Why Should Millennials and Gen-Z Buy Health Insurance?

Posted in Health Insurance Blogs By Bajaj Markets-Jan 8,2023
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“The groundwork of all happiness is health.” – Leigh Hunt

Deemed as the hypercognitive ones, Gen-Z and Millennials are generations that are financially ambitious and focused. It is an absolute comfort for many to know that a band of such leaders will make sure that the functions of the economy and finance operate smoothly.

However, there’s a tiny hiccup in this path. While Gen-Z and Millennials believe firmly in the potential of financial instruments such as mutual funds, stocks, and more, there is very little belief invested in the realm of insurance. Those referred to as Gen-X and Baby Boomers are more inclined towards the idea of insurance, but the line is drawn right there. Gen-Z and Millennials are often seen prioritising other financial commitments such as education loans, credit card bills, EMIs and investments. But, hey, that’s no reason to disregard the financial support your health needs. 

Hence, oh, ye of little faith, let’s change your mind about health insurance. 

Good Quality Insurance, Nominal Prices

As individuals who are still in the bracket of the ages of 20 years to 40 years, it is very likely for you to bag great quotes on your insurance. Most insurance providers offer lower premium rates for younger policyholders and applicants, allowing you to make room for smaller renewal premiums and larger savings. This ensures that you can enjoy all the benefits and coverage of insurance at a nominal premium price!

Waiting Period Passage

A waiting period is a prominent feature in every health insurance in the country. Insurances mandate a waiting period of 30 days to 4 years after the policyholder has purchased the insurance. During this waiting period, you cannot access any benefits or coverage for pre-existing ailments. However, buying health insurance young can make room for you to breeze through a longer waiting period since the chances of a Gen-Z or Millennial developing a serious illness in a few short years is highly unlikely.  

No Claim Bonus

If you don’t make any claims during a particular policy year, the subsequent year will bring you something called a no claims bonus. This is basically for not making any health insurance claims for a prolonged period of time. Accumulated no claims bonuses can directly impact your coverage amount with a significant rise or you could get a discount of future renewal premiums.

Tax Benefits

This one goes without saying. Lo and behold, the biggest benefit an insurance can get you: tax benefits. With the Gen-Z and Millennial population soaring high in their careers by making a significantly high income at ages so young, it is understandable that tax rates could be an absolute nightmare among their tax brackets. Hence, health insurance can ease this stress by providing the opportunity for you to access tax benefits for a longer period of time as per Section 80D of the Income Tax Act of 1961. 

A Digital Experience

Nothing like not having to go all the way to the doctor’s office for a silly, little cold, is there? Well, then, you would be delighted to know that health insurance has gone fully digital. Right from applying for the insurance, to paying the premium, to claims, to consulting a doctor online. It’s all just a few taps and clicks away. 

Insurance Riders

Make way! The Insurance Riders are here to make your health insurance all the more fulfilling. Insurance riders are also referred to as insurance add-ons and these enhance your insurance on the basis of your needs and priorities. Add-ons truly stand up to that which Gen-Z and Millennials firmly believe in since they tailor health insurance to every policyholder’s subjective needs. 

Astonishing Benefits

Now, we can get to the best bit: the benefits that come with health insurance. A good health insurance plan can set you for life with amazing coverage and perks. You can get expenses such as hospitalisation costs, pharmaceutical costs, road ambulance charges, doctor’s fees, nurse’s fees, ICU coverage, daily cash benefits and so much more!

 

There’s no way you aren’t already convinced to go get yourself that health insurance, which is quite funny since you need not go anywhere for good health insurance. You can find one right here, the device on which you’re reading these words. Go on Bajaj Markets and apply for the best insurance for you with customisable add-ons to protect yourself from unseen health problems, financial stress, high tax rates and hefty expenditure. Stay stress-free, stay healthy, stay financially secure. 

 

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