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Drawbacks of Not Buying Health Insurance Plan

A health insurance policy protects you against high medical expenditures in case of any medical-related emergency or hospitalization. A yearly plan of the health insurance policy safeguards the insured members against the stress of medical expenses which can arise anytime and take away your huge part of savings. Health insurance covers many medical expenditures depending upon the plan you have opted for.

The expenses are- hospitalization expenses, domiciliary hospitalization, ambulance expenses, cost of day-care procedures, pre, and post-hospitalization expenses, etc. That is why it is essential to buy a health insurance policy, and you may face various consequences if you are not covered under a comprehensive health insurance plan. 

The health insurance sector is one of the fastest-growing service sectors in the country, and many people are getting aware of the various benefits of having health insurance along with the risks and consequences of not having one. However, there is still a very large section of the population that has not opted for a health insurance policy.

The cost of medical expenses is rising rapidly in India which is becoming a challenge for people to get proper healthcare services and medical treatments. These sudden healthcare emergencies flow away from a big chunk of people’s savings as the costs of medical treatments are huge and the budget of the healthcare sector is very low. This makes it mandatory for Indians to have a health insurance plan in place.

For the people who are still skeptical about buying health insurance, here are the various drawbacks of not buying a health insurance plan:

1. High Health Care Cost

Life can be highly unpredictable, and you never know when you may face a medical emergency. Without health coverage or medical insurance plan in place, an unplanned hospitalization or a severe accident that may require an expensive treatment plan and/or emergency care can result in high health care expenses. With an increasing cost of healthcare, even an accident, a diagnosis of a critical illness, or even a broken limb can cost thousands of rupees out-of-pocket. With such a massive medical bill, you are likely to burn out your savings and become susceptible to a huge debt. It can lead to cutting down on necessities in life or even taking a loan to pay for the medical bill or fund the debt. All this can be taken care of by a comprehensive health insurance policy. 

2. Absence of Quality Care

Everybody has a right to proper medical care if they suffer from any ailment or medical condition, but with the rising healthcare costs, good quality healthcare and treatment may not be accessible to everyone without a sound financial background. Due to a lack of funds, you may get deprived of quality healthcare. But, if you have the right individual or family health insurance plan in place, you can protect yourself from such situations and get quality healthcare and treatment in case of a medical emergency.  

3. Increase in Financial Responsibility

Health-related issues can come from any direction and in any form these days, be it an accident, viral fever, lifestyle illnesses, or something critical. Irrespective of whatever it might be, one thing is for sure that if you do not have health insurance, you are left burdened with financial troubles and even debts after paying the medical expenses. Therefore, it is advised to have personal or family medical insurance, whichever is suitable for you to stay covered. 

4. Coverage Against Critical Illness 

Many insurance providers offer standalone or add-on critical illness health insurance plans. The critical illness health covers help provide coverage against critical and life-threatening diseases such as lung cancer, kidney failure, bone marrow transplant, heart conditions, etc. If you get diagnosed with any one of the mentioned critical illnesses mentioned in the list given by the insurance company, then you get eligible to receive a lump sum amount. This amount can be used by the insured to meet the treatment expenses, other financial obligations, diagnostic test bills, or daily expenses.

5. Hassle of Paying Medical Bills

If you are hospitalized during a medical emergency, there are many things to worry about. A comprehensive health insurance plan keeps one of the most important problems at bay – the hassle of paying the hospital bills. Many insurers nowadays provide cashless hospitalization which means that you need not worry about the medical expenses and treatment costs. Your insurer will settle the bills (up to the amount of sum assured) with the hospital after the due process. 

6. Tax Benefits 

Along with safeguarding your finances from medical expenses, health insurance also offers you tax benefits on the premiums paid, under Section 80D of the Income Tax Act, subject to terms and conditions. This makes a health insurance plan a smart investment. Therefore, missing health insurance means missing the tax benefits.

You are now aware of all the drawbacks of not having a health insurance plan, so, all you need to do is go ahead and start comparing various health insurance plans available online to choose an ideal plan for you to buy. Protect yourself and your family from the burden of medical expenses and other consequences. Make sure you read the entire policy document and clauses, before purchasing any insurance plan. Be aware of the benefits and limitations of the policy and make a well-informed decision. 

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FinanceGABhttps://www.financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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