Millennials – those born between 1981 and 1996 – are known to live Insta-worthy lives and work tirelessly to achieve it, regardless of their health. For many, their interests include investing in a certain standard of living that involves a fair amount of personal care, recreation, and travel. In the process, the quality of health often takes a back seat. But after the coronavirus pandemic, a majority of millennials are opting for health insurance to protect themselves, their families and their finances. They are now realizing the benefits of having a health plan to cover the risk of a breadwinner suddenly succumbing to the virus.
For example, in September, TransUnion, a global information and intelligence company, surveyed more than 3,000 people who had visited a healthcare facility in the past year and found that younger generations felt the greatest impact. of the pandemic. The survey found that 33% of Generation Z members – those born between 1996 and 2010 – and 29% of Generation Y respondents had their health insurance affected by the pandemic. David Wojczynski, president of TransUnion Healthcare, said healthcare consumerism was on the rise in part due to economic challenges resulting from the pandemic.
Closer to home, when Max Bupa Health Insurance conducted a survey in India, he found that it is not only people aged 35 and around, but also millennials who are increasingly curious to understand the health coverage and invest in it.
This interest is important in a country where, according to experts, 80% of the population still does not have significant health insurance and 68% have little or no access to essential medicines.
At over 42 crore, millennials make up 34% of India’s population and any impact on their economies could have a ripple effect. Here are some factors millennials should consider when understanding why it might be wise to invest in health coverage:
- To cover medical costs and extend protection to your family.
- To boost your savings. Health insurance policies offer good returns when they mature.
- Health insurance is a great retirement planning tool.
- At present, many medical insurance providers offer a cashless facility with their policies under certain conditions. This is a huge advantage to have in an emergency, where the insurer pays eligible expenses directly to the institution, and clients do not feel the pressure to arrange for immediate cash flow needs.
- In addition to covering health emergencies, these policies can also offer tax relief.
Pandemic or not, investing in health insurance for all age groups is the need of the hour.