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Why is Health Insurance important?

May 02, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

For many people, buying health insurance is a must on their ‘to-do’ list.  Somehow it just never gets done. They may feel there is no immediate need for it. Why worry when health, youth, or enough wealth is on your side? This kind of thinking is not wise. This is like the case of the ostrich sticking its head in the sand when it senses danger. The danger is still present even if it can’t see it. Exorbitant medical costs and high medical inflation are things that you can’t afford to ignore. So, here are 5 reasons why health insurance is important:

  1. Rise in lifestyle diseases at younger ages

Urban life can be stressful. You may face long hours at work. This leaves you with little time for physical activity. Factor in fast food and unhealthy nutrition. General ill health is likely to follow. More and more young adults are suffering from lifestyle diseases. These include diabetes, hypertension, obesity, and cardiovascular diseases. Proper diagnosis and treatment are necessary.  This involves doctor consultations, medical investigations, medicines, and therapy. None of which are cheap.

  1. Quality medical care has a price

Currently, only 2.5% of the GDP is set aside for public health. Hence, affordable government-funded hospitals cannot offer high-quality healthcare. So, most people prefer private players. But here quality comes at a high price. And with the high rate of medical inflation, not everyone can afford it.

  1. Funds may be inadequate in an emergency

Medical costs are at an all-time high. Suppose you need emergency treatment but do not have adequate funds? You may not have the time to arrange for the required funds. You cannot take such a risk in an emergency. Why pay the full medical cost, if a small amount of premium can help you out.

  1. Critical illnesses and life-saving surgeries can wipe out your savings

Both critical illnesses and life-saving surgeries are becoming more expensive every year. Cancer treatment costs an average of Rs 10 lakh. Organ transplant surgery can cost anything between Rs17.5 to 20 lakh. Few can afford these costs on their own.

  1. Maternity expenses have shot up

Maternity expenses have increased. Also, more women are choosing to have pregnancies later in life. These high-risk pregnancies can be costly. They include regular doctor visits and more checkups. They are also, by and large, Caesarean section deliveries.

How does health insurance help?

  • Cashless hospitalisation:

Check into a network hospital to avail cashless healthcare. You will not need to run around for funds in a medical emergency.

  • Coverage for critical illnesses and life-saving surgeries:

Critical illness plans (such as a cancer insurance plan) can save your finances. They can provide the necessary funds for ongoing treatment.

  • Coverage for preventive health checkups and doctors’ fees:

The cost of preventive health checkups and doctors’ consultations can build up. Health insurance can cover these expenses.

  • Coverage for outpatient costs:

Suppose you do not need 24-hour hospitalisation. In such cases, you can get coverage for outpatient treatment.

  • Coverage for maternity medical costs:

You cannot compromise on quality maternity healthcare. Health insurance can take care of all pre-maternity to post-maternity expenses.

  • Coverage for dental treatment:

Some health plans offer dental insurance after a waiting period.

  • Coverage for alternative remedies:

Many Indians are turning to alternative remedies. Some health insurance policies offer coverage for alternative treatments. These include Ayurveda, Unani, and so on.

  • Recovery benefits:

You may get compensation for loss of income due to prolonged hospitalisation.  

  • Tax saving benefits:

You can save tax on premiums paid and preventive health checkups. This comes under Section 80D of the Income Tax Act.

  • Daily hospital cash benefits:

Health insurance plans may offer extra financial compensation to cover non-medical expenses. You can use the money in any way you choose. The insurer does not ask for proof of use.

  • Lifetime renewal:

You can renew your health plan until the age of at least 90 years.


Medical inflation has made health insurance a necessity in India. Buy adequate health cover. Protect your wallet, your peace of mind, your health, and your family. That is the ultimate long-term benefit of health insurance.

Advt. no.: IA/Apr 2018/3888


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