Covid-19 has made millennials

How Covid-19 has made millennials scrambling to buy health insurance

The majority of people now consider health insurance Covid-19 has made millennials.

As a necessity to be financially future ready to fight unforeseen medical emergencies.

Covid-19 has made millennials

The Covid-19 pandemic has not only kill lakhs of people but has also hit the economy.

Hard due to repeat lockdowns that were impose to arrest its spread.

As a result, scores of people have either lost their job or face pay cuts pushing them towards financial bankruptcy.

Moreover, with hospitalization bills running into lakhs during the second wave of Covid-19.

The pandemic has hit families’ finances even harder .

Wiping out lifelong savings and forcing many people to borrow money.

Millennials and younger working professionals too have not been spared

The unfolding Covid19 situation has been a brutal eye-opener for this segment.

This used to be one customer segment that had little awareness of health insurance covers until now.

Even otherwise was more content with employer-issue group insurance plans that barely met their healthcare needs.

According to a survey, proportion of people interested in buying health insurance to cover.

New age diseases in India has increased 71 % after the outbreak of Covid-19.

Pandemic compare to just 10 % people interested in doing so in the pre-Covid19 era.

Covid-19 has made millennials

So, the majority of people now consider health insurance.

As a necessity to be financially future ready to fight unforeseen medical emergencies.

As per Vital, an online platform that provides a simplified and easy

The pandemic is already creating huge shifts in millennials attitudes to health insurance.

“The pandemic has changed a lot of assumptions we have about our health.

What we are seeing now is a definite increase by millennials who are adopting good health cover early.

What’s more is that they are looking for online platforms that provide digital policy benefits that they can use to manage and improve their health.

As much as 60 per cent of all registered members at online platform Vital are between the ages of 20 to 35.

Millennials – those born between 1981 and 1996

Are known to live an Insta-worthy life and work relentlessly to achieve it.

Without giving a second thought about their health.

For many, their interests include investing in a certain standard of living that involves a healthy dose of self-care, recreation and travel.

In the process, the quality of health often takes a backseat. But after the coronavirus pandemic.

A majority of millennials are opting for health insurance to protect themselves, their family, and finances.

They are now waking up to the benefits of having a health plan to cover the risk of a breadwinner succumbing suddenly to the virus.

For instance, in September, TransUnion, a global information.

Insights company, surveyed more than 3,000 people who had visited a healthcare facility in the past year.

Found that the younger generations were feeling the greatest impact from the pandemic.

The survey highlighted that 33 per cent of Gen Z – those born after 1996 until 2010.

29 % of millennial respondents had their health insurance impacted by the pandemic.

Healthcare consumerism was growing partly because of the economic challenges resulting from the pandemic.

Covid-19 has made millennials

This interest is significant in a country, where according to experts.

80 % of the population still does not have any significant health insurance.

68 % has only limited or no access to essential medicines.

At over 42 crore, millennials account for 34 per cent of India’s population.

Any impact on their savings could result in a ripple effect.

Here are some factors that millennials should consider to understand why it could be a wise thing to invest in a health cover.

 

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21 thoughts on “Covid-19 has made millennials

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