As a single you only need to be concerned with yourself. OK perhaps you have aging parents to take care of but lets imagine that it’s just you for now. If you are in good health then that’s great. This is what we want all the time but your health may not always be good and in the future you may start to have health problems.
There is no denying that medical care can be expensive. It is often said that we are one major illness away from bankruptcy so it is advisable to have some protection against the unpredictable future events in your life such as illness. This will provide the coverage against the financial costs that you may be faced with if you suddenly found out you had a problem. As with any insurance, it is much better to buy it when the risk is small so the premium is low. When you are in good health the insurer will be willing to provide the coverage because you will be a good risk to take on. Once you are sick though, you already have the condition you wanted to protect against and it becomes a certainty so the insurance company will no longer wish to insure you. In other words, once you have the illness, it is too late. No one will insure you. You are on your own.
Even if you recover from the illness, and I hope you do, the fact that you had a major illness makes you a bad risk from the insurance company perspective. If you were to apply for insurance you will either get rejected outright, or if they accept you for insurance it will not cover illnesses that are related to the one you have. Or even pre-existing conditions.
You can see from this that the message is to buy insurance early, but now the questions is what types of insurance and how much coverage do you need?
If you search for insurance you will find many companies offering similar products with similar features. I will not be recommending one insurance company product over another since this is an independent article, but shall explain some of the features you are likely to see in a product.
It is worth reviewing the plans that you currently have to see what you are covered for. It is also important to know how much you are covered for. Do contact your professional financial advisor to review this so that he may guide you in the products that are available in the market.