12 January, 2016
Most young adults, under the age of 30, tend to treat insurance as a needless expense because they are at the peak of good health. Unfortunately, fast-paced modern living brings with it plenty of stress, unhealthy diets, and a sedentary lifestyle, which increases the incidence of lifestyle diseases like diabetes, cardiac disease and cancer. Medical expenses in India are rising rapidly, making hospitalization and treatment costs almost unaffordable to most.
While the risk of lifestyle diseases is much higher among young adults today, there is also a risk of accidents and injuries. While it’s hard to anticipate such occurrences, you shouldn’t be deprived of the best possible treatments simply because of a lack of foresight. Unfortunately, that is precisely what will happen if you remain uninsured or delay purchasing insurance.
Considerations while Availing Health Insurance
• Amount of coverage needed: The amount of cover can be determined based on your age, location, and profession. You must also consider the expected medical expenses in case of a critical illness while determining the required cover.
• Cashless hospitalization network: It is best to choose a health insurance plan from a company that has a wide network of hospitals and nursing homes. These healthcare facilities offer cashless treatments, making it very convenient for policyholders. In the absence of cashless facility, you will have to pay the entire bill and then claim reimbursement from the insurer.
• Sub-limits in the plan: Several health insurance policies come with sub-limits on certain kinds of claim parameters. These are primarily included to reduce the premium costs for users. While this may not be an issue, it is best to be aware of such conditions in advance.
Expensive vs Affordable
Lifestyle diseases and infectious diseases like malaria or hepatitis can strike anyone, irrespective of age. Young adults are unlikely to have huge savings to dip into in times of crisis, as very often this is when you begin your working career. This makes it doubly important to get insurance that will cover the costs of any medical emergency that might arise. For this reason, don’t just settle for the cheapest insurance plan you can find, as it may not actually serve any purpose when the need arises. Intense competition in the industry makes it easier for people to avail beneficial health cover at affordable prices, but do some research before buying a policy.
Buy your health insurance policy from reputed insurers like Royal Sundaram and keep in mind that the premiums only get higher as you age. The earlier you buy, the more you save.With policies like the Lifeline Health plan you will not have to suffer from financial difficulties in case of hospitalization and can also avail benefits like a no claims bonus.