04 November, 2015
Young adults often avoid securing health coverage, because they are at the peak of their health and the possibility of illness and hospitalization seems remote. As a result, most of them avoid buying health insurance as the view premium payments as an unnecessary expense. This is in many ways an ill-advised gamble, as there is always a risk of illness and injury that can strike without warning. In such an event remaining uninsured can prove to be a huge mistake, especially with rising medical costs.
While there's just one reason to avoid getting insurance, there are a number of reasons why you should get coverage right away.
1. Age Increases Premium Cost
Health policies cost less when purchased at a younger age. The premium increases as you age, because the possibility of hospitalization due to illness rises. Buying early will save you on the rising costs on medical care and health insurance.
2. Avail Insurance Cover While You Are Healthy
People who maintain good health and adopt a healthy lifestyle can avail health insurance without much difficulty. Insurance companies also offer better deals to people who have no bad habits like smoking or alcohol consumption. Choosing a health plan while you are healthy will provide greater benefits.
3. You May Not Get Coverage When Needed
Nobody expects to be diagnosed with life-threatening diseases, such as diabetes or cancer. With rapid urbanization and changing lifestyles however, there is a rise in such diseases among young adults and even among adolescents. If you do not have a health insurance policy, the expenses can eat into your savings and leave you heavily in debt. Most insurers will not provide coverage for such conditions once they have already been diagnosed, which is why it’s best to buy insurance while you’re still healthy.
4. Procure Comprehensive Deal
When you buy a health policy at a younger age there is a reduced risk of any pre-existing conditions. This makes a huge difference, as it means you will enjoy comprehensive coverage and in the unfortunate event of being diagnosed with a severe illness, your treatment costs will be covered.
5. Improved Financial Planning
Buying early not only makes health insurance cheaper, but it is financially prudent. As you don’t need to worry about keeping savings aside for medical treatment, you can invest your surplus in long-term saving schemes.
Lifeline health insurance offered by Royal Sundaram provides policyholders with numerous benefits. These include no room rent capping, 100% reload of sum insured without extra costs, and doubling sum insured through no-claims bonus for 5 consecutive claim-free years.