People do not purchase health insurance plans even though they can save a person’s life. Listed below are some of the most common justifications for not having medical coverage.
- Negligent Failure to Notice
The standard approach to purchasing health insurance entails a lot of paperwork and has difficult-to-understand terms and conditions. Plus, there are agents to consider, which further muddles your ability to make sound decisions.
- Poor Health Precautions
Health insurance is often put off until later in life by young adults, even those with steady incomes. Even while young adults are often in better condition than their elders, everyone, regardless of age, needs access to medical treatment in the event of a pandemic or major disaster. While employers may offer non-customisable group medical insurance coverage, an individual health insurance plan will save the day if you lose your job and are left without health care just as needed to cover an unexpected hospitalisation.
- Misconceptions Regarding Expense
The premiums for health insurance must be paid consistently. This schedule can be annual or monthly. Many consumers complain that they need more resources to make the ongoing investment in premiums that offer no return on investment. Health insurance plans from modern digital insurers are reasonable and provide a streamlined process for purchasing, renewing, and filing claims. As the entire process takes place over an electronic network, it is considerably more streamlined and quick compared to the old ways of doing things.
Insurance providers can now provide reasonably priced, all-encompassing health insurance policies thanks to its digital infrastructure and direct-to-customer business model, significantly reducing operational costs. They even offer different types of health insurance plans depending on people’s needs.
- The Repercussions of Going Without Health Insurance
As a result of not having health insurance, the uninsured have serious adverse effects on their finances and well-being. While being uninsured carries a high risk, there is no rule requiring you to purchase health insurance. If you are still on the fence about whether or not to invest in health insurance, here are the potential consequences of doing so.
- Excessive costs associated with healthcare
Medical bills can pile up quickly without health insurance, especially in an unexpected hospital stay or a severe injury that necessitates a costly treatment plan and/or emergency care. Many thousands of rupees may need to be paid out of pocket if an accident, cancer diagnosis, or broken limb occurs. A hefty medical cost reduces your chances of saving money and increases your likelihood of accruing a large amount of debt. *
- No Access to Necessary Medication Due to Cost
Several treatments or prescriptions are costly, especially for those without a health insurance plan, due to the ever-increasing costs of medicine and health care. You may delay treatment or opt for a less expensive alternative. *
Protecting your health and the health of your loved ones with health insurance ensures that you and your loved ones have access to the best medical treatment and medications available when illness or injury strikes. You can avoid debt due to the high expense of medical treatment and prescription drugs by purchasing health insurance.
- Fearful of Contracting an Unexpected Illness
While you may be able to manage the costs associated with a planned hospital stay, an unexpected hospitalisation due to illness or an accident can significantly impact your finances. When you and your loved ones have the right health insurance plans for family, you may rest easy knowing that you are protected financially in the event of an unexpected illness..
- Costly Expenditure
There is a tax break for those who want health insurance through the government. You risk having your hard-earned money taken from you in the form of income tax if you do not invest in a health insurance plan. **
In conclusion, even with health insurance, medical care is costly. It would be best to protect yourself and your family with health insurance because of the risks associated with not having access to treatment and the high cost of medical care.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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