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Are You a Millennial in Your First Job? Here Is Step One for You

Sep 03, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team


If you are a millennial and holding down your first job, it will be an exciting time with ups and downs. While you may have thought about savings, have you done something about it. You may have even looked into investments and insurance but have you thought about health insurance? Chances are you haven’t looked up health insurance plans or chosen health insurance at this young age. You are not alone, but you are not right either. Data from the 2017 National Health Profile, revealed that less than 27 per cent of India’s 135 crore people have health insurance. That’s about 35 crore people only who have health insurance in India as of 2017 data. Despite the income tax exemption under Section 80D of the Income Tax Act for health insurance premiums, not many people invest in securing themselves from the cost of unforeseen illnesses and hospitalization. But buying adequate health insurance as early as possible and staying invested is an important step to financial planning. After all health is wealth.

What is health insurance?

Medical or Health Insurance is a type of insurance that is taken out to cover the cost of medical care. Health insurance plans include individual, family or group health insurance that can covers wither the entirety or a part of the risk of a person’s medical expenses incurred. There are some great health insurance plans available to Indians and some of them can even be purchased online. If you are young and healthy enough (without pre-existing health conditions or in remission from cancer) you won’t even need the health checkup before you can secure yourself with health insurance.

Aegon Life’s iTerm Plus Plan provides a comprehensive, value for money insurance plan that provides a combination of life insurance benefits such as coverage for death and accident death as well as health insurance benefits in the form of coverage for 36 critical illnesses. Online term plans such as the iTerm help to provide comprehensive coverage at reasonable prices.

When you are healthy and young, in your 20s or even the 30s, and still putting a budget in place and holding down a first job, you may be dismissive of health insurance. What is health insurance, why add to the expenses burden? But the fact remains that uninsured expensive hospitalization and medical expenses can push you into almost irreversible debt or into the clutches of poverty.

It is financially prudent, to look into health insurance plans even as you are just getting used to your first job. It is critical that you get health insurance for yourself as early as possible, irrespective of the group health insurance offered by your company.

Adequate health insurance coverage is possible when you take initiative and don’t just depend on the bare minimum bogged down with conditions offered by most employers for freshers. Whether it’s supplementary individual health insurance or even a family floater, the key is to invest in health insurance and stay secured from the plight of medical expenses for you and your family. The income tax benefit will help sweeten the pill of paying an annual premium but the true sweet fruit of your labour and prudence in getting good health insurance is being hassle-free financially when you are worried about your health or in hospital. So don’t just go, “What is health insurance” or “Why health insurance” look into the health insurance plans available and secure yourself from medical expenses as a priority.

When choosing your health insurance, look into the key benefits of the health insurance plans and how it works as well as the conditions, restrictions and policy exclusions and beneficial riders before choosing your health insurance. By thorough researching and planning and early investing in health insurance you can be free of financial worries if god forbid you or your family have to tackle a medical emergency, illness or hospitalization. So remember, buy health insurance ASAP my dear young millennial!

Advt. no: II/Jul 2018/4235

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