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.
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.
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.
Buying health insurance at a young age is one of the smartest financial decisions millennials can make. It’s not just about medical emergencies, it’s about long-term financial security, better coverage, and peace of mind.
Health insurance premiums are directly linked to your age and health risk. The younger and healthier you are, the lower your premium.
By starting early, you can:
Most health insurance plans come with waiting periods for:
When you buy early, these waiting periods get over while you're still healthy so when you actually need coverage, you're fully protected.
3. Better coverage with fewer restrictions
Buying insurance later in life or after developing health conditions can lead to:
Early buyers enjoy:
4. Protection against lifestyle diseases
Millennials today are increasingly prone to lifestyle-related conditions like:
Having a policy early ensures you’re financially protected before these conditions develop.
5. Financial security during emergencies
Medical emergencies are unpredictable and expensive.
An early health insurance plan helps you:
6. No claim bonus (NCB) benefits
If you don’t make claims in a policy year, insurers reward you with:
Before purchasing a plan, always compare a health insurance policy and look out for the following
Determining this can get you a clear idea regarding the sum to be insured and hence, determining your premium to be paid.
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.
Millennials need health insurance because health risks are no longer limited to old age. Sedentary lifestyles, stress, and poor eating habits are leading to early onset of conditions like diabetes, hypertension, and mental health issues. Additionally, rising medical costs can quickly drain savings. Health insurance ensures financial protection, access to quality healthcare, and peace of mind during emergencies.
Yes, investing in health insurance early is a smart financial decision. Buying a policy at a younger age helps you secure lower premiums, complete waiting periods sooner, and enjoy wider coverage with fewer restrictions. It also protects your savings from unexpected medical expenses and offers tax benefits under Section 80D.
Millennials prefer healthcare that is convenient, transparent, and personalized. They look for:
They also value clarity in policy terms, including coverage, exclusions, and claim processes.
Health insurance renewal allows you to extend your existing policy for another term. You can renew it online by reviewing your policy details, confirming the premium, and making the payment before or within the grace period.
Health insurance for companies usually refers to a group health insurance policy that covers employees and, in many cases, their families as part of the company’s benefits program.
Get in touch with Pazcare. Submit the form. Our health insurance consultants will get in touch with you within 24 hours and understand your requirements, give a product demo and personalize your group health insurance policy. We get you best comprehensive quotes from 5+ insurers. Choose the best offering and your onboarding process starts within 24 hours of your policy purchase.
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