4 ways in which zillenials can safeguard both health and wealth in 2024

livemint.com:

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.