Are you a millennial? Amid coronavirus cases surge, know how to choose right health insurance plan - Expert's suggestions

Covid-19 has brought about a significant shift in the way we look at health insurance. Today, Health Insurance is an ‘Essential Commodity’ as people realise how insurance services can aid in emergencies. The need for being prepped for a contingency is paramount in today’s time. A low ticket size reduces the entry barrier leading to massive adoption from young customers across varied age groups, financial backgrounds and geography.

Millennials want to monitor their health and wellness using tech-based apps. Fast-paced lifestyles and stress make them more vulnerable to health conditions. Furthermore, open dialogue around the importance of overall well-being has helped them prioritise their mental health. Aniruddha Sen, Co-Founder, Kenko Health, explains how to choose health insurance plan:-

Aniruddha Sen says, "Millennials constitute the most influential and significant customer segment in India. Post covid, they have accounted for a remarkable growth of the insur-tech sector by investing in themselves and their families, especially the consumers in the age group of 25 to 45 years as most at this age are the sole bread earners in their family. Better education, exposure, and opportunities attract them towards customised and affordable solutions." Given the rising demand, Aniruddha Sen explains five health insurance plans millennials must study before opting for one:

"1. A Budget-friendly Plan – To begin with health insurance, one step at a time, a budget friendly plan is the best way to start with, for millennials today. Plans like this offer discounts on medicines, doctor consultations, diagnostic tests and selective preventive care. Such plans, based on the requirement of millennials today, also covers dental care and mental health. "

"2. All inclusive OPD Individual Plan - Millennials in the age group of 25 to 40 years who have lesser probability of using the in-patient hospitalisation than out-patient services must go for a plan like this. Such plans offer better discounts on medicines, doctor consultations, diagnostic tests and selective preventive care. It is an all-inclusive plan that cares for a single person, day in and day out. These plans also include dental care, mental health, vision care, preventive care, at-home care and more."

"3. Covid-19 specific Individual Plan - Keeping in mind that the cases have begun to rise again, it is important to look after ones overall health and well-being, especially cover for Covid-19. Such a plan is holistic for an individual as it covers everything under OPD Individual Plan along with a complimentary health insurance that includes Covid as well."

"4. All inclusive OPD Family Plan – There is a rise in millennial opting for insurance being the sole bread earner of the family. One plan that benefits up to four-members in a family is a go to plan for the working millennials today.  Such a plan is best suitable for someone looking for an economical cover for his/her family.  The plan offers great discounts on medicines, doctor consultations, diagnostic tests and selective preventive care. Such plans include dental care, mental health, vision care, preventive care, at-home care for each member. "

"5. Covid-19 specific family Plan - Covid has gained more traction among millennials with insurance being in high demand. An all-in-one plan for overall health and well-being including cover for Covid-19 is a holistic plan for a four-member family as it covers everything under OPD family plan along with a Complimentary health insurance that includes Covid as well."

Aniruddha Sen suggests, "It is of utmost importance for one to read their T&C well, since some crucial details get missed out:
-One must ensure that there are no caps on maximum price of medicines
-If the insurance is yearly/ monthly based
-If the insurance providers have the provision for the customers to opt-out whenever they want to avoid getting stuck with the insurance for the entire period
-If the plans chosen requires any other commitments
Compare if a plan fits best for you considering preexisting diseases and age factor."