The urgency and requirement on investing in healthcare for millennials starts with a history lesson. Since the 1800s, history has seen a worldwide phenomenon of disease spreading across much of the World, every 100 years. In the 1800s it was Cholera, in 1900s it was the Spanish Flu and in the 2000s we are experiencing the Corona virus which has spread across all corners of the World leaving every connected corner of the World squabbling for some help to end the rage of what may be a product of Mother Nature’s wrath or an inevitable accident in the animal kingdom.
With the world population rising exponentially, millennials today always saw it coming but were somehow blindsided. Whether it is in the hints of pop culture phenomena that is the science-fiction idea that the undead will rise or the scientists constantly warning of a possible outbreak of disease in their studies and research, how did miss it or simply not care until it entered our homes? Perhaps, that’s
The worst hit are the millennials, carrying the World’s economy, society, and the unpredictable future on their shoulders. To top all of this, millennials themselves are said to make up the highest percentage of population that are affected with non-communicable diseases (NCDs), musculoskeletal conditions and mental health issues. That is not all for millennials and healthcare; basic health and lifestyle that is full of stress and lack of discipline or relaxation in their daily schedule has created and unapologetic need for change. There is also a necessity to change the millennials opinion on healthcare.
Why Millennials Healthcare is So Important
Let us take a closer look at what makes millennials (which includes people between the age of 39 years to 21 years) in dire need of a sustainable healthcare plan.
- Poor Lifestyle: It goes without saying, the millennial lifestyle is one of the unhealthiest. High levels of air pollution, unhealthy fast food, increased stress, reduced sleep and limited exercise all led to what Forbes calls the millennials “the unhealthiest generation at work”. Access to healthcare and preventive care products are vital in this battle. While lifestyle changes are not happening overnight with the pandemic worsening the situation a solid healthcare plan that helps to aid both financially and eventually aid in lifestyle changes are absolutely a necessity. Therefore, Importance of healthcare for millennials is not a privileged conversation anymore.
- Age Matters: Now this is an advantage for millennials. Health plans are cheaper at a younger age as the annual payments are lower when younger and rise negligibly with time. This is as against getting into a health plan with the annual payments digging an unrepairable hole in your pocket. So, age is on a millennials side financially when it comes to investing in health. Why not use this advantage? Invest in healthcare plans as early as possible. Ideally, you should do so as soon as you get your first job. Don’t worry though, if you haven’t it’s never too late to start. Set aside some money and get a good quality healthcare membership today so that you don’t have to worry about it later.
- Save By Investing: According to a YouGov-Mint survey 50% of millennials are said to save only 10% of their income. With the high cost of healthcare, 10% is nowhere near sufficient in the case of a medical emergency. In the unfortunate case, you are hospitalized, you can find that your life savings are quickly spent. It hence is not a liability, but an asset. It allows you as a millennial to save more for your dreams instead of spending it on your healthcare. For millennials, a healthcare plan is step 1 on the journey to financial independence.
- High cost of Millennial’s Healthcare? How much are millennials spending on healthcare? Due to the high cost of healthcare, it is very possible you tend to ignore the small signs. It does not make financial sense to visit a doctor for everything right? But then again leaving these small issues untreated can lead to major expenditures later in life. Invest in healthcare plans with access to discounted health check-ups, medicine deliveries and doctor consultations. That way, no issue is too small to ignore. You can ensure that there is no chance of something getting worse, so you can live healthily for longer.
- Invest in Healthcare to Save on Tax: If you are a tax paying working millennial you probably may be already aware that you are only the miniscule 1.3 crore population of India’s enormous 138 crore population who are paying income tax making you an essential citizen. So, there is a provision to save on your taxes if you invest in your health. Under Section 80D of the Income Tax Act, the premium you pay for health insurance is liable for tax deductions. You can claim up to ₹50,000, which is a great bonus if you invest in healthcare. Preventive health check-ups also qualify for tax deductions. So go on, get your yearly check-up done as early as possible. Here’s a handy calculator to check the deduction applicable. We hope this inspires you to invest in healthcare. Saving on tax may not be enough to change millennials view on healthcare but there 4 reasons mentioned earlier that make up for the urgency.
How Employers Can Help
If you run a startup or SME, you should know you can do your bit to help millennial employees. If they are struggling to invest in healthcare, you can provide them with employee healthcare benefits. These benefits will help give them the healthcare they need, while you benefit from healthier and more productive employees.
Wondering how you can do so on a tight budget? Don’t worry, Onsurity has your back! We have created employee wellness programs ideal for MSMEs and startups. Our business health plans are flexible and adaptable to your needs while helping you save up to 50% off on your healthcare costs. Click on the button below.