5:58 PM

Before zeroing down on the right health insurance plan, remember to buy a plan that suits your requirements and fits within your budget too. Once, you are clear of your requirements, the policies can be sorted and bought easily.

national youth day, health insurance, health insurance plan, Covid-19 pandemic, waiting periods for pre-existing conditions, sub-limits, no claim bonus, port to a higher cover health policyMany young adults often feel that employer-provided health insurance is enough, but when you change jobs or as we saw due to the Covid outbreak many lost their jobs, this can leave people completely vulnerable because you lose out on corporate policy health benefits.

The pandemic has made people more conscious of their health, and it has given us a big insight into why health insurance is a must-have product. Covid has also encapsulated that medical emergencies can arise anytime, anywhere to anyone and create a huge financial strain for individuals and families. However, in India, the number of the population who has health insurance coverage vs the ones who do not are still very off-balance, only a minuscule percentage has some kind of health coverage.

Though due to Covid we have seen an increase in awareness among consumers, especially young adults about buying health insurance policies. This increased awareness of insurance among millennials is a good sign because it is no secret that the level of education and the health of the people play an important role in shaping the future of our country and fuel economic growth.

Also, it is significant to understand that the pace of modern lifestyle is changing rapidly, bringing its own set of stresses and unforeseen health challenges, which are hard to predict. Thus health insurance is no longer an option but a necessity in the current times for two main reasons

1. Soaring healthcare costs and,

2. The increasing rate of lifestyle diseases.

Many people have experienced this during the ongoing pandemic, where we have seen families getting affected due to this infectious disease, costing them the entire savings of their life which were saved to address the other goals in life such as higher studies of their children or marriage of their children or even to manage post-retirement expenses and aspirational goals. Therefore, to avoid depletion of savings due to any such situation or health condition, it is necessary to have your best defence and be prepared with enough health insurance coverage.

So, if you’re a millennial shopping for health insurance for the first time, and wondering where to start?

Here are some pointers that will help you choose the right health insurance plan?

  • Millennials should get health insurance early in life. If you’ve turned 26, you’re no longer covered under your family floater plan. So it’s time to choose the plan that’s right for you. The reason it is always advisable to buy a personal health insurance policy at a young age is to prepare for any unprecedented occurrences. Buying the plan early helps in several ways including lower premiums, no claim bonus and reduced chance of claim rejection. This is due to continuous coverage and finishing off relevant waiting periods.
  • The right health insurance coverage. It depends on many factors such as where you live, your preferred healthcare network that you will access, and the family’s size. One should choose a policy that covers not just hospitalization but also related medical costs together with outpatient treatments and check-ups. Besides, inflation-adjusted Sum Insured should be selected carefully in tune with the present and future medical treatment and hospitalization costs.
  • Look for Wellness & Value-Added Benefits. Preventive care, helps you stay healthy. Thus it is imperative to check for health plans that provide additional benefits such as cumulative bonus boosters, wellness programs, and rewards for a healthy lifestyle amongst several others at no additional cost.
  • Access to quality healthcare. You need access to personalized quality treatment from doctors and hospitals, no matter where you are when unexpected injuries and illnesses occur. So choose a comprehensive health insurance policy that gives lifetime access to quality healthcare in India and abroad. In today’s uncertain times, this assurance means a lot and is a huge confidence booster for that much-needed peace of mind.
  • 24/7 service & ease of claim process. When you have questions, you’ll want access to your claims, as well as health care experts who can answer your questions. A simple and smooth claim process comes as a boon at the time of settling your claims.
  • Consider a Super Top Up plan. Many young adults often feel that employer-provided health insurance is enough, but when you change jobs or as we saw due to the Covid outbreak many lost their jobs, this can leave people completely vulnerable because you lose out on corporate policy health benefits. That’s why a personal comprehensive health insurance plan along with a Super Top Up plan that comes at a nominal cost is a great value for money option to keep you better prepared to deal with health emergencies and take the financial stress away.

Before zeroing down on the right health insurance plan, remember to buy a plan that suits your requirements and fits within your budget too. Once, you are clear of your requirements, the policies can be sorted and bought easily. This National Youth Day, remember Health Ke Saath, Health Insurance Zaroori Hai to safeguard long-term financial goals, enjoy lifetime access to quality health care, and live a healthier life

by Priya Deshmukh Gilbile, Chief Operating Officer, ManipalCigna Health Insurance

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