Should Health Insurance be mandatory in India
Most people think that they do not need mediclaim or health insurance as they are young and healthy and would require it only post-retirement or when they get old. But, it’s time to face the fact that having a mediclaim policy is an essential requirement in India, considering the rising healthcare costs and a higher incidence of diseases at a younger age. Further, people are confused about the ‘right age’ to buy a mediclaim policy, but it is important to understand here is that there’s no right age. In a pragmatic sense, the sooner you buy the better it is.
Health Insurance in India
Most of the population in India depends upon household income or savings in order to meet their healthcare requirements.
The main reason why people in India do not buy a mediclaim policy is that it offers no maturity benefit, but only coverage in the event of an illness. Further, there is less awareness among the general population in India about health insurance, and this is another reason why the number of insured people in India is very low.
Why it is Necessary to Buy Mediclaim Insurance in India
Health problems are rising, even in the younger generation, owing to the drastic change in our lifestyles and the increasing pollution around us. Furthermore, on average, healthcare costs have been growing at a rate of 15% every year. Hence, having mediclaim insurance to meet any sudden or planned medical requirements is a must as buying a health cover is a much cheaper option for anyone than spending all their savings on treatment.
Historically, it has been observed that Indians mostly rely on their savings to meet medical requirements, sudden or planned, and end up wiping off their savings. In fact, some people cannot even access healthcare. Hence, having health insurance is very essential as it secures you against a range of health problems and also gives you financial stability and peace of mind.
Should a Mediclaim Policy be Mandatory for Everyone?
The scenario of health insurance is quite dismal in India. But, unless healthcare becomes accessible to everyone equally, India cannot develop in a proper manner. Most people in India have to put up with the poor quality of health care, while many people are not able to access healthcare at all. This is why it is very important to make health insurance mandatory for everyone. Whether it is individual or family health insurance, being insured is an essential part of attaining financial freedom and peace of mind.
Why Mediclaim Insurance Should be Mandatory?
Here are the top reasons why health insurance should be mandatory: -
1. Change in lifestyles - There has been a huge change in the way we lead our lives. We suffer from high levels of stress, work for long hours, eat unhealthy food, sleep for a lesser number of hours and perform little or no exercise. Due to all these factors, we have become prone to a range of health disorders and even chronic illnesses like diabetes and heart problems, which were earlier not known to occur in the young population, have become a normal occurrence.
2. Increasing Healthcare Costs - While India offers cheap and pocket-friendly healthcare services to the rest of the world, the people of India have little to no access to good-quality healthcare services. The main reason behind this is that health care costs are rising every year.
3. A Medical Emergency Can Occur Anytime - We insure our houses, vehicles, etc., but often forget about the important asset that we have - our health. It is important to understand that securing our health is very important as a medical emergency can happen anytime, leaving you physically and financially strained. However, if you have health insurance, you won’t have to care about paying for your medical treatment.
There is a serious need for everyone to understand that besides other types of insurances, having health insurance is very important to lead a financially secured life. When you can easily buy health insurance online nowadays to keep yourself well-covered, then why risk your health and savings?!
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**