Why young adults too need to buy health insurance

Published: November 4, 2019 12:28:46 AM

Buying a health insurance policy at a young age means exhausting the waiting period while you are young and healthy.

insurance, health insuranceIllustration: Shyam Kumar Prasad

Today, diseases, disabilities and death are not showing affinity merely towards the elderly, these are inflicting young adults equally. As per a recent study, Indians are 10 times more likely to die of heart disease than the rest of the world. The unfortunate fact is that 40% of the people in India developing heart related ailments are under 50. And it is not just heart related ailments that affect Indians severely.

Nearly 20- 40% of young people in India suffer from health impacting conditions that need urgent attention of healthcare professionals. India’s growing inflation rate is a matter of great concern as most people in India are deprived of even the basic health care facilities.

Medical inflation rising

India’s healthcare inflation has also been rising alarmingly. The average healthcare inflation was 7.14% for 2018-19, witnessing a steep rise from 4.39% in 2017-18. With medical inflation rising at the rate of over 50% ever year, it is imperative to invest in a comprehensive health insurance policy with adequate sum insured. Moreover, with serious ailments striking adults in the 30-35 age bracket, one cannot afford a big drain on savings in medical treatment.

It is also better that one buys a comprehensive health insurance cover before turning 30, as in most cases health insurance policies come with a predefined waiting period of 30 to 120 days, during which one cannot make a claim for planned hospitalisation or even during a medical emergency. Buying a health insurance policy at a young age means exhausting the waiting period while you are young and healthy.

Moreover, investing in a health insurance policy at a young age ensures that you have greater coverage. Many latest health plans offer wide coverage for young customers that include day care procedures and treatment for vector borne diseases to maternity benefits and cover for OPD expenses among others. These days, insurers have come up with several high value insurance policies with sum insured up to Rs 1 crore.

Whether you are married, single, have children, young or old, you need some level of health insurance to protect yourself against financial disaster in the event of a serious illness or accident. Whether you choose a group plan or an individual plan, there are important choices to be made that will affect not only the quality of your medical care coverage but also your wallet.

The writer is business head, Health Insurance, Policybazaar.com

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