On account of the rising population, India is all set to become the world's youngest nation by 2020 as one-third of the Indian population would be the youth. Here one can argue, is our youth healthy too? According to a survey, it was found that about 70% of India’s urban youth is either obese or overweight, which is the major reason behind various diseases such as diabetes, hypertension and cardiovascular disease. However, what is more worrisome is that despite the ever-growing medical inflation, only 44% of our population has health insurance. 

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Speaking on the matter Anika Agarwal, Senior Vice President and Head Marketing, Digital and Direct Sales, Max Bupa Health Insurance told Zee Business online in a written statement, "Most of us make advanced plans to buy a house, jewelry, or a foreign education considering them as important investments. But what most of us tend to overlook that is essential to enjoy everything else in our lives, is health insurance. Getting covered early could be the smartest investment one can make." 

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So, let’s look at why it’s important to start young. Anika enlisted the following five reasons that can actuate our youth to go for health insurance:

1] Health insurance is a necessity: According to a study by the British agency Health Foundation, millennials will be the first generation to have worse health problems than their parents when they reach middle age. Owing to this, millennials will certainly need medical intervention much earlier and in fact more often than what their parents needed years ago. This situation has undeniably made health insurance a necessity rather than just being an option for the young Indian population. 

2] Lifestyle diseases have increased lately: With late night work and constant pressure, there has been an increase in younger patients coming in with a range of lifestyle diseases – from diabetes to heart disease. Hence acting smart by investing early in health insurance will help avoid eroding one’s savings later. 

3] It makes sense financially: The younger a person is, the more affordable insurance is. Most of the health insurers today offer benefits that encourage early enrolment. This also comes in handy while tax planning as one can claim tax deductions on premiums under section 80D. 

4] It can be bought as per needs: Health insurance has traditionally been associated with hospitalization. However, lately, it has been observed that young customers want preventive health check-ups, wellness and fitness features in a health plan. Health insurance should also be super useful, covering annual check-ups, OPD visits to the dentist or ophthalmologist, or even assigning a health coach to meet one’s fitness goals. Hence, health insurance companies are now customizing their products including such features making them more customer friendly.

5] Get it before you need it: Health insurance coverage may require a certain waiting period before one can start using it. Getting a cover while a person is healthy and does not need it right away, ensures that the health coverage is well utilized when the need arises.

On why we need health insurance, Jitendra Solanki, a SEBI registered tax and investment expert said, "Health insurance is a hedge against any financial loss incurred due to some emergency caused by our health." One has two option in life — either you pay a hefty amount at one time or pay a paltry premium to minimize that loss coming in the future, which you are not expecting in the current scenario.