Health insurance is a topic that is incredibly important but often neglected in India. In fact, it is so crucial that it should be taught in schools and colleges. Unfortunately, many young people today do not have a solid understanding of what health insurance is and why it is so critical. When asked, the typical response is, “I don’t really have any idea about health insurance. My mom actually takes care of all that stuff. It seems important, but it’s also daunting, and I really have no clue about health insurance.” In this article we will try to cover briefly the importance of having a health insurance.
In this article, we will cover three specific points related to health insurance. First, we will explain why having health insurance is so important and critical. Second, we will provide guidance on what to consider when buying health insurance, as it can be a very complicated process. Finally, we will share which insurance policy we use and how we purchased it.
We encourage you to continue reading to gain a better understanding of why health insurance is crucial and how to make informed decisions when purchasing a policy. To further illustrate the point, here is a case of a wealthy property developer in a metro city. Despite his financial status, several of his family members contracted COVID-19 during the pandemic and had to be hospitalized. This happened during the peak of the second wave, which you may relate to. As you may know, hospital bills during that time were exorbitant, and his family ended up spending a whopping 70 to 75 lakhs on their treatment. Even for a rich family, this amount is a huge burden to bear. The lesson here is clear: the world is becoming increasingly uncertain, and new healthcare challenges are emerging. We cannot predict what kind of emergency expenses we may face in the future. If you belong to the middle or upper-middle class, going through such a situation can put immense stress on your entire family, even for generations to come.
Let now look into another fact. Last year, around 151,000 people lost their lives due to road accidents in India. While this is a tragic loss, many more individuals require hospitalization due to accidents. Situations like these have the potential to wipe out the entire savings of your family. Even if you are someone who makes a lot of money working in an IT industry, in the stock market or other investments, having no insurance can put all of that at risk. Imagine working hard for decades to grow and save your wealth, only for it to be wiped out by one unexpected incident. This can be physically and mentally jarring for anyone.
These two stories illustrate the importance of buying insurance and why every single person in India should have health insurance. The world is becoming more uncertain and new healthcare challenges are emerging. We don’t know what kind of emergency expenses might amass. In situations like these, health insurance can offer a safety net that can help protect you and your loved ones from financial ruin. It is critical to have health insurance so that you can access quality healthcare without worrying about the cost.
Hope this brief article gives you a basic idea of the importance of having a health insurance.
