Feb 24, 2016

More young professionals have lifestyle disorders, inadequate health cover – Business Standard

Chronic physique pain, obesity on the rise among professionals aged 23-35; numerous of them depend only on employer-offered cover

Sanjay Kumar Singh  |  Brand-new Delhi  February 17, 2016 Last Updated at 10:16 IST

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A survey conducted by Company recently revealed a higher degree of lifestyle disorders among young working professionals. Exactly what is much more troublesome is the inadequacy of among these professionals. The survey covered 1,100 aged 23-35 belonging to nine cities. Below we consider the findings of the survey and likewise offer a few remedies, as suggested by experts.    

High incidence of lifestyle disorders

45% of the respondents were found to suffer from one lifestyle disorder or the other. The most common were chronic physique pain (40%), obesity (20%), hypertension (18%), respiratory disorders (10%), frequent digestive disorders (8%) and higher blood sugar levels (4%). 

Heavy reliance on employer-offered cover

While 75% of the respondents had healthiness insurance, 60% of those that were covered had only an employer-offered cover. Experts say that to depend on an employer-offered cover alone is risky. “Exactly what if you fall ill once you are in between jobs or grab laid off?” asks Ankur Kapur of Ankur Kapur Advisory. 

Experts say it is essential that you buy a personal policy and not depend on the employer-offered cover alone. “Later in life, you might decide to turn in to an entrepreneur. 

Companies might not be willing to cover you at an advanced age. If you have actually already contracted some diseases, those will certainly not be covered, or you will certainly have actually to cross a waiting period prior to they are covered,” adds Kapur. 

Among those that do not possess healthiness insurance, 46% said that it is an expensive cover. Yet offered the higher and rising cost of treatment of significant illnesses, the annual premium on healthiness insurance is a small fee to pay. 

Too young to necessity a cover

22% of those that did not have actually a personal healthiness insurance policy said they were too young to necessity such a cover. The higher incidence of lifestyle disorders among the young, as revealed by this survey, is evidence enough that one requires adequate healthiness cover from a young age.


Health insurance primarily for tax gain

The Income Tax (I-T) Act provides deduction on healthiness insurance for self, spouse and dependent youngsters up to Rs 15,000. 76% of those respondents that had a personal healthiness cover said they had bought it primarily for the tax benefit and not so much for protection versus illnesses. 


The problem along with such tax-saving purchases is that they are frequently gained in haste towards the end of the financial year to avail of the tax benefit. The buyer regularly does not examine closely the product he is buying. Instances of mis-buying and mis-selling are common. A person could, for instance, buy a critical ailment strategy as opposed to a plan, which ought to be the very first degree of cover. 


Employer’s cover regarded as sufficient

The professionals that did not have actually a personal cover believed that the healthiness cover offered by their employer was adequate. This might not necessarily be so. The sum assured might not be adequate, especially if you live in a metro, where healthiness care costs are high. numerous companies no longer consist of parents. much more might shed them from the ambit of coverage in the future to curtail costs. 

“The employer-offered cover may not meet your personal healthiness insurance requirements in terms of coverage, number of dependants, definition of family, and your state of health. It is therefore advisable to constantly have actually an personal healthiness insurance plan,” says Suresh Sugathan, head-healthiness insurance, Bajaj Allianz General Insurance Company.

If a person does not hope to buy a personal mediclaim policy, one option (which is not optimal, however) is to buy a top-up plan. The employer-offered cover after that becomes your base plan, and the top-up strategy comes in to play once your hospitalisation expenses exceed the cover offered by the employer’s plan. Top-up plans are much less expensive compared to general mediclaim plans.

More young professionals have actually lifestyle disorders, unsatisfactory healthiness cover

Chronic physique pain, obesity on the rise among professionals aged 23-35; numerous of them depend only on employer-offered cover

Chronic physique pain, obesity on the rise among professionals aged 23-35; numerous of them depend only on employer-offered cover
A survey conducted by Company recently revealed a higher degree of lifestyle disorders among young working professionals. Exactly what is much more troublesome is the inadequacy of among these professionals. The survey covered 1,100 aged 23-35 belonging to nine cities. Below we consider the findings of the survey and likewise offer a few remedies, as suggested by experts.    

High incidence of lifestyle disorders

45% of the respondents were found to suffer from one lifestyle disorder or the other. The most common were chronic physique pain (40%), obesity (20%), hypertension (18%), respiratory disorders (10%), frequent digestive disorders (8%) and higher blood sugar levels (4%). 

Heavy reliance on employer-offered cover

While 75% of the respondents had healthiness insurance, 60% of those that were covered had only an employer-offered cover. Experts say that to depend on an employer-offered cover alone is risky. “Exactly what if you fall ill once you are in between jobs or grab laid off?” asks Ankur Kapur of Ankur Kapur Advisory. 

Experts say it is essential that you buy a personal policy and not depend on the employer-offered cover alone. “Later in life, you might decide to turn in to an entrepreneur. 

Companies might not be willing to cover you at an advanced age. If you have actually already contracted some diseases, those will certainly not be covered, or you will certainly have actually to cross a waiting period prior to they are covered,” adds Kapur. 

Among those that do not possess healthiness insurance, 46% said that it is an expensive cover. Yet offered the higher and rising cost of treatment of significant illnesses, the annual premium on healthiness insurance is a small fee to pay. 

Too young to necessity a cover

22% of those that did not have actually a personal healthiness insurance policy said they were too young to necessity such a cover. The higher incidence of lifestyle disorders among the young, as revealed by this survey, is evidence enough that one requires adequate healthiness cover from a young age.


Health insurance primarily for tax gain

The Income Tax (I-T) Act provides deduction on healthiness insurance for self, spouse and dependent youngsters up to Rs 15,000. 76% of those respondents that had a personal healthiness cover said they had bought it primarily for the tax benefit and not so much for protection versus illnesses. 


The problem along with such tax-saving purchases is that they are frequently gained in haste towards the end of the financial year to avail of the tax benefit. The buyer regularly does not examine closely the product he is buying. Instances of mis-buying and mis-selling are common. A person could, for instance, buy a critical ailment strategy as opposed to a plan, which ought to be the very first degree of cover. 


Employer’s cover regarded as sufficient

The professionals that did not have actually a personal cover believed that the healthiness cover offered by their employer was adequate. This might not necessarily be so. The sum assured might not be adequate, especially if you live in a metro, where healthiness care costs are high. numerous companies no longer consist of parents. much more might shed them from the ambit of coverage in the future to curtail costs. 

“The employer-offered cover may not meet your personal healthiness insurance requirements in terms of coverage, number of dependants, definition of family, and your state of health. It is therefore advisable to constantly have actually an personal healthiness insurance plan,” says Suresh Sugathan, head-healthiness insurance, Bajaj Allianz General Insurance Company.

If a person does not hope to buy a personal mediclaim policy, one option (which is not optimal, however) is to buy a top-up plan. The employer-offered cover after that becomes your base plan, and the top-up strategy comes in to play once your hospitalisation expenses exceed the cover offered by the employer’s plan. Top-up plans are much less expensive compared to general mediclaim plans.
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