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Millennials value the importance of health insurance cover post-covid-19

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Published on March 31, 2021. EST READ TIME: 3 minutes

Gyming, playing sports, Shopping and binge-watching generally sum up a youngster in today's life. Many took up various online fitness challenges during the lockdown, famous on social media, to stay fit indoors. Social media is loaded with great influencers who are always motivating the youth to eat healthy food and stay healthy. Fitness is a very subjective term though, 2020 year taught us to challenge our mental and physical fitness. Covid-19 could strike anyone without discrimination, so nobody is safe, not even young, healthy individuals. 

Many young who are fitness freaks had tested positive, meaning no shield can protect you even if you are healthy. How to secure health from any medical emergencies if staying just healthy isn't sufficient? The only answer is by purchasing a comprehensive health insurance policy that secures oneself from any unforeseen medical emergencies. Stress levels amongst youth are rising; work pressure is taking a toll on health. Although there are various advance medical services available and many diseases which were earlier regarded as incurable are now very much curable. People's life expectancy has increased, but with all these positives, the medical expenses are also increasing. For a middle-class youngster without any medical insurance, it can drain all the savings if admitted to a hospital for any critical illness. 

Hence, in hospitalisation, health insurance is the best option to safeguard health and wealth simultaneously. If health insurance is purchased at an early age, various advantages can be beneficial for individuals in the long run. It is advisable to buy health insurance between 25-30 as you can get a relatively cheaper premium. Also, it is considered an investment in today's time, just like life insurance and a tool in securing the future. Here are some advantages of Health insurance:

• Early entry = cost saving
  Early financial planning always helps in the long run; purchasing a family health insurance in the early 30s is ideal. The reason being your parents will be in their late 50s ,about to enter the senior citizen bracket and also are  prone to illnesses; at the same time, they won't be able to buy health insurance at a cheaper rate. If you buy an individual, family health insurance, you can include your parents and get a family discount on the total premium

• Tax benefits*
  If you are looking for an effective way to reduce your income tax burden,  health insurance tax benefits  can help you in this endeavor. Under Section 80D of the Income Tax Act, you can claim tax deductions of up to Rs. 25,000 that you pay towards your health insurance premium in a year. If you have purchased a health plan for your senior citizen parents, there is an additional tax benefit of up to Rs. 50,000. You can avail a tax benefit of up to Rs1,00,000**.

• Various plans to choose from
  There are many  options to choose from while purchasing comprehensive health insurance. There plans are specially made for women, senior citizens, family etc. Also, illness-specific plans are made for people suffering from critical illnesses, diabetes, corona etc. This variety of options can be purchased easily online, and the different medical plans can be compared. You can buy a medical health insurance plan which suits all your requirements. Also, family health insurance is beneficial and cost-effective than purchasing health insurance policies individually for each family member. 

• Additional advantages
  Health insurance covers medical expenses of the individual and provides various additional advantages that are highly beneficial. Most insurance companies provide pre and post-hospitalisation expenses along with hospitalisation expenses, daycare procedures, and domiciliary hospitalization treatments. They even offer a cumulative bonus and cashless facility option at a host of network hospitals. This makes life simple, and claims can be processed quickly. 

• Insurance coverage
  Insurance companies offer a range of sum insured amounts to choose from. You can opt for the coverage basis your requirement and the offered benefits. The policies have a fixed sum insured that the insurer will pay if you need medical care in case of hospitalization . With the changing lifestyle and rising number of people suffering from critical illnesses, health insurance policies are a necessity today

There are various health insurance plans to choose from but choosing the right one which suits your needs is vital. HDFC ERGO's Optima Restore is the one-stop solution in finding the best health insurance policy. It is loaded with benefits such as, in patient hospitalisation, restore benefit, no sub-limit on room rent, modern treatments, multiplier benefit etc. A perfect package for first-time buyers. After the pandemic, since people understood the importance of health insurance, it's vital to purchase a policy that is comprehensive and offers excellent benefits. Although we have learned it the hard way, let's do it the right way and buy health insurance today.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

** For tax benefit of upto 1,00,000, both individual / family and parents should be above 60 years of age (ii) For tax benefit of upto 75,000, Individual and family should be below 60 years but parents should be above 60 years (iii) For tax benefit of upto 50,000, Individual and parents should be below the age of 60 years and the above is subject to change in tax laws. HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. Optima Restore UIN: HDHHLIP21322V062021. IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2-65