Yes, having a health insurance can be expensive and it can make you feel that part of your salary is being wasted, especially if you are fit and healthy. But not having one can be financially devastating, especially if you are not ready for a financial shock and have other financial priorities to tend to.
Health insurance is basically financial protection offered by insurance companies under which the insurance company either
SO, WHY DO YOU REALLY NEED A HEALTH INSURANCE?
Pappu plays cricket every other day with his friends in the nearby colony. During a match, the batsman accidentally hit Pappu's head instead of hitting the ball while he was running towards the wicket. Pappu started bleeding profusely and had to be rushed to the hospital. He had to get stitches on his forehead and his parents were worried, but not for too long. Even though they didn't have much savings left, they had judiciously paid their family health insurance premiums every year.
IS IT WORTH IT?
As per a report called ''Key Indicators of Social Consumption in India'', medical costs increased by about 8 times from 2017 to 2020. In 2020, an individual would have to spend Rs 32,000 for a day at a private ICU facility. Add to this other hospital charges that are normally levied which include:
All this (and much more) adds up to make a hefty hospital bill.
Even if you are financially comfortable, hospital bills can shock the bejesus out of you and your family. When a loved one is in the hospital, it is very difficult for you to say no to expensive treatment just because you cannot afford to pay for it at the moment.
Health insurance will be like that loaded best friend who has tons of cash at their disposal, waiting to be used by you when you need a large number of funds. It is worth the money you spend because at least, you will ensure that your life savings are not wiped all of a sudden and that you don't have to borrow from others.
So yes, health insurance is definitely worth it.