Across the globe, millennials are often criticised for the lifestyle they lead. Their priority spectrum is often relegated to achieving that Insta-worthy life and working day and night to attain it without giving importance to the quality of life they are leading.

They are also known for spending on designer clothes, glossy accessories, high-end gadgets and cross-continental travel to maintain a certain living standard. While making financial investment choices to fulfil their goals, health insurance often takes a backseat for majority of millennials.

Anuj Katiyar, a former marketing professional at Viacom Media, said though health insurance might be a good option, but the returns must be impressive for him to think of purchasing it. “It should not become an additional expense for me to bear,” he says.

Many investors do not have adequate information or understanding about the availability of different health insurance policies in the market and they assume the cover amount is not satisfactory.

Apart from this, some millennials do not feel a need for buying a medical insurance policy, thinking it would block their money. Debjoy Raj, an advertising professional at an ad agency in Mumbai, says he always gets confused about whether to buy health insurance or not.

“I understand that one should buy a health insurance policy, as it provides great financial support during any medical emergency. However, sometimes, I get lazy in researching and selecting the best medical insurance policy. Frankly, I also feel my money will get stuck,” Ray said.

However, the current pandemic has been a wake-up call for most millennials. The value of ensuring a healthy life for oneself and loved ones has taken top priority.

Jashan Arora, Director at Master Capital Services, said medical emergency can strike any time and it can put a serious impact on a person emotionally and financially. He said, “We are living in tough times and millennials should buy health insurance early in their lives to have enough money during a health emergency.”

Kavita Sharma, an analyst at Blue Chip Capital, says health insurance is a great investment choice for the millennials. “Buying insurance policies at an early stage of life guarantees good returns in the long run and creates savings for rainy days. Millennials should look at various insurance policies, evaluate and choose the one that suits them,” says Sharma.

Here are some factors that can be considered by millennials while investing in health insurance:

Supports medical costs and extends protection to your family: The rising medical costs can surely burn a whole in your pocket and at times, you might get nightmares if you or your loved ones were to undergo an expensive surgery. Buying sound health insurance policies for you and your family members not only guarantee a safety net on your investments but also take care of your family during medical emergency needs. With the help of HDFC Life, which offers a variety of medical insurance plans the cost of your health-related needs is being taken care of.

Boosts your savings: Health insurance policies not only aid you during a medical crisis but also cushion your bank balance. You can enjoy good returns once your policy matures. For instance, an investment in an HDFC Life insurance policy provides you a high cover at an affordable premium.

Great for retirement planning: It goes without saying that you are more prone to health related emergencies in your post retirement years. Burgeoning medical costs can hurt your savings and leave you in financial turmoil in your sunset years. Health insurance not only covers your medical expenses, but you can also reap post-retirement benefits. For this, the health insurance policy by HDFC Life is a great option to explore.

Offers tax benefits: Besides health emergencies, investing in medical policy can also give tax relief. With HDFC Life Easy Health insurance, you can save a good amount of tax on your salary after investing in health insurance.