Pitfalls of Not Purchasing a Health Insurance Plan

With each passing day, the importance of having a health insurance policy increases. With the change in the lifestyle, increase in workload, increase in age, etc. people have become more vulnerable to contracting life-threatening diseases. Due to the recent rise in inflation, the basic costs of treatments in the health sector have hiked, thus burning a hole in the pockets of the individuals. Therefore, to help the people in overcoming this situation and to ensure them quality treatment without exhausting their financial savings, the health insurance providers have rolled out health insurance policies that are both comprehensive and cost-effective for people from different groups of the society. 

Health insurance plans have an endless list of advantages that can be availed by the policyholders in case of a medical emergency. You can get financial aid for expenses like hospitalization charges, medication costs, room rents, ambulance costs, vaccination charges, inpatient charges, and much more. Apart from the basic expenses, you can get benefits like tax deductions, no claim bonus, wellness programs, preventive medical checkups, etc. 

Pitfalls of Not Purchasing a Health Insurance Plan

Let us look at some of the prominent disadvantages of not having a health insurance policy: 

1. High Cost of Medical Treatments 

With the rise in inflation in the health sector, the costs of basic treatments have also increased drastically thus leading to the exhaustion of the financial savings of the policyholders. To avoid the policyholders from burning a hole in their pockets, the health insurance providers offer policies at an affordable premium amount. The policies can be customized with the help of an online premium calculator to get a suitable plan to match their medical requirements.

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2. No Cashless Claims 

If you do not have a health insurance plan, then you will lose a chance to avail the cashless claim benefits at the private hospital linked with the insurer. Under this benefit, you can receive quality treatment without worrying about the monetary constraints. You do not have to pay a penny under your medical dues, as the policyholders directly clear the dues with the hospital under cashless claims. 

3. Tax Deduction Perks

You can get tax saving perks on your premium payments under the Section 80D of the Income Tax Act of the health insurance policies. To avail these benefits, you must own a health insurance plan. All the policyholders who are also taxpayers can get these benefits on their premium payments.  

4. Protection Against Chronic Ailments

The cost of treatments of critical diseases is exceptionally higher than any other regular medical treatments. To get some financial aid in times of emergency, you can get a health insurance plan with critical illness coverage. Such plans can compensate for life-threatening diseases like cancer, diabetes, stroke, sclerosis, lung related diseases, etc. You can get a lump sum benefit on such plans and use the sum assured to compensate for your loss of income incurred due to the treatment of the critical disease. 

5. Increasing Sum Assured 

With each passing year, the sum insured under the health insurance plans increases without increasing the premium rate, as a part of the accumulated benefits. To get sufficient coverage at an affordable price, you must invest in a suitable health insurance plan as early as possible. You must analyze your medical profile before purchasing a health insurance policy. 

6. Unforeseen Medical Conditions

Planned hospitalization can be financed by any individual, but due to the growing uncertainties in life, you cannot be sure of the unforeseen medical emergencies that might strike you in the future. To safeguard you and your loved ones against such emergencies, the health insurance plan offers long term financial protection at an affordable premium rate. 

Conclusion 

You can overcome a lot of medical difficulties and high cost of treatments in times of emergencies, if you invest in a suitable health insurance plan. To get the best health insurance cover, you must explore the available options in the market and invest in the cover that is not only extensive but also cost-effective. You can go through the policy papers to understand the plan better. 

Also Read: 7 Health Insurance Industry Trends

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.