Millennials – those born between 1981 and 1996 – are known to live an Insta-worthy life and work relentlessly to achieve it, without giving a second thought about their health. For many, their interests include investing in a certain standard of living that involves a healthy dose of self-care, recreation and travel. In the process, the quality of health often takes a backseat. But after the coronavirus pandemic, a majority of millennials are opting for health insurance to protect themselves, their family, and finances. They are now waking up to the benefits of having a health plan to cover the risk of a breadwinner succumbing suddenly to the virus.
For instance, in September, TransUnion, a global information and insights company, surveyed more than 3,000 people who had visited a healthcare facility in the past year and found that the younger generations were feeling the greatest impact from the pandemic. The survey highlighted that 33 per cent of Gen Z – those born after 1996 until 2010 – and 29 per cent of millennial respondents had their health insurance impacted by the pandemic. David Wojczynski, president of TransUnion Healthcare, said healthcare consumerism was growing partly because of the economic challenges resulting from the pandemic.
Closer home, when Max Bupa Health Insurance conducted a survey in India, it found that it was not just people in the age group of 35 and about, but also millennials who were increasingly curious to understand health coverage and invest in it.
This interest is significant in a country, where according to experts, 80 per cent of the population still does not have any significant health insurance and 68 per cent has only limited or no access to essential medicines.
At over 42 crore, millennials account for 34 per cent of India’s population and any impact on their savings could result in a ripple effect. Here are some factors that millennials should consider to understand why it could be a wise thing to invest in a health cover:
- To support medical costs and extend protection to your family.
- To boost your savings. Health insurance policies offer good returns when they mature.
- Health covers are great as a tool for retirement planning.
- In the current times, many medical insurance providers offer a cashless facility with their policies under certain conditions. This is a huge advantage to have during an emergency, where the insurer pays for eligible expenses directly to the institution, and the customers do not feel the pressure of making arrangements for immediate cash requirements.
- Besides covering health emergencies, these policies can also provide tax relief.
Pandemic or not, investing in health insurance across age groups is the need of the hour.