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5 key reasons health insurance is crucial for young adults’ future security

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The new to health individuals, represented by young adults and Gen Z, are today demonstrating a forward-thinking and practical approach to financial matters, understanding the importance of long-term financial well-being. Amid their daily personal and work responsibilities, taking care of their health has become a top priority. As a financially savvier younger generation they see health insurance as a vital financial investment to protect their physical and financial wellbeing.

Also Read: How can global health insurance improve your travel experience?

Young working professionals are recognizing the significance of health insurance as a tool to safeguard against unforeseen medical expenses and are taking comprehensive healthcare coverage. Recent IRDAI data also highlights that young adults are much more financially savvy than previous generations and that 70% of young adults actually have financial security as one of their key life goals. 

In addition, they also value preventive care, regular check-ups, and emergency coverage. Flexibility in choosing healthcare providers is crucial to maintain their health routines and goals. Mental health coverage is also a priority, acknowledging the impact of stress on overall well-being.

Also Read: Benefits of Critical Illness Plans: A Must-Have in Health Insurance

Critical illness coverage is another aspect they consider to protect against major health crises and financial burdens. By investing in health insurance, they can focus on their aspirations with confidence and peace of mind. The youth’s proactive approach to health and financial planning highlights the importance of comprehensive health coverage as an essential part of securing their future. Why is a health insurance policy good for young adults?

Customised health insurance plans for young adults: The new to health individuals, stepping into adulthood can opt for customised packages and align them with their medical history and lifestyle. But apart from that, they can opt for packages that cover unforeseen situations like accidents or other wear and tear situations that can occur over time. Customising as needed can help young adults choose affordable premium structures.

Also Read: What things do I need to consider for buying a critical illness insurance plan?

Individual health insurance necessary in addition to employer group plan: While group health insurance plans are cost-effective for your organisation, it only works as long as you are employed with your current employer. As time passes, you may find it challenging to purchase an individual health cover, especially when meeting your post-retirement health issues. Having an individual health insurance cover, even if your employer covers you, can be a smart decision to safeguard your health. You have the power of choosing the ideal insurance company and peace of mind knowing that you still have coverage even when you are no longer employed.

Easily pass the waiting period: The advantage of buying a policy at an early stage of your life is that most of the existing diseases fall automatically under the insured sum as you age. Many health insurance plans have a waiting period on a number of pre-existing ailments before it can be covered under insurance. The waiting period can range from a month to four years. When a health insurance policy is bought at a young age, one can easily pass the waiting period without worrying about the medical emergency.

Also Read: 7 Main Factors that Affect Health Insurance Premiums

Get wellness benefits: Paying for yearly health check-ups may hurt your savings and investment plans. Replace this with a health insurance plan that only requires you to pay moderate premiums and takes care of your entire medical annual check-up budget. Some insurers also provide complimentary wellness programs, where the insured can earn points for participating in these programs that enable them to stay healthy and also reduce their health insurance premiums.

The demand for health insurance in this day and age is a financial reality for every young adult. Staying covered gives them the confidence and happiness of going about their daily life without having to worry about the economic impact of medical emergencies and its associated cost weighing down on their mind. 

Given a good health insurance policy’s economic cost benefit, all young adults should take the decision to protect themselves and their family from the financial impact of diseases and medical emergencies by purchasing a comprehensive health policy today.

Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance

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Published: 01 Jun 2024, 11:10 AM IST


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