Health Insurance 2423 views December 26, 2019

Best Health Insurance Plan for Young Adults

When you are young and starting with your career, health insurance is generally not in your list of priorities. Even when you consider insurance policy, you probably have concerns around how to choose the right coverage, how to find an affordable premium plan and ways to understand how health insurance works. There are many options of health insurance for young like for 20-somethings, students, college graduates, those who are entering the workforce and others.

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Some common hospitalisation for young adults is for treatment of mental illness, pregnancy, or for poisoning, for experiencing an injury or which requires proper medical care. The premiums are based on geography, tobacco use, age, and a number of people covered under the plan (Single plan or Family plan). All this treatment and proper care will require health insurance to ensure payment of all medical bills. Young adults have many options for health care coverage. Fortunately, it is easy to find an insurance plans.

Advantages Of Young Adults Health Insurance Plan

  1. Health Insurance provides Coverage for Next Stage of Life– It helps you to avoid high debts from potential medical and hospital bills.
  2. It enables you to save money– In the long run, it is cheaper to pay small premiums monthly then paying the full amount for doctor’s consultation or for a medical procedure.
  3. It enables you to seek treatment- Many times people do not seek treatment even when they need it because they do not have an insurance plan. This may end up you’re being seriously ill. Thus, insurance plans enable you to not only visit the doctor but also have an annual check-up so that you can prevent illness in the first place.
  4. It provides you peace of mind– You must purchase an insurance plan to be stress-free or for your peace of mind. Even when you are young and have good health, buying insurance is buying a security for the future. With medical insurance, you can rest easy as you will be able to afford care and expenses through the insurance policy you have brought.

Options For Best Health Insurance Plan For Young Adults

There is two option of the Best Health insurance plan for young adults, including students, 20-something, non-students, students who have recently graduated from college, those who are under 25, those who are entering the workforce, those who are over 25 and others. The two options for the Best Health insurance plan for young adults are discussed below.

Individual Health Insurance Plan

Medical emergencies can come anytime to anyone irrespective of age, lifestyle or gender. The unpredictability of emergencies can be handled if we always stay alert and prepared to face them.

Individual health insurance plans are plans which cover you and provide you with an advantage against various illnesses without any cash payments of hospitalization and also includes numerous add-on features to support you in difficult times. Under the individual Health Insurance plan, the entire sum which is insured covers only one individual i.e for whom the insurance policy has been taken.

Features and Benefits of Individual Health Insurance Plan

  1. Individual Health Insurance Plan provides coverage only for the insured individual.
  2. The insurer covers specified medical costs of the insured individual based on the premium payments.
  3. The policy covers charges of hospitalization.
  4. It facilities lifetime renewal of the policy.
  5. It provides coverage of room rent, surgery costs, laboratory tests and physician’s fee.
  6. It also provides tax deductions under section 80D of Income Tax Act
  7. Individual Health Insurance Plan provides cover for critical illness and pre as well as post hospitalisation expenses.
  8. The insured individual has to pay a predetermined amount for obtaining certain health care services which are called co-payment for services.
  9. It provides the insured individual alone with all the benefits under the plan.
  10. It enables the individual to add parents and immediate family to the plan at his choice.
  11. You can easily make more than one claim in a year in individual health insurance plan as it caters only to a single person.
  12. It enables you to earn the benefit of individual sum assured rather than the family floating sum assured.
  13. It does not have any restrictions on the maximum age for the renewal of the policy.

For whom Individual Health Insurance Plan is the Best Health Insurance option

Individual Health Insurance Plan is the best health insurance option for the following individuals:

  1. Individuals who have higher health risk must buy individual health insurance plan to get coverage at the time of need.
  2. Any single individual with family members who already have a health insurance policy.
  3. Any individual who seeks higher and comprehensive protection than what is offered under a floater plan.
  4. Individuals who are willing to renew their policy without age restrictions.
  5. Individual who want cashless claim facility and easy settlement.
  6. When you do not have any access to the floater health insurance plan through a parent.
  7. When you have aged off or you have crossed 25 years age and lapse your parent’s health insurance plan
  8. People with higher health risk

Individual Health Insurance Plans Providers

  1. Aditya Birla Health Insurance
  2. Niva Bupa Health Insurance
  3. ICICI Lombard Personal Protect Insurance Policy
  4. Individual Health Guard by Bajaj Allianz
  5. Oriental Health Insurance Individual Mediclaim Policy
  6. Star Medi Classic Health Insurance policy

Family Floater Health Insurance Plan

Family Health insurance plan safeguards your family from any medical emergencies, both minor and major. It provides coverage to all be it your daughter, son, mother, father, parents-in-law, spouse, etc. You also get an additional discount of 10% to 20% on premium and rebates on annual income tax when you purchase a family health plan. A family floater policy is a plan in which several members of a family can be covered by paying a single premium for a sum assured under an insurance policy. The sum assured under the policy can be distributed among the family members in case of multiple illnesses of the family members and multiple claims can be entertained by the insurer. Floater plan is more cost-effective than taking separate individual policies for each family members. Family Floater Health Insurance Policy is offered by most health insurance companies in India. The facilities provided under family floater health insurance plan includes Cashless hospitalization, critical illness treatment, air ambulance service, daily hospital cash, maternity expenses, treatment at home, etc

Features and Benefits of Family Floater Health Insurance Plan

The biggest benefit of the floater plan is that it provides the policyholder to take care of himself as well as his entire family under one policy which is quite easier to manage than 4-5 individual insurance plans.

  1. Family Floater Plan is a cheaper option when getting your parents insured as it insured the whole family rather than just one individual.
  2. It provides benefits under section 80D of Income Tax
  3. It is easier for you to get your spouse, any other immediate family member, or new-born child added in a family floater health insurance plan
  4. When it comes to maternity cover, floater plan is a more lucrative option.
  5. The premium under floater plans is generally low if you add more than two family members in one-single policy and if you pay the premium in a lump sum amount.
  6. Family floater plan provides you to choose from Rs 1 lakh up to Rs 5 crores of the total sum insured in order to cover your family according to your needs and health requirements.
  7. It provides cashless hospitalization after intimating the insurer within 24 hours of hospitalization in a network hospital of the insurer.
  8. The policy also includes room rent up to a specified amount per day of hospitalization.
  9. Some of the floater plans work on the basis of co-pay in which a percentage of the cost incurred is paid by the insured individual and the rest is paid by the insurer.
  10. You can buy a Family Floater Health Insurance plan online easily.

For whom the Family Floater Health Insurance Plan is the Best Health Insurance Option

A family floater is an ideal choice for the following:

  1. A person who is married and has children.
  2. For children who wish to get insurance to cover their parents who are senior citizens as well as their children under one plan.
  3. People looking for a cheaper plan than buying a separate individual insurance policy for each individual.
  4. People who want to opt for comprehensive coverage. As family floater plan provides coverage to even newborn babies who are 90 days old or less.
  5. Families with no major history of any chronic issues at current should opt for a family floater health insurance plan.

Family Floater Health Insurance Plan Providers

  1. Niva Bupa- Heartbeat
  2. Star Health Family Health Optima
  3. Oriental Happy Family Floater
  4. Tata AIG- Wellsurance Family

Job Based Health Insurance For Young Adult

It is major health insurance through an employer. If you have a full-time job, the employer will offer various benefits of group health insurance which are guaranteed issue and you cannot be denied coverage. It is a desirable route when you are full-time employed and have easy access to health insurance through your workplace since the employers cover a portion or all of the cost of premium of the policy. Those who are 25 years and above who can have affordable employer-sponsored insurance can easily go for job-based health insurance plan. There is a waiting period before the beginning of your benefits under Job-based health insurance plan.


There is no one best health insurance plan that suits all the adults. Each individual’s financial situation, health, the status of employment and other factors determine which healthcare insurance plan is best for them. The best health insurance for young adults is the one which meets their healthcare needs and financial situations.

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