When it comes to health insurance, youngsters generally have a misconception that it is only for older people. This misconception is nothing new, it has been passed on to people for ages.

By Sapna Desai

In the ever-evolving landscape of life, Zillenials (Gen Z + Millennials) find themselves at the crossroads of two dynamic generations. As they step into 2024, a year brimming with potential and promise, it’s important for them to embark on a journey of self-care that intertwines health and financial well-being. This is not merely about resolutions but rather about forging a path towards a sustainable future.

Embracing the spirit of a new year, it is imperative that zillenials chart their course by establishing financial goals. This entails not only envisioning career milestones but also delving into the intricacies of health insurance plans. The nexus between financial planning and overall well-being becomes evident as they grasp the importance of a balanced approach.

Investment options such as mutual funds, equities and insurance play a vital role in financial planning.

When it comes to health insurance, youngsters generally have a misconception that it is only for older people. This misconception is nothing new, it has been passed on to people for ages.

Like the phrase goes, early bird catches the worm, a nugget of financial wisdom for zillenials lies in the early acquisition of health insurance. Purchasing a plan at an early stage unlocks a treasure trove of benefits, not just in terms of coverage but also in long-term savings. Many benefits can be reaped by purchasing health insurance at an early age such as tax deductions, lower waiting periods and no claim bonuses amongst others.

For example: a 25-year-old Zillenial, purchasing a health insurance, enjoys lower premiums because of their good health. Over the years, a history of good health is built through continuous coverage. As a result, when potential health concerns arise in the later years their premiums remain relatively lower compared to someone obtaining coverage later in life. This early acquisition not only ensures comprehensive coverage during youth but also leads to substantial long-term savings as they benefit from lower premiums, creating a financial advantage that compounds over time. This foresight allows them to enjoy the full spectrum of a health insurance plan while reaping financial rewards down the road.

Beyond employer insurance: Recognising the importance of personal health insurance signifies a significant change in perspective. An employee health insurance covers medical expenses only till the time your employment is valid in the organisation. In the landscape of frequent job changes especially amongst zillenials, it is imperative that one takes a personal health insurance as depending solely on the health coverage provided by employers might have some gaps that personal plans can easily address. This shift is a move towards empowerment, giving zillenials the ability to steer their own health journey. By having personal health insurance, they ensure complete coverage that suits their specific needs, putting them in control of their well-being

Budgeting wisdom: Within the realm of managing finances, healthcare expenses play a vital role. Keeping in mind the rising medical inflation, zillenials are advised to create budgets that set aside money specifically for unexpected medical situations and planned healthcare needs.

This practice serves a dual purpose: it acts as a financial buffer against unforeseen events and promotes a mind-set of actively managing one's health. In simpler terms, allocating funds for healthcare in your budget helps you be prepared for unexpected health issues and encourages a habit of taking charge of your well-being.

The annual health budget: As the dawn of the year unfolds, it’s important to create health budgets — a blueprint that steers them through the labyrinth of healthcare decisions. This entails a comprehensive checklist; this involves earmarking funds for essentials like health insurance premiums, super top-up plans, co-payments etc. to ensure continuous coverage without financial strain. It's also wise to set aside an emergency fund for unforeseen medical expenses and allocate a budget for prescription medications.

In these changing times, it is effective to choose plans that provide global coverage for when you travel abroad or choose a personal accident plan to protect you in times uncertain. Many personal accident health insurance plans are available in that market, a few even covering adventure spots, encouraging you to live your life worry-free while being protected by health insurance. Prioritising preventive care, routine check-ups, and screenings can catch potential issues early, reducing overall healthcare costs. It’s not merely a ritual but a proactive approach to safeguarding both health and wealth.

Strategic considerations: Selecting the right health insurance plan is akin to choosing a compass for life’s journey. Consider health insurance plans that provide wellness benefits like step tracking or annual health checkups, as they would benefit you in more ways than one! Zillenials are urged to delve into the nuances, considering factors like coverage limits, deductibles, and network providers. It’s not merely a transaction but a strategic investment in their well-being.

In the canvas of 2024, zillenials are positioned as practical architects of their destinies. By embracing financial foresight and cultivating a proactive approach to health and wealth management, they practically fortify their present and lay the foundation for a future filled with vitality and financial security. From mutual funds, to equity, and insurance, investment options for personal finance are never ending and reap great yields over a period of time. As the pages of the new year unfold, let the narrative be one of practical empowerment, where zillenials navigate the intersection of health and wealth with confidence, realism, and resilience.

Link: https://www.livemint.com/money/personal-finance/4-ways-in-which-zillenials-can-safeguard-both-health-and-wealth-in-2024-11703851622989.html