5 reasons why it is a vital investment for the younger generation

5 reasons why it is a vital investment for the younger generation

The health of an individual is the most important thing in life. It is essential to lead a healthy and comfortable life. In India, the younger generation is often unaware of the importance of health insurance and the need to invest in it.

Health insurance is an important tool for financial protection against medical emergencies and other health-related issues. It helps to cover the cost of medical treatments, surgeries, hospitalization and other medical expenses.

The younger generation in India faces various challenges such as rising unemployment and inflation, along with lifestyle changes that can cause health problems. Health insurance can help protect them from the financial burden of medical expenses and can provide access to quality healthcare.

In this article, we outline some major reasons why younger generations should have a positive outlook on health insurance.

The rising cost of healthcare

The cost of healthcare in India has been on the rise for years, and this trend is expected to continue for the foreseeable future. This increase in costs is driven by factors such as inflation, the cost of new technology and medicines, and the rising cost of healthcare services.

As a result, young individuals are more likely to suffer from financial strain if they become ill or injured and need medical attention. Health insurance can help protect individuals from these costs and provide them with financial security.

Unexpected medical expenses

Young individuals are at risk of unexpected medical expenses due to the fact that they may not have the same level of awareness as older generations when it comes to health and wellness. This lack of awareness can lead to unexpected medical bills, which can be difficult to pay without the help of health insurance.

Health insurance can help cover the cost of these unexpected medical expenses, which can provide young individuals with peace of mind knowing that they will not have to face financial hardships due to an unexpected illness or injury.

Protection against lifestyle diseases

Lifestyle diseases such as diabetes, hypertension and cancer are becoming increasingly common in India. These diseases can be expensive to treat and can put a financial burden on individuals who do not have health insurance.

Health insurance can help ease the burden of medical costs associated with these illnesses, making treatments more accessible and affordable. It is important to understand the risks associated with these diseases and to make informed decisions about lifestyle changes and health insurance.

Better coverage

Buying health insurance when you are young and without pre-existing diseases is beneficial for wider coverage. Insurers generally have a waiting period for pre-existing diseases, and some policies may not cover certain diseases.

However, if you buy a policy before you contract any illnesses, there is a higher chance that it will cover you when the need arises. Having health insurance before any health issues occur is a wise decision, as it provides more reliable coverage and financial security.

Peace of mind

Health insurance can provide young individuals with peace of mind knowing that they are covered in the event of an unexpected illness or injury. This peace of mind can be invaluable, as it can help individuals focus on their recovery rather than worrying about how they will pay for their medical expenses.

Commenting on the same, AjayShah, Director & Head – Retail of CareHealth Insurance said, “One should not wait till retirement to get a health cover because when you purchase a policy at an early age, you are more likely to pay a lower premium for a significant sum insured. Further, getting a policy also allows you to save tax on premiums paid of up to Rs. 75000, under section 80D of the Income Tax Act.”

“Additionally, there is a growing demand today for digital-driven, seamless and flexible services, and hence, new products and models that address these demands are increasingly being launched. A year on year increase in medical inflation has made it integral now than ever before for individuals to purchase a comprehensive health insurance plan at an early age,” he added.

Health insurance is an important investment for the younger generation in India, as it can help protect them from unexpected medical expenses and provide them with financial security. There are a number of health insurance policies available that are designed specifically for the younger generation, and these policies can be more affordable than traditional policies.

Articles

85% of the respondents would consider cutting down on some luxury items so that they could spend more on health insurance

First Published: Mar 26, 2023, 12:36 PM IST

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