Why health insurance is a must for Gen Z

A fast-paced lifestyle that includes unhealthy diet, prolonged working hours, longer travelling hours, irregular sleep cycle has increased lifestyle related ailments. All this can take a toll on your health and the rising medical costs can strain our finances. Further, the pandemic has made us all realize that a health hazard can strike any time.?

Here’s why Mediclaim is essential for Gen Z:

Save cost

Buying a Mediclaim when you are young can be more worthwhile. As you are young, you are more likely to be healthy and obtain a plan at a lower cost. The premium increases as you age. This can help save lump sum money in the event of hospitalization.

Get tax benefit

A health insurance policy not only helps you save money on medical bills they also provide tax benefit. The premium paid for health insurance is tax deductible under Section 80D of the Indian Income Tax Act. The premium amount (up to Rs 25,000) is deducted from your taxable income. This reduces your taxable income and the tax liability.

Rising medical cost

The healthcare cost is prohibitively expensive in India. In 2021, India witnessed the highest medical inflation rate of 14% among Asian countries. (Source:?Hindu) The skyrocketing cost of healthcare services has made access to quality medical facilities inaccessible for a considerable part of the population. Moreover, a substantial part of healthcare services is owned by the private sector, where cost of treatment tends to be high. In the event of any health crisis, consumers get compelled to use their entire savings to pay hospital bills. Thus, buying a health insurance is essential.

The pandemic has caused an enduring transformation in the insurance business, as well as increased awareness among all ages. The surge in health emergencies across all age groups has sounded a warning bell for Gen Z to be equipped with a safety shield as well. Fortunately, the insurance ecosystem is equipped to successfully meet the demands of millennials with novel health insurance products.