The Risks of Not Having Health Insurance

HEALTH INSURANCE POLICY



Of late, people have started getting inclined towards getting the best health insurance plan as they have understood the risks and consequences that follow if you are uninsured. But still, there are most people who shy away from getting health insurance or even a mediclaim policy. Being aware of the importance of health insurance has helped many take the wise decision of investing in it. But for those who are skeptical, here are the risks of skipping on health insurance: -

Increase in financial burden

Health problems these days can come from any direction and in any form, be it an accident, viral fever, or something major. Irrespective of whatever it might be, one thing is for sure - people with no health insurance are left burdened with financial problems and debts after paying the medical bills. Therefore, it is advised to have personal or family medical insurance, whichever is more relevant in your case, to stay covered.

Absence of quality care

Not everybody has a sound financial background but when an ailment comes knocking on the door, it is imperative that the individual gets quality healthcare. However, due to a lack of funds, he/she is deprived of the same. But, if you have the right individual or family health insurance plan in place, you are shielded from such situations. 

>> Check: Mistakes to Avoid When Buying Health Insurance

Hassle of payment

During an emergency when someone gets hospitalized, there are a lot of things to worry about. A health insurance policy keeps the most significant one at bay - the hassle of paying the hospital bills. There are a lot of insurers who provide cashless hospitalization which means that you need not worry about it. Your insurer will settle the bills (up to the amount of sum assured) with the hospital. 

Losing out on tax benefits

Under section 80D of Income Tax Act, 1961, you can avail tax benefits on medical insurance premiums. This is a key advantage that a health insurance plan offers. But, if you don’t have the insurance in place, you are losing out on saving tax from this component. 

It is true that health insurance is an expense but with all that it offers, it is a sensible investment towards safeguarding your financial resources as well the healthcare expenses for yourself and your family members.

Care Health Insurance (Formerly Religare Health Insurance) offers comprehensive health insurance plans for individuals and families, and come with benefits like 7400+ network hospitals, 2-hour cashless claim approval, and a hassle-free claim process.