In India, young people today are highly vulnerable to lifestyle disorders and mental health issues. Despite these risks, many young people prioritize buying the latest gadgets or exotic vacations over buying health insurance. This is largely due to a lack of awareness of the importance of health care financing and the benefits of purchasing health insurance early in life, writes Parthanil Ghosh, President, Retail, HDFC ERGO General Insurance Company, on the occasion of World Health Day.
It is often believed that health complications only occur in old age, leading many people to ignore buying health insurance at a young age. However, in India, young people are very vulnerable to lifestyle disorders and mental health problems. According to World Health Organization, India Reports At Least One-Fifth Of Total Deaths From Cardiovascular Diseases around the world, especially among young people.
Additionally, more than 77 million Indians over the age of 18 live with diabetes, and more than 50% of these patients are unaware of their diabetes status, which can lead to serious health complications. Treating these lifestyle-related diseases for longer duration results in significant financial losses for an individual apart from permanent changes in their way of life.
Despite these risks, many young people favor the purchase of the latest gadgets or exoticism. vacation on the purchase of health insurance. This is largely due to a lack of awareness about the the importance of health care financing and the benefits of purchasing health insurance early in life.
However, getting health insurance before you turn 30 has many benefits, including:
Benefit from a low premium, unlimited coverage and an increased sum insured
:Hhealth insurance premiums increase with age, so buying comprehensive insurance coverage from a young age is much cheaper than buying it later. In addition, the likelihood of health emergencies is lower at a young age, so insurers offer incentives such as increasing the sum assured.
No waiting period: Each health insurer has a waiting period for pre-existing conditions such as thyroid, asthma and cholesterol, which can vary from a few months to a few years. As the chances of occurrence of such diseases before the age of 30 are small, one can easily exhaust the waiting period and getting coverage for them if they show up later in life. Bhealth insurance later in life can lead to restrictive coverage and defeat the purpose of having health insurance.
Greater coverage: There are certain diseases, which usually come with age and therefore the the likelihood of children getting sick is relatively low, making a holistic approach possible unrestricted coverage.
Take advantage of the claim-free bonus: You can earn a bonus in the form of an increase in the sum insured the following year for each claim-free insurance year without premium due for said service. As the chances of filing claims are low among young people, they can earn a bonus without claiming. If an individual takes out a policy less than 30 years old age, considering that the probability of a claim occurring is low in the early years, we can earn a bonus up to 100% which also means the person gets a 2x sum insured at no additional cost.
Coverage in the event of accidental hospitalization: Health insurance covers hospitalization in the event of an accident, which can occur at any age.
Coverage for mental health issues: Success in working life can lead to stress and anxiety in young people. Nowadays, health insurance plans also cover mental health consultations and help policyholders focus on their mental well-being.
Coverage beyond hospitalization: Health insurance schemes cover . procedures, DPOs and vector-borne diseases. Maternity benefits can also be obtained with health insurance.
Wider options: It is possible to choose the best plan from a wide range of health insurance options at a young age rather than in your late 40s. Various health insurance plans specifically designed for youngsters are available, and one can choose the right insurance plan according to their requirements. In addition, the probability of occurrence of diseases in young people is low, hence there is a much lower likelihood of pre-existing conditions compared to an older insured.
No pre-police medical check-up: Young people without pre-existing conditions can regain their health insurance without medical checks prior to the policy and thus benefit from a transparent purchase policy experience.
Welfare : Today’s health insurance plans reward policyholders who follow a healthy diet in the form of discounts or vouchers.
Protect your hard-earned savings: The cost of medical care increases by 10 to 12% annually and this trend is expected to continue due to the continued advancement of medical technology. An emergency medical condition can be very expensive and without health assurance, one must either compromise on the quality of treatment or tap into hard-earned savings. Either of these situations is unwarranted and can be avoided by choose an appropriate health insurance policy from a reputable insurance company.
Keep an eye on your health thanks to annual health check-ups: the mutual insurance offer the benefits of an annual health check, which can encourage young people to seek regular health care health checks that are essential to proactively determine their health status.
Save tax: Under Section 80D of the Income Tax Act, one can avail a tax benefit of up to Rs 75,000 for premiums paid to self, spouse, children or dependent parents in a mode other than cash.
Company-sponsored health insurance is not enough: Company health insurance coverage may not be enough to meet rising medical inflation. Also, one may have to face the risk to be uninsured at the time of the change or loss of employment. It is better to buy personal health insurance policy that stays with the person regardless of their employment status.
In summary, one should consider buying health insurance coverage as soon as they start earning money. It is it is essential to take out health insurance today to benefit tomorrow without worries from quality treatment. Time and nothing waits, so instead of waiting to get old, take advantage of the many benefits to take out health insurance.
-The author, Parthanil Ghosh is President, Retail, HDFC ERGO General Insurance Company. The opinions expressed are personal.
(Edited by: CH Unnikrishnan)