Should health insurance be mandatory in 2022?

The main question is Should health insurance be mandatory? The majority of people believe that because they are healthy and young, they do not need health insurance and will only need it after retirement or when they are elderly. But given the rising cost of healthcare and the higher prevalence of diseases at younger ages, it’s time to accept that owning a medical insurance policy is a necessity in India. People also disagree about the “right age” to purchase a medical insurance policy, but it’s crucial to realize that there is no such age. Practically speaking, the earlier you buy, the better.

Should health insurance be mandatory in 2022
Should health insurance be mandatory in 2022?

Which states require health insurance?

There are currently six states with separate mandates:

  • California.
  • D.C.
  • Massachusetts.
  • New Jersey.
  • Rhode Island
  • Vermont (although the requirement currently carries no financial penalty).

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Is health insurance required by law?

Medical insurance will be required, according to a circular from the Insurance Regulatory and Development Authority of India (IRDAI) dated April 1, 2020.

Health insurance must be for all citizens

Health insurance is now a requirement due to the steadily rising costs of healthcare in our nation and the rising incidence of diseases. People can get the much-needed financial support they need from health insurance in case of emergencies. Uncertainties and health risks are a part of life.

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Should health insurance be mandatory
Should health insurance be mandatory?

Mandatory health insurance pros and cons


The most obvious benefit is obviously that some of your medical expenses may be covered by health insurance. This kind of insurance may cover the cost of specialist visits, ER visits, and doctor visits (either entirely or in part). Depending on your specific policy, large hospital bills related to surgery or other major treatments might also be covered by health insurance.

Additionally, a PPO health insurance plan might let you select your own physician, though you might pay more if that physician is not part of the network that your health insurance provider maintains.

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Additionally, private insurance typically offers more options than public insurance, like Medicare. This might let you pick the choices you’re most likely to need and leave out the ones you don’t. Shorter wait times, more individualized attention, and more upscale facilities may be experiencing that come with private health insurance. Public facilities may occasionally be overcrowded and, in many instances, offer care that is of a lower caliber.


The biggest drawback of private health insurance may be the price, as one might anticipate. This is especially true if you don’t have access to any kind of group coverage and are in poor health. Several hundred dollars can be spent on many individual policies each month, and family coverage can cost even more. Even more comprehensive policies have deductibles and copays that must be satisfied before the insured is covered.

Not all diseases and conditions are covered by the majority of health insurance plans. When it comes to paying for specific medical services, those who require care that falls within one of the policy gaps are on their own. Additionally, the cost of healthcare has increased much more quickly than the overall rate of inflation, and this trend does not appear to be changing any time soon.

These are just a few of the benefits and drawbacks of purchasing private health insurance in the current market. Contact your financial advisor or the employee benefits representative at your employer for more details on different types of health insurance.

Benefits of the Affordable Care Act

Millions of Americans now have insurance thanks to the Affordable Care Act, which has also improved the healthcare system and saved thousands of lives. For those who were previously uninsured, have lower-incomes, or have preexisting conditions, among other groups, the law has had a profoundly positive impact.

Why is health insurance not mandatory in India?

In India, the majority of people rely on their household income or savings to cover their healthcare costs. The fact that mediclaim policies in India only provide coverage in the event of illness rather than a maturity benefit is the main deterrent for Indians from purchasing one.

Is it mandatory for employers to provide health insurance in India?

Yes, after the Covid-19 lockdown in 2020, businesses in India are required to offer health insurance. The Indian government mandated that all employers offer medical insurance to their employees starting in April 2020.