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Why Health Insurance?

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11 Jul, 2022 by  Umang Upasham

I am 33 year old bachelor living with my parents who are retired. There's decent amount of savings. However, an agent is constantly pushing me to buy an individual health insurance for all three of us. He emphasizes me on buying an individual health plan and senior citizen plans for my parents.


Can anyone please help me understand how having health insurance will help me? What will I lose if I don't have health insurance? Can anyone please guide me on how does having health insurance really help?

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Health Insurance

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12 Jul, 2022
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Hi Umang,


Please understand that Medical Emergencies are always around the corner. We live in a world where hospitalizations due to accidents, infections, critical illnesses, surgical procedures, etc, have become too common these days. The hardships several families had to undergo due to the most recept experience like Covid-19 can not be explained in simple terms. By the way, none of us would have ever anticipated a pandemic of this sort & scale even in our wildest dreams.


Several factors that attribute to health risks are like sedentary lifestyle, pollution, stress at work, eating habits, adulterated food, road accidents, etc.

Getting access to quality Health Care is always a challenge as treatment expenses only increase with each year. Medical inflation in India is at the highest rate ever & at this rate, the cost of hospitalization becomes too expensive than anyone would ever imagine in the near future.


Let's take a simple example to help you understand this aspect:

At a very conservative figure of 10% medical inflation every year, the treatment expenses for a procedure that costs 10 Lakhs today will require 26 Lakhs in 10 Yrs, 67 Lakhs in 20 Yrs & a startling figure of 1.74 Crores in the next 30 Yrs time from now.

Similarly, a treatment that needs 5 Lakhs today shall require 13 Lakhs in 10 Yrs, 34 Lakhs in 20 Yrs & 87 Lakhs in 30 Yrs time.

One major disease or a medical condition is all it takes to shatter your dreams & we often see families going bankrupt only due to a lack of proper insurance planning.

The best way to stay immune to the skyrocketing hospital expenses is to have a proper health insurance cover that comes at a reasonable cost. This way you can also ensure that the savings corpus you & your parents have built is protected against any such unforseen medical expenses.

Health Insurance policies also offer the access to the best medical care facilities across the country & ensures cashless facility too.

Finally seek the expert advice in knowing about the best policies available & make an informed choice.


Good Luck,

Satish Kumar H






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12 Jul, 2022
Umang Upasham
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