According to Anand Dalmia, Co-founder & CBO of Fisdom, India has one of the highest medical inflation rates in Asia. With the rise in lifestyle-related illnesses, this trend is expected to continue, making medical expenses a significant component of overall expenses, especially as individuals age. While the timing and nature of medical expenses are unpredictable, their impact on personal finances is certain.

Why buying health insurance plans is essential

“To avoid financial hardship during a medical emergency, it is essential to have adequate medical insurance. Such exigencies already pose a significant physical and emotional challenge to those affected and their loved ones; adding financial stress only compounds the misery,” said Dalmia.

How do you buy a health insurance plan for your family? With numerous life, term, and health plan options in the market, deciding what is best for you, and elderly members of your family (senior citizens) can be quite a daunting task. The financial security of an individual is protected by having health insurance. With the ever-rising instances of diseases, health insurance today is a necessity.