{"id":6671,"date":"2016-05-14T14:04:48","date_gmt":"2016-05-14T08:34:48","guid":{"rendered":"http:\/\/13.201.39.237\/?p=6671"},"modified":"2016-05-14T14:04:48","modified_gmt":"2016-05-14T08:34:48","slug":"health-insurance-covid-19-is-making-millennials-financially-literacy","status":"publish","type":"post","link":"http:\/\/13.207.105.184\/?p=6671","title":{"rendered":"From Saving for a Vacation to Buying Health Insurance: How Covid-19 is Making Millennials Financially Literate"},"content":{"rendered":"\nC<\/span>rises have a habit of bringing about behaviour changes in a manner that regular life cannot enforce. The Recession of \u201908 brought about banking reform. The World Wars forced cooperation among countries tired of all the squabbling. The Black Death changed labour laws. Heck, it took the crisis of piracy for the music industry to embrace digital technology.\n\nBut nothing is likely to have the wide-ranging impact that the coronavirus is going to have \u2013 already predicted to change everything from the global economy to how metalheads behave at gigs<\/a>. Many erstwhile impossible things seem suddenly likely \u2013 formalised alcohol delivery, increased work from home\u2026 And millennials learning to save. For this famously profligate group, this involves not only smart management of their income, but also planning for the future, which includes choosing a responsible medical insurance plan<\/a>.\n\nNow, I don\u2019t want to come across as a hater of this much maligned generation, coming from the outer limit of it myself. Those in the West, for example, are still reeling<\/a> from the effects of the recession of 2009. That being said, millennials from the \u201cmiddle class\u201d, which is really the upper class in India, have had it relatively good for a while. Despite the gloom-and-doom of global news like Brexit and the US-China trade war, and domestic issues like demonetisation, our economy\u2019s chugged along.\n\nEven if it was all a carefully constructed house of cards, thanks to some smart choices, our economy wasn\u2019t as affected by the Great Recession as much as the US, and recovered quicker. There was, somehow, a sense of insulation, perhaps invincibility \u2013 buoyed by upward-pointing graphs and joyous headlines over the next decade, which saw the Sensex jump from less than 5,000 to over 40,000.\n\n

Due to the pandemic, millennials are forced to reckon with an unsure future and it\u2019s hitting uncomfortably close home.<\/p><\/blockquote>\n\nIndia\u2019s youth was among the primary beneficiaries of the largesse of venture capital firms keen on achieving impressive targets on the back of questionable business models. We weren\u2019t complaining. Our salaries kept rising and disposable income had been high. We got AC cab rides and home delivered food at rates well below what a standard economics textbook would advise. Foreign travel became par for the course, impulse buying and bespoke tailoring and personalised fitness classes and keto-only restaurants and alternate-day drinking and dancing\u2026 This became the reality for so many from our class and generation. Just try taking a walk down one of Bandra or Khan Market lanes on a Friday night.\n\nSeen as the next big market for pretty much everything, we were pampered with everything from new mobile phones to quality web content to concerts by international rock stars. Which is not to say any of these things were bad! Our ministers might grumble that it was our profligate ways that destroyed the auto industry, but in many ways, millennials kept the economy moving \u2013 doing all sorts of jobs. A career in comedy became viable. The number of IIMs shot up. We were still the offshore capital of the world, but now we were doing cooler things than just coding.\n\nMany of us didn\u2019t have to deal with the pressures that our parents and grandparents had contended with. Armed with the safety of a reasonable bank balance or a moderate inheritance like a house, we could dream of pursuing satisfying careers and passion projects, leaving the responsibility of planning savings and choosing the best health insurance company<\/a> to their more informed parents.\n\nAlas, along came a small gust of wind in the form of a global pandemic<\/a> threatening to upend that house of cards. For the first time in a very long time, millennials are forced to reckon with an unsure future and it\u2019s hitting uncomfortably close home. Stories of salary cuts or getting laid off are no longer foreign news, but things happening on our WhatsApp groups. Not a day goes by on social media without me coming across at least one \u201cstruggling to pay rent\u201d, \u201cclients have dried up\u201d or just plain anxiety over job security (the latter being the most discussed topic from a webinar I conducted<\/a> with a mental health counsellor recently).\n\n

In addition to smart investments, millennials will also have to consider their health insurance, if they even have one. <\/p><\/blockquote> \n\nAnd of course, at a time when something as simple as not standing six feet away from someone at an ATM queue can infect you with Covid-19, most people are looking at their savings and not planning their next vacation, but instead calculating possible hospital expenses. In addition to smart investments, millennials will also have to consider their health insurance, if they even have one. Comprehensive plans like Max Bupa\u2019s Health Premia Health Plan insures policy holders against unforeseen medical bills, which is a valuable financial safety net to have in these times.\n\nIt\u2019s a plan that feels tailor-made for the globetrotting, millennial who wouldn\u2019t settle for anything less than the best. Not only does it have the option to insure your health even when travelling abroad, it also features an in-built travel insurance that covers you against unpredicted trip cancellation, and loss of checked-in luggage. For the millennial who are at the age where they starting a family, it has maternity coverage and can cover hospitalisation bills for them and their insured family members. And of course, the big one, it has a cover for Covid-19 hospitalisation as well.\n\nFinancial literacy is something millennial might have spent the past decade neglecting, but now they\u2019ve got no choice but to come to grips with it, and fast. As always, the data doesn\u2019t lie. Searches for \u201chow to invest\u201d from India have shot up since February.\n\nGet Quote for Max Bupa\u2019s Health Premia Plans, click here<\/a>.\n","protected":false},"excerpt":{"rendered":"

The coronavirus is going to have a wide-ranging impact. Many erstwhile impossible things seem suddenly likely \u2013 formalised alcohol delivery, increased work from home\u2026 And millennials learning to save.<\/p>\n","protected":false},"author":30,"featured_media":6672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7083],"tags":[],"class_list":["post-6671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features"],"yoast_head":"\nFrom Saving for a Vacation to Buying Health Insurance: How Covid-19 is Making Millennials Financially Literate<\/title>\n<meta name=\"description\" content=\"The coronavirus is going to have a wide-ranging impact. 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