Disadvantages of Not Having A Health Insurance Plan
Medical care is getting very expensive these days, hence insuring yourself under a health insurance plan is a necessity. As instant hospitalization cost would leave you in a financial crisis and would lead to an imbalance in your family budget. And, it becomes all the more difficult if you are hospitalized and the sole breadwinner in your family.
Luckily, health insurance is available to protect us from such unforeseeable circumstances. Health insurance ensures that the treatment cost at the time of hospitalisation is covered by the insurance provider. Thus, ultimately saving the person from falling into a dreadful financial crisis.
A comprehensive insurance plan can be availed at the cost of paying a premium to bear the treatment cost during the time of medical emergency. Thus, a health insurance plan acts as a safeguarding cover for the individual as well as their family.
Disadvantages of Not Having A Health Insurance Plan
You can be missing out on the following in the absence of a health insurance plan:
1. Provides Cover Against Medical Costs
The primary purpose of having a health insurance plan is to get protection against medical expenses that could possibly arise in the future. These plans help the policyholder in avoiding the financial crisis. All health insurance plans generally offer coverage for pre-hospitalisation expenses, post-hospitalisation expenses, daycare procedures, ambulance charges, medicinal expenses, and much more. Thus, relieving the policyholder from worrying about high expenses and putting their whole focus on a speedy recovery.
2. Cashless Claim Benefit
Cashless claim facility is offered by many insurance companies. With this facility, the policyholder is not required to make any expenses from their own pocket. It is settled directly between the health insurance provider and the hospital. In order to avail the benefit from this facility, it is important to get admitted to any of the networked hospitals. You need to submit a pre-authorization form and show your health insurance card to avail the facility.
3. Tax Benefits
Buying a health insurance policy offers tax benefits to the policyholders. Health care plans bought at the cost of a premium are eligible under section 80 D of the income tax act for tax deductions. Therefore, in case you do not opt for a health insurance plan, you will miss out on the tax benefit.
4. Protection Against Critical Illness
Insurance companies provide critical illness health insurance plans. They can be availed as a standalone or an add on the basic cover. These insurance plans provide coverage against critical and life-threatening illnesses like lung cancer, kidney failure, bone marrow transplant, etc. If the policyholder gets diagnosed with one of the mentioned critical illnesses in the list given by the insurance company, then they would receive a lump sum amount. This amount can be used by the policyholder to meet the treatment cost, other financial obligations, or their daily expenses.
5. Increase in the Amount of Sum Insured
Health insurance not only saves you against expenses arising from unforeseen medical care costs but also offers the policyholder a bigger coverage with each passing year, in case no claim is being made by them. The increase in the claim is done without an increase in the amount of premium.
Take Away
Since now you are aware of what all benefits a health insurance plan offers, so go ahead and start comparing various health insurance plans available online to choose an ideal plan. Also, make sure to read the entire policy document and clauses, before purchasing any insurance plan. This needs to be done in order to make a well-informed decision.
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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.
