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COVID-19 Impact: Millennials realise the importance of comprehensive health insurance

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Published on July 30, 2020. EST READ TIME: 6 MIN

As per the latest trends, before the spread of Covid, only 37% millennials were particular about having a health plan that covers hospitalization expenses for diseases like Coronavirus. Now, 60%  millenials are looking for a comprehensive health cover.

Courtesy the coronavirus pandemic, the rules of how we lead our lives are constantly changing and adjusting to the ‘new normal’ hasn’t been easy for anyone. But it has been exceptionally confusing for the millennials with several aspects of their lives now in disarray. For example, now they can’t travel as much as they did before Covid-19 and are even apprehensive to order food from outside. Facing pay cuts and layoffs, the Gen Y is now concerned about their savings. They are also returning to their homes to take care of their vulnerable parents with co-morbidities. The sea change ushered by the global pandemic is also impacting their emotional and psychological health. But amid this chaos, the millennials have realized one thing – the importance of health insurance.

Millennials say Hi to health insurance

Most millennials, who are at the peak of their health, didn’t priorities  health insurance  till 2020. Many relied on the limited insurance cover provided by their respective employers. However, with the coronavirus cases spiking every day, insurance companies are welcoming many first-time health policy buyers who now feel they can’t afford quality healthcare in case of a medical emergency. Both palpable sense of fear of the ailment and the widespread awareness regarding health plans by the government and private agencies have made millennials consider getting health coverage as soon as possible. In fact, a recent survey that took responses from people in their late 20s and early 30s found that while 37% of them had an existing health plan but after Covid-19, 60% of them wanted comprehensive health insurance. All the inquiries have been regarding the coverage for coronavirus.

Prior to Covid-19, policyholders usually wanted coverage for other possible diseases, like diabetes, heart ailments, cancer, etc., but now these diseases are not on the priority list. The survey also revealed that women have shown more interest than men in getting a comprehensive health policy. It was also found out that millennials in tier-two and tier-three cities are more stressed about the rising cost of healthcare compared to their counterparts in metro cities. Overall, Covid-19 has led the millennial to pay more attention to the need for health insurance.

Know more about Health Insurance for COVID-19

Which health insurance to buy?

Millennials, though known for their profligate ways, still like to make informed choices. So, naturally, they have a lot of questions regarding which health insurance to buy with the most common query being if treatment for coronavirus is part of the policy. The potential insurance plan buyers wish to know details about the critical illness cover and family floater plans as they are more concerned about the elders in their family.  They are now investing a lot of time researching the various inclusions and exclusions to be sure that they are choosing the right plan. At the same time, they have to strike a balance with their budget as the dangers of salary cuts and joblessness loom large.

Why go with HDFC ERGO?

If you have a health insurance plan with HDFC ERGO, we would like to inform you that we cover hospitalisation expenses for treatment of Coronavirus. We have recently introduced Corona Kavach Policy, which is specially designed for COVID-19 we cover diagnostic tests for positive results, hospitalization expenses along with home health care treatment. To know more about Corona Kavach Policy here. At HDFC ERGO, we provide customised and extremely affordable health plans with extensive coverage after discussing the needs and budget constraints of each individual. Apart from that, we have a great reputation when it comes to providing cashless hospitalisation. We have been rated by ICRA" with iAAA rating indicating claims paying ability. We have a network with more than 10,000 hospitals in the country so that you can easily find a quality healthcare facility in your vicinity. Our helplines work round the clock to provide you with all kinds of support.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales. my:health Suraksha - HDFHLIP20049V041920, Corona Kavach Policy, HDFC ERGO UIN: HDFHLIP21078V012021 UID No: D2HI810