If the millennials, especially the ones born between 1982 and 2000 are asked the question “Are you healthy?” most of them will reply “yes” to the question. But if they are asked “Do you need health insurance?” without a second thought most of them will reply “No, I am healthy, so why do I need one?”. Well, this was the scenario before the year 2020. Thanks to the coronavirus pandemic of 2020, which made the year a haunted movie, and this has made the millennials say “Hello” to the savior - Health Insurance. The Health Insurance sector in India has made a big upgrade as India’s most influential and biggest customer segment has decided to sign up for the plans. According to a report, only 37% of the millennials were particular about having a health insurance plan before the covid-19 pandemic, but now around 60% of them are looking for a comprehensive health insurance plan.
Millennials' attraction to Health Insurance
Owing to the current coronavirus pandemic situation, how we lead our life has changed rapidly. “The new normal” has not been normal to most of us. Many of us are still struggling to cope up with the current pandemic situation. Especially for the millennials, several aspects of life have turned upside down. We cannot travel where we want to, cannot order our favorite food anytime we want to, pay cuts and lay-offs are the major reasons that made this attraction possible. Hence the generation now focuses on savings and taking care of their vulnerable parents with co-morbidities. Also according to GOQii's India Fit 2019 report, having a health insurance plan could save the millennials from a future full of lifestyle diseases like diabetes, hypertension caused due to sleeping less, eating out frequently, and increasing stress levels.All these instances have made this generation realize the importance of having a comprehensive health insurance cover.
Millennials’ expectations from Health Insurance
The Millennials prefer to shop online for their health insurance plans. Around 55% of this population focuses on the cost of health insurance. They prefer saving money and focus less on the name of the brand. They prefer to understand the plan deeply from coverage to benefits, the details regarding pre-existing disease coverage, co-payment details, etc. They also want to know more about the other benefits that the insurance company has in their plans. These additional benefits look like maternity health insurance, mental wellness programs, consultations with doctors, an increase in the sum insured for claim-free years, and many more. Hence, providing the insurance company an opportunity to educate their consumers in a better way.
What should Millennials look for in a Health Insurance plan?
Before purchasing a plan, always compare a health insurance policy and look out for the following
The health care cost in and around your location
Determining this can get you a clear idea regarding the sum to be insured and hence, determining your premium to be paid.
The network hospital list
You must also look out for the range of network hospitals that the insurer offers near your location. This is handy in case of emergencies. Many insurance companies provide more than 9000 network hospitals.
Once you have determined the hospital near you, make sure it has a cashless facility for your insurance plan. In case it is not covered make sure it is covered under the reimbursement facility.
In most health insurance plans, there is a waiting period to cover pre-existing diseases. In some cases, it is as long as 4 years and small as 1 year. Also, check for the list of diseases they cover too.
There is a saying that goes like “Early bird grabs the worm”, this applies to planning the financial decisions as well. Health insurance investment is important too due to the inflating medical costs. Do your research properly and read the policy documents carefully to always be on the safer side.Also check A complete guide to Group Health Insurance, to understand the group health insurance plan and it's importance.