A Health insurance policy provides coverage for medical expenses incurred by the policyholder due to an accident, illness, or injury. Medical costs are rising rapidly and can severely affect your finances and eat into your life savings. We cannot predict our healthcare bills in the future, and those without sufficient savings may find it difficult to afford necessary medical care during emergencies.
With a good health insurance plan for yourself and your family, you no longer need to worry about meeting large medical expenses. Health insurance is an essential financial tool that helps you plan a secure and happy future.
There are various types of health insurance policies present in the market. You can choose from individual health insurance, family floater plans, critical illness insurance, senior citizens’ health insurance, top-up insurance, personal accident insurance, and other policies. It is always advantageous to purchase a health insurance policy earlier in life.
However, the health insurance plan is valid for a fixed period and must be renewed upon expiry. It is essential to renew your insurance plan to keep receiving its coverage and benefits.
Despite its extensive benefits, people still hesitate to buy health insurance plans and consider it a waste of time. It is mainly because of their half-hearted approach toward health and lack of awareness. If you don’t have a health insurance plan, you will be at a major disadvantage and might need to face the following consequences:
Healthcare expenses
Health issues come unannounced and can make even a healthy person fall sick without any warning. In such cases, any unplanned hospitalization or treatment can leave you with expensive healthcare bills and unwanted financial burdens. A health insurance policy has become necessary with rising lifestyle diseases such as cancer, chronic respiratory diseases, heart failure, stroke, diabetes, or paralysis, and escalating medical expenses. So, safeguard yourself and your loved ones against these expenses by buying an affordable insurance plan.
Loss of savings
Rising medical inflation in the country has made it difficult for an individual to meet his basic healthcare needs. The treatment of critical illnesses or accidents can drain your savings and put you under stress. You can save your hard-earned money and manage your finances by purchasing a comprehensive insurance policy. It offers coverage for hospitalization expenses, domiciliary expenses, organ donor expenses, ambulance costs, daycare, and other medical expenses.
Stress
Accidents can happen at any time and can lead to unplanned hospitalization. It puts a strain on your finances and leads to financial insecurity. When an individual is worried about how to pay his medical bills, he cannot recover well due to financial stress. Thus, preparing yourself with a suitable health insurance plan is better than worrying about unexpected medical exigencies. One should not wait for an unforeseen accident, injury, or illness and should buy a health insurance plan in time.
Debt
High healthcare needs and limited financial resources to pay off expensive medical bills can force an individual to incur medical debt. Medical debt causes financial distress and snatches away your peace of mind. People without a health insurance plan might be pushed into a situation.
The pressure of paying debts continues even after you have recovered. You will now be more focused on saving money to clear your debts instead of keeping them for future needs. That is where such insurance plans come in handy to fund your medical treatment, reduce out-of-pocket expenses, and protect you from falling into the debt trap.
No Tax Benefits
Health insurance policies cover your medical expenses and provide you with certain tax benefits. An insured can claim tax benefits on the premium paid for a health policy under Section 80D of the Income Tax Act. Investing in a health insurance plan is essential to make sure you save your money on income tax.
Low-quality care
Health is one of the most valuable assets. To lead a meaningful and good quality life, one must stay healthy and meet all healthcare needs. However, sky-rocketing healthcare expenses have made it difficult for the commoner to avail of top-quality medical care.
If you have a poor financial background, you tend to choose lower-cost treatment and compromise on your healthcare needs. In such a situation, a health insurance plan can prove beneficial as it ensures the best healthcare treatment and facilities without exhausting your savings. Health insurance is a financial shield covering all planned and unplanned hospitalization expenses.
In Conclusion
You must buy a health insurance policy to protect yourself from the above consequences. It is important to make an informed decision and pick an insurance policy that suits your needs and requirements. Without insurance coverage, medical expenses can quickly pile up, leading to significant debt or even bankruptcy. Moreover, delaying or avoiding necessary medical care due to financial constraints can result in serious health complications and long-term consequences.
Therefore, it is crucial to prioritize health insurance coverage to protect yourself and your family from the financial and health risks associated with not having insurance. If you are unsure about your options, consider speaking with a qualified insurance professional or healthcare provider to explore the available options and find the right insurance plan that suits your needs and budget.
