Shyam: Rishi, I don’t get why people keep saying “buy your own health insurance”. My company already covers me and my family. Why should I pay extra?
Rishi: That’s a fair question, Shyam. But let’s look at it differently. Employer-provided insurance is like renting a house—it’s great while it lasts, but the moment you change jobs, retire, or your employer changes policy, the cover can vanish overnight.
Shyam: But as long as I’m working, I’ll be covered, right? Why complicate things?
Rishi: You’re right—till you’re employed, you’re covered. But imagine two situations:
1. You switch jobs and your new company doesn’t provide health cover immediately.
2. You retire at 60—when you’ll actually need health insurance the most—no employer will cover you then.
And that’s when buying a fresh policy becomes very expensive, or worse, you may be denied if you develop lifestyle diseases like diabetes, hypertension, or heart issues.
Shyam: Hmm… but right now I’m young and healthy. Won’t it be a waste to buy an extra policy?
Rishi: That’s exactly why you should buy it now. Health insurance premiums are lowest when you’re young. With every year you delay, the premium rises. For example:
At 25, a ₹5 lakh cover might cost you ₹6,000 a year.
At 35, the same cover could cost ₹12,000.
At 45, it might jump to ₹25,000 or more.
So the earlier you lock in, the cheaper it is over the long run.
Shyam: But I can still invest that money instead of paying for insurance. Isn’t that smarter?
Rishi: Not really. Because one hospitalization can wipe out years of savings. Suppose you’ve built a ₹5 lakh mutual fund portfolio, but a sudden medical emergency costs ₹7 lakh. If your employer cover only pays ₹3 lakh, you’ll need to dip into your investments for the rest. That derails your financial plan instantly.
Shyam: That sounds scary. But are medical costs really that high?
Rishi: Yes. Lifestyle diseases are rising fast in India. Young people in their 30s are being diagnosed with diabetes, cholesterol issues, and even cardiac problems. Hospital bills for these can easily cross ₹5–10 lakh, especially in metro cities. Without adequate personal insurance, the burden falls directly on your savings.
Shyam: So you’re saying my employer cover is good, but not enough?
Rishi: Exactly. Think of employer insurance as a bonus—it’s useful, but not something to depend on forever. Your own policy gives you continuity, independence, and peace of mind.
Shyam: Okay, I see your point. If I buy now, I not only get lower premiums but also secure my future before lifestyle issues hit. And if I delay, I’ll pay more and risk my investments.
Rishi: Spot on, Shyam. Health insurance isn’t just a cost—it’s protection for your wealth and your family’s future.
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