Why Buying Health Insurance at a Young Age is a Great Idea?

In the whirlwind of teenage independence and overspending, savings and securing the future financially often take a back seat. The excitement to explore takes you to several unexplored paths and then suddenly life throws a curveball that can drive you completely off balance.

A medical emergency is one of the most unpredictable circumstances that can occur at any point in time. The lack of a backup plan in such instances can push you towards sudden financial strain along with mental and emotional distress.

Buying a comprehensive health insurance policy is the only backup plan that will help you deal with such uncertainties. It acts as a financial safety net, offering economic stability and the mental confidence of being protected to deal with such unforeseen circumstances.

With several health insurance plans in India, some common misconceptions persist among the young. This is especially concerning given the rising health concerns and the inability to save.

Here are some common misconceptions about health insurance plans in India:

• You are young which means you are healthy, fit and fine: According to WHO, statistics show that millions of young people die from illness every year.
• Buying health insurance online is a mere tax-saving method: There are several health insurance benefits related to lowering premiums and other financial perks. However, the fundamental reason to buy a health insurance policy should be to secure your future in terms of health and overall well-being rather than treat it as a tax-saving plan.
• A Health Insurance policy provided by your employer is sufficient: Well, a health insurance policy offered by your employer serves as an additional security and not a comprehensive health insurance policy. This is because it is a group-based one that covers only a small sum and can collapse once you discontinue your job.
• Everything gets covered under health insurance benefits: Some health insurance plans in India are restricted to covering specific diseases along with a waiting period. So ensure consulting your insurance provider of the diseases covered to avoid sudden stress.
• All health insurance benefits are lost if not renewed on time: It is necessary to renew your health insurance policy on time to maintain continuity. However, at some best health insurance plans in India, you get 30 days from the due date to carry forward all the applicable benefits to the next year.

The Right Age to Buy Health Insurance Policy

At Liberty Insurance, we encourage you to be health-conscious and start early investments in any health insurance plans in India. The earlier you get a health insurance policy, the better the odds of protecting your health with the most economical benefits.

However, the right age to buy health insurance plans in India is eighteen or at least before reaching your thirties. But to buy health insurance online is one wise choice that benefits beyond being a financial backup, regardless of age.

Economical Health Insurance Benefits at Liberty General

1. Financial Support during Rising Healthcare Costs: According to statistics, healthcare inflation in India has risen from 7.14% in 2018-19 to 14% in 2023. However, buying health insurance online at a young age can make healthcare more affordable
2. Better Coverage with Lower Premiums: Health insurance policyholders obtain extensive coverage with lower premiums due to the lack of pre-existing health conditions. The lowered premium rates do not affect the health insurance benefits and cover everything including OPD visits, minor procedures, maternity fees and even vector-borne diseases, making it a win-win situation for the young policyholders.
3. Accumulate No-Claim Bonuses: Every year, providers of health insurance plans in India offer a no-claim bonus. Starting a health insurance policy at an early age allows policyholders to amass these incentives, which can also serve as a secured saving for future requirements.
4. Tax Benefits: Yes, health insurance benefits are major from premium payments and the younger you are, the longer you can avail of its tax benefits. This factor can help you minimise the financial strain linked with high premium payments and curate savings.

Investing in health insurance policy at a young age is a wise and foresighted idea to obtain expanded coverage, bonus accumulation and tax breaks. Understanding the benefits and dispelling common misconceptions, we at Liberty Insurance offer health insurance plans in India with a stress-free and frictionless experience.

We strive to help you optimise all the possible economic and financial health insurance benefits. We want to provide the next generation with the knowledge and resources they need to make wise decisions for a healthier and financially secure future.

Operating in ninety-five cities throughout twenty-nine states and being connected to 6100+ hospitals and four thousand auto service locations, you can choose any of our five health insurance online offerings including:

• Liberty Health Connect Policy
• Janta Personal Accident Insurance Policy
• Health Connect Supra
• Individual Personal Accident
• Secure Health Connect

Now is the time to take charge of your health and financial stability. Invest in a comprehensive health insurance policy and secure yourself a confident future that you will appreciate not today but surely tomorrow. Moreover, to keep yourself more informed about insurance policies and tax benefits you can read our blog on What Are The Tax Benefits Associated With Insurance?