Alright folks, let’s be frank—healthcare costs are rising out of control faster than a roller coaster on Red Bull, especially post-pandemic in India. We’re all in the same boat, juggling the desire for top-notch medical care and health insurance without the terror of blowing our life savings.

Enter stage left: Health insurance, the superhero cape we never knew we needed. Once seen as a luxury, it’s now the ultimate necessity to dodge the monstrous medical bills. In this blog, we’re going to unravel why health insurance is your trusty sidekick against these ever-ascending healthcare expenses, complete with data and insights.

The Healthcare Cost Whirlwind:

Why on Earth do those medical bills keep climbing like they’re trying to reach the stars? Sure, tech has made some things quicker, but it hasn’t done much for the budget. In India, medical inflation is skyrocketing at 15% per year, while general inflation is just chugging along at 6-7%.

Data Dive: Reality Check, Anyone?

Let’s break down these healthcare numbers, and picture this medical cost rollercoaster over the years:

2010: Healthcare inflation increases to 8%, while everyday inflation remains at 5%

2015: Medical expenses crank up to 12%, while regular inflation’s is at 4%

2020: Healthcare costs skyrocket to 15%, leaving average inflation at 6% 

2022: Healthcare costs skyrocket to 16.5%, leaving average inflation at 6.7% 


Health Insurance: The Hero You Deserve:

But let’s calm down because health insurance will be your saviour, your shaktimaan. Following are the reasons why you should consider buying one:

  1. Cashless Health Insurance: Hospitalization services to the insured at the network hospitals of the insurance company. Cashless hospitalization is extremely beneficial for people, especially in emergency situations, as it will save them from the hassles of arranging money before being treated at a hospital.
  2. Jack-of-All-Coverage: Hospitalization, pre and post-stays, ambulance rides, lab tests, OPD coverage – it’s got the whole buffet covered. There’s even a daily hospital cash cover to tackle the sneaky expenses!
  3. Critical Illness Guardian: Ever worry about a monster bill for a critical illness like a heart attack or an organ transplant? Enter the Critical Illness Insurance, handing you a lump sum to give you the required comfort in these times.

Shopping for Your Health Insurance:

Here’s the game plan to choose your health insurance:

  1. Coverage Check: Make sure it covers hospital stays, pre and post-hospital care, and those “offo!” moments of critical illness.
  2. Bonus Round: Look out for bonuses like no-claim rewards, pregnancy cover, OPD, Medicines etc.
  3. Hospital Heroes: Insist on a policy with a lineup of some good hospitals around you.
  4. Claim Settlement Record: A high claim settlement ratio indicates an insurer’s commitment to providing timely support.,Claim%20Settlement%20Ratio%20in%202022.

When life throws you lemons, you might need more than lemonade. With healthcare costs soaring, it’s time to befriend health insurance. Ignoring it might be like setting your savings on fire during a snowstorm. Health insurance isn’t just a wise move; it’s your ticket to a worry-free life, even when healthcare costs play hard to get. So, put on that superhero cape (metaphorically, of course) and let health insurance be your valiant guardian against the villain of healthcare inflation!

Read about Humans of PickMyWork and learn from their stories.