A Millennial’s Guide to Buying Health Insurance: Know 5 Important Facts

A Millennial’s Guide to Buying Health Insurance: Know 5 Important Facts

Bajaj Finserv Health
January 17, 20225 mins read

Key Takeaways

  • Choose a plan with comprehensive health coverage
  • Understand the sub-limits before investing in a plan
  • Get rewarded by opting for plans with wellness benefits

The COVID-19 pandemic has changed our lives in many ways. Wearing masks and maintaining social distancing have become the new normal these days. While we were slowly recovering from the first and second waves, the emergence of the new omicron strain is posing a serious threat. All of this shows us the importance of buying a health insurance plan.

According to WHO, omicron is appearing to spread faster than the delta variant in the last few months. While senior citizens were the most vulnerable group to be affected by COVID-19, reports prove that millennials were equally at risk for contracting the infection [1]. All these findings emphasize the importance of buying a health insurance policy. With rising medical expenses, it is better to prepare yourself for challenging situations. Remember, health is your real wealth!

The pandemic has changed the mindset of millennials with many of them realizing how important a health insurance policy is. If you are a millennial and planning to invest in a health insurance policy, this guide can help you understand some important facts you need to keep in mind before getting a plan.

Additional read: Types of Health Insurance Policiesreasons to invest in a health insurance

You have the option to choose from different types of plans

When you invest in insurance at a young age, you get a wide range of comprehensive options. Health insurance is not always about getting medical cover for your hospitalization bills. You can avail different health plans for both your wellness and illness requirements. While you may invest in a basic health insurance plan providing hospitalization coverage, you also have the option of buying additional covers. 

For instance, you may get a critical illness cover that can protect you from major illnesses and conditions. Since the pandemic is affecting many lives, many companies also provide pre-and post-COVID coverage. You can add these covers to your basic plan. It is always wise to choose comprehensive plans that can help you safeguard your health and finances. 

Check for sub-limits before you invest in a plan

This is an important factor that you need to keep in mind before getting a health cover. Sub-limit is an extra limit set by the insurance provider on certain medical expenses. It is like a monetary cover, which is placed on your medical insurance claim. The insurance company can fix sub-limits on various things like medical procedures, room rent or even doctor consultation charges. 

Sub-limit is a critical feature you need to evaluate properly because any health insurance plan without this may cost you more in comparison to plans with fixed sub-limits. In simpler words, if you want to avail a basic health insurance plan with a low premium, it is ideal to opt for one with sub-limits. However, if you looking for comprehensive coverage, choose a plan with no sub-limits. Without the limit, you are allowed to raise a claim up to the total insured amount. 

You get rewarded for following a healthy lifestyle

In today’s world, it is important to lead a healthy lifestyle. Keeping this in mind, insurance companies have combined wellness programs along with health plans. You get rewarded for leading a healthy lifestyle. Some of these activities include:

  • Exercise
  • Meditation
  • Eating a balanced diet 
  • Yoga
  • Walking

Following such healthy practices not only helps in reducing your premium, but also motivates you to stay fit. If you are health conscious, you can use this option and adopt a healthy lifestyle. This is beneficial for both your pocket and health!

A Millennial’s Guide to Buying Health insurance -54

You have an advantage when you avail a separate health insurance plan

If you are working, you may be covered as a part of your company’s group health scheme. While this may be a cost-effective approach, this plan may provide only basic coverage. Moreover, there are usually no options for you to customize it. Another disadvantage is that this plan is feasible as long as you work in the organization. The policy will cease to exist once you leave the company. So it is ideal that you invest in an independent health insurance policy so that you get the right coverage with lifelong renewability options.

You can insure your parents separately

When you are buying a health plan, make sure that you do not include your parents in the same cover. There are two prime reasons for this. One is that your parents will be the eldest members in the plan. So, the premium calculation would be done on the basis of their age. This can cost you a huge premium that may strain your pockets. 

Another reason is that there are chances for you to make frequent claims owing to their old age. This way you may not be able to get a no claim bonus. This option can be availed only when you do not claim for a particular policy year and your bonus gets accumulated. So, buying a separate health cover for your and your parents can be more feasible. 

Additional read: Health Insurance Tax Benefits

As a millennial, you should understand that investing in a health insurance policy is never a one-time bargain. Ensure that you pay your premiums regularly and upgrade or port your plan as you age. Availing a policy at a young age can help you even up to your retirement days. It can help you overcome the waiting period and get better cover at lower premiums with the no claim bonus. There are so many health insurances available in the market Ayushman health account is one of them provided by the government.  

If you are searching for budget-friendly options, browse the range of Complete Health Solution plans on Bajaj Finserv Health. It gives you a total medical coverage of up to Rs.10 lakh and there is no need for you to undergo medical tests before purchasing these plans. They offer also up to 10% network discounts, around 45 free preventive health tests, and reimburse your costs of consulting doctors and getting other lab tests. So, pick a variant and get the ideal health cover today!

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  1. https://pubmed.ncbi.nlm.nih.gov/34182460/

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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