Healthcare is expensive. Nothing should hamper your family’s future. It would be best to protect your family from the financial crisis that may arise due to increasing healthcare costs. It is more crucial than ever during the ongoing pandemic. Individuals without health insurance are at a much more significant disadvantage. Seeking proper treatment for health conditions and the crushing costs of treatment are the two big reasons to obtain health/accident insurance.
Consequences of not having a health insurance
An accident insurance plan covers you against financial risks in case of death/injury/disability, and health insurance covers you against all medical treatments, hospitalisation, and critical illness.
Health insurance helps take preventive steps early before an ailment or condition develops into full-blown critical concerns. You should think about the risks of not having health insurance and what consequences you will have to go through if you don’t have health insurance coverage.
Following are the major concerns that you may have to face in the absence of health insurance:
- Financial burden
Soaring medical care costs can drain all your lifelong savings with a snap of a finger and leave you at higher financial risks for the future. Sounds scary? Yes, it is for many. The treatment for ailments can be started quickly in the present era, but the treatment costs are soaring high. Without health insurance, you are exposed to a severe financial risk as you have to pay all medical expenses from your pocket. The concept of health insurance or medical policies is to protect your finances from sky-high medical costs. You can reduce your financial risks associated with unprecedented medical expenses and avoid draining your lifelong savings with a health insurance policy. It will be a justified statement that health insurance with an adequate sum insured is the only way to meet medical costs without hampering your savings. A senior citizens health insurance plan is more crucial as elderly family members need more frequent medical care.
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- No quality care
When an ailment knocks on the door, every individual must get quality healthcare. The issue is that everyone does not have a sound financial background. Medical science has developed a lot with time. It can provide the necessary treatment to the needy quickly. A lack of required and timely funds can leave you guilty if you cannot provide the treatment required in such a critical situation. There are high chances of such a situation in the absence of health insurance. It not just covers your medical costs but covers a lot more out-of-the-pocket expenses beyond that. With health insurance, you can ensure quality treatment at the right time.
- Hassled payments
When one gets hospitalised due to a medical emergency, everyone becomes worried about many things. One of these worries is the hassle of making payments to the hospital. It is the case when you do not have health insurance cover. With a senior citizen health insurance policy, you get cashless hospitalisation. The insurance company is responsible for settling the bills with the hospital. The insured must be hospitalised within the insurance company’s network hospital. Therefore, you can keep the worry of payments at bay.
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- Losing tax benefits
If you do not have health insurance, you lose tax savings. Though tax benefits should be the last aspect to consider, it is a key advantage that a health insurance plan offers. An individual can get a tax exemption of up to Rs. 75,000 under section 80D, Income Tax Act, 1961.
There is always a chance of catching an illness or meeting with an unfortunate accident. To reduce the financial burdens due to unpredictable circumstances, you should have individual or family floater health insurance. Thus, even if you are relatively fit and have no pre-existing diseases, you should buy health insurance and accident insurance.