In 2020, we learnt we cannot take our healthcare for granted. We never know what dangerous disease is close by, which is why we need to be as healthy and fit as possible. There’s an urgent need to invest in healthcare, especially for millennials.
Around the world, millennials make up the highest percentage of those affected with non-communicable diseases (NCDs), musculoskeletal conditions and mental health issues. The demand for dieting and exercise-related products and services is up, but these issues persist. It’s proof that there is a need to invest in healthcare.
Do make sure you invest in healthcare plans outside of your company. That way, even if you switch jobs or decide to retire, you will have access to healthcare benefits. That is vital, as you never know when you will have a medical emergency. Remember the saying “prevention is better than cure”? There’s a reason it is so popular.
Why Millennials Need to Invest in Healthcare
It goes without saying, the millennial lifestyle is one of the unhealthiest. High levels of air pollution, fatty fast food, increased stress, reduced sleep and limited exercise all led Forbes to call millennials “the unhealthiest generation at work”.
Access to healthcare and preventive care products are vital in this battle. If millennials invest in healthcare, they will be able to combat diseases like diabetes, cardiovascular diseases, hypertension and obesity early on, before they become lifelong battles.
The best way to invest in healthcare is to get a health insurance plan. That’s where age comes in. The premium you pay will increase with age, so the later you invest, the more you are likely to spend. There is a better way though.
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, you will be grateful you did in a few years.
Save Your Savings
A YouGov-Mint survey found that 50% of millennials only save 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.
That’s why you should invest in healthcare. It’s not a liability, but an asset. That way, you can save more for your dream house and car without compromising on your healthcare. For millennials, a healthcare plan is step 1 on the journey to financial independence.
Don’t Ignore the Small Issues
Due to the high cost of healthcare, it’s very possible you tend to ignore the small signs. It doesn’t make financial sense to visit a doctor for everything right? That’s a wrong assumption. It’s very likely that if left without proper medical care, small issues can pile up over time and become big ones.
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’s no chance of something getting worse, so you can live healthily for longer.
Invest in Healthcare to Save on Tax
Did you know you can save on tax just by investing in healthcare? 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 quality 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.
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.