Not buying health insurance is a brave step, specifically in times where chronic medical conditions are impacting people’s lives. At the same time, it’s not a very smart decision if one chooses not to have a health insurance policy. The latest coronavirus outbreak is an excellent illustration of how the escalating cost of high-quality healthcare has pushed patients and their dependents into debt.
Health insurance benefits of hospitalization expense cover, impatient charges, vaccination cost cover etc. are just a few one enjoys on a health insurance plan. Let us look at some disadvantages of not having a health insurance policy.
Pitfalls of not buying a health insurance plan
- Costly Medical Treatments: Costs of basic treatments have risen considerably as a result of rising health-care inflation and on-going pandemic situation, draining policyholders’ financial reserves. To keep consumers’ wallets from burning a hole, health insurance firms provide coverage with affordable premiums. Even with new variants of Covid-19 coming out, it is difficult to say when you might be in need of a costly treatment. Hence a health insurance policy can help you cover all the costs in an emergency situation.
- No Cashless Claims: In case of you or a loved one going into a critical care unit, the emergency of the situation requires you to deposit enough money to begin the treatment. It is difficult for most of the people to arrange the money in a short time period. In such cases, medical insurance plans allow for cashless treatments under the policy and help reduce tremendous financial anxiety and pressure.
- Unforeseen Medical Conditions: While scheduled hospitalization may be within your control, sudden hospitalization due to illness or an accident can have a substantial financial impact on your savings. It is preferable to be prepared than to be concerned if you require medical care without the financial security provided by health insurance. This can be done to have at least one of the various types of health insurance plans.
- Protection against chronic illness: Chronic, severe illnesses which can be detrimental to life and cost huge for treatments and operations can actually be covered with critical health insurance policies. This can especially take off pressure from those who expect a treatment soon and relieve their loved family members as well. You can also check out family health insurance plans to cover your entire family under one plan.
- Loss of Savings: Sudden hospitalization as discussed can cause an immediate loss of savings. The same happened during the COVID-19 pandemic where people lost their savings worth a lifetime. Failure to obtain health insurance increases the likelihood of losing your hard-earned money to income tax.
- Unable to afford medication: Numerous treatments and medicines are excessively expensive as medical and healthcare prices continue to rise, even more so without a health insurance policy to cover the expenditures. Delaying treatment or buying low-cost medicines may not be the best alternatives.
- Tax Deductions: The government encourages people to obtain health insurance by offering them a tax break on the premiums they pay. It is possible to save money on health insurance premiums by investing in one and obtaining tax benefits under Section 80D of the Income Tax Act.
Health insurance is absolutely essential in today’s times. An emergency medical situation can cost you a lot of money if you don’t have good health insurance. In order to ensure that you and your family have access to high-quality medical care and medications, you must have health insurance. If you run an organization, having group health insurance covering you and your employees can be of huge help.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.
