What are the risks associated with not having a health insurance plan?
Health

What are the risks associated with not having a health insurance plan?

The number of individuals buying healthcare policies has increased due to the growing medical inflation and people’s sedentary lifestyles. Moreover, in the case of a medical emergency, health insurance is the most important source of financial assistance. Not having an insurance could cause you major financial risk and mental stress. Furthermore, no matter how healthy you are, you can still get ill and may need treatment. The possibilities mentioned above can potentially drain your life savings. 

What is health insurance?

Health insurance protects the insured against a wide range of unanticipated medical expenditure which includes the cost of prescription drugs, ambulance, hospital stays, doctor visits, etc. 

The financial repercussions of not purchasing a health insurance policy for you and your family might be fatal. The pandemic is an example of how the rising expense of medical care has driven many bankrupts. Because of this, modern digital insurance companies provide a hassle-free, paperless experience that makes it simpler for you. As a result, the future of health insurance is online since it is convenient to find the best health insurance in India digitally. 

What are the five risks of not purchasing health insurance?

The following are some risks of not having health insurance:

  • Expensive healthcare costs

Without a roust health insurance policy, every unforeseen hospitalisation due to a sickness or accident might result in high medical costs. Additionally, long-term conditions like cancer or accidents that leave you disabled may necessitate a costly treatment regimen. After paying your medical expenses, you don’t want to be left with financial difficulties and obligations. Therefore, you should get the best health insurance in India, especially because health issues are often unforeseen and may strike without notice.

  • Not having a top-notch medical facility

Your family’s health is crucial, as well as your own. Therefore, you must have access to top-notch medical care and pharmaceuticals in case anything occurs. When you don’t have a solid financial foundation, you could have to forgo a specific healthcare process. You will need to postpone or choose a less expensive medical procedure. You won’t need to make this decision if you have health insurance since your insurer will assist you in paying the costs.

  • Loss of savings

An accident or health problem might now cost you hundreds of thousands of rupees out of pocket due as medical inflation is ever increasing. A person’s funds might be completely wiped out by this expense, leaving them with nothing to fall back on. Your expenses for medical bills will be much lower if you have health insurance. Your insurer will cover expenses like hospital stays and could even provide you with a one-time payment to help with additional medical expenses.

  • Increasing debt

Significant medical expenses might force you to even borrow money from family and friends or on loan to pay them. You will thus be vulnerable to debt. You are less prone to be able to save money even when you recover. Moreover, you would need those savings to pay the monthly EMIs to avoid a default. But because health insurance lowers your out-of-pocket costs and protects your family’s money, this is not necessary.

  • May lead to stress and anxiety

Unexpected hospitalisations resulting from unforeseeable diseases or accidents are entirely beyond your control. Also, you can never predict when or how they will hamper your finances. This lack of financial security may be quite stressful and worrying. Additionally, instead of focusing on getting healthy while in the hospital, you can still be anxious about paying the costs. When you have health insurance, you may significantly lessen all of these difficulties.

Why don’t people buy health insurance plans? 

Even though health insurance may save your life, few individuals don’t get it because they are unaware of its advantages. 

  • Lack of knowledge

Due to the extensive paperwork and complicated terms and conditions, the conventional way of purchasing health insurance is time-consuming. Many do not see the need for medical insurance for themselves or their family since it is not mandatory in India. For their investment, they want rewards. Therefore, people believe it is pointless to invest in health insurance since its advantages are not ripped until a medical threat occurs. 

  • Lack of commitment to health

Young people, particularly those who are employed, often put off purchasing health insurance. In addition, although youths are physically healthier than older ones, both young and elderly people will need medical attention in an emergency. Therefore, it is essential to safeguard your funds with health insurance since it will come to your rescue during an emergency.

  • Myths regarding accessibility

You must pay premiums for health insurance regularly. It may be monthly or annually. Many individuals believe they cannot afford to make recurrent premium payments that yield no profits. But health insurance unquestionably protects you when you need to be hospitalised, whether for little or extensive care. Digital insurers offer affordable best health insurance in India, providing a seamless experience in purchasing, renewing policies, or filing claims. In addition, the procedure is significantly quicker and simpler than previous techniques since all transactions take place on the digital platform.

Yes, it may seem that the premium of insurance is high. However, it is still a wise investment to protect your financial resources and ensure safety for you and your family. In times of need, health insurance will serve as a safety net to save you from having to handle all of your expenditures. We are more susceptible to illnesses and accidents than ever because of the environment’s status and a rise in stressed lives. And such unforeseen circumstances have the potential to deplete all of your life savings quickly. So purchasing medical insurance is instead a need.