Have you ever wondered if a health crisis would end your dreams if you don't have a Mediclaim plan or policy? Being young definitely has its advantages. You are free of great responsibilities, you are at the peak of your health and you expect dreams and aspirations. This is why you work hard, save and create a corpus. However, a medical emergency poses a great threat to this accumulated corpus if you do not have adequate health insurance.

Because health costs have become so expensive, it is a burden to bear. Only 18% of the inhabitants of urban areas and 14.1% of rural areas are covered by any type of health insurance. Surprisingly, many millennials know this. They are aware of the rising costs of medical care and, despite the awareness, the penetration of health insurance remains low in our country. Currently, only 1.5% to 2% of total health spending in India is covered by insurers. It is low because the young generation refrains from investing in a health insurance plan from an early age. It is the battle between ignorance and neglect.

Here are some reasons why a health plan is ignored and a reality check that highlights the importance of a health plan for each circumstance

Millennials believe they are immune to the disease.
Youth is definitely a wonderful time when your health is at its peak. Because diseases affect people with health problems, you are immune to the risk of disease. This is why many believe that a health plan can be eliminated with the product.

Reality check: have you considered accidents? Accidents have become fairly common and pose a serious risk to life. If someone is involved in an accident and needs intensive treatment for a week, they will surely make a hole in their pockets. In addition to accidents, in the modern era, diseases have also become common among millennials. It doesn't matter if you blame stress, a preference for junk food, smoking or drinking, young people today are just as prone to illness as adults. Therefore, if you want to avoid the financial implications of growing illness and accidents, better prepare yourself with a health insurance plan.

The increase in income leads to an increase in spending on lifestyle and health services. Lifestyle-related illnesses are here to stay and will be a bigger hole in your pocket. Diseases like heart, cancer and internal organs are on the way to diabetes or blood pressure.

The employer provides a group health plan. Why buy one?

While the millennial generation finds work in companies from an early age, a group health plan is included in the CTC package. It covers them and their dependent family. With that given under the terms of employment, you lose an independent health plan.

Reality Check: Your group health plan is valid as long as you remain an employee of your current employer. Do you promise to do this throughout your career? The modern generation does not hold a job throughout their careers. They change jobs or start their own business to feed their dreams. As such, the group's health plan is irrelevant. Your new employer may not have a group health plan, or it may not cover the whole family, or you may have a limited coverage plan. Also, while startups are growing across the country, the younger generation is busy following the trend. New product launches, applications, extended work hours, difficult deadlines are all the rage. If you are self-employed, you do not have an employer-sponsored health plan. Wouldn't you need a health plan then?