Why do I need health insurance?

Insurance
1

Hey guys!
Everyone talks about the importance of having health insurance, but I’d like to understand the real reasons behind it. Why is it considered essential to have a health insurance policy, especially when many people feel healthy or already have some savings?

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2

Following are the reasons why you should opt for health insurance-

  • Health insurance offers financial protection against various medical expenses, including surgeries, doctor consultations, hospitalisation, and the cost of medicines.
  • With medical inflation rising at 12–14% annually, health insurance acts as a safeguard against increasing healthcare costs.
  • Medical emergencies such as accidents or sudden illnesses can occur unexpectedly and lead to significant out-of-pocket expenses—making health insurance essential for financial security.
  • Buying health insurance at a younger age comes with multiple advantages. Since younger individuals are typically healthier, they can access lower premium rates and continue to enjoy these benefits as they age.
3

Medical costs are rising so quickly these days, and I often wonder if savings alone are enough. Can you please explain why I really need health insurance and how it can actually help me in difficult times?

4

Health insurance is not just an expense, it’s actually a safety shield for you and your family. Here’s why it is important:

1. Rising Medical Costs:

Hospital bills, surgeries, and treatments are becoming very expensive. Health insurance ensures you don’t have to empty your savings during a medical emergency.

2. Cashless Treatment:

Most insurers, including popular ones in India, have tie-ups with hospitals where you can get treatment without paying cash upfront.

3. Covers Emergencies:

Accidents or sudden illnesses can happen anytime. With insurance, you are financially prepared for unexpected situations.

4. Protects Your Family:

Family health plans cover your spouse, children, and sometimes even parents, ensuring everyone gets medical care when needed.

5. Tax Benefits:

Under Section 80D of the Income Tax Act, you also get tax deductions on the premium you pay.

6. Peace of Mind:

Most importantly, health insurance gives you mental relief, knowing that medical expenses won’t become a burden.

• In short, health insurance is a financial backup and a protection plan that helps you face medical emergencies without stress.