Don’t Have Health Insurance? This is What You Are Missing Out On!

Are you hail and hearty? Are you a young professional enjoying great health? If your answer to both the questions is a big ‘Yes’, would you still consider buying health insurance? Would you still opt for the perfect health insurance without questioning the need for it?

While most of the people cannot imagine their lives without an ideal health insurance policy, there are also individuals who think investing in health insurance is a waste of time and money. The reason behind the latter thinking is their perception of their good health. Well, there’s no doubt that good health is a big relief, but one should never take their physical and mental health for granted. 

Do you know that if you are living without a health insurance plan, you are putting yourself into a massive risk situation? Do you think you are prepared to handle all the big changes that come with a medical emergency situation? Do you know that you can lose all your lifelong savings within no time by not emphasising health insurance? 

The fact is that not having a health insurance plan by your side is making you weak in every which way, most importantly in financial terms.

Needless to say, sky-rocketing medical costs have been urging people without health insurance to watch their savings go down the drain. An unfortunate medical emergency can lead one to dive into a pool of stressful thoughts within no time, especially when they do not have a health insurance supporting them throughout the situation. However, that’s not it! A person without a health insurance plan lacks a lot more than just financial help. 

Let’s have a look at all that you lose when you lack health insurance! 

• Your Savings - First and foremost, when you don’t possess a health insurance plan to support you in the adverse times, you lose your precious savings in handling all the medical costs associated with treatment. On the contrary, having health insurance by your side ensures that your savings remain unhampered and intact, no matter how worse the situation may get. 
   
• The Best Medical Support - Lacking health insurance results in the lack of uncompromised medical attention as well. There are chances that you might not be able to avail the best possible medical support, owing to the high costs associated with it. It is also possible that you might have to compromise on the quality of treatment. On the contrary, having health insurance doesn’t let you receive low quality medical support. 
   
• Coverage for More Than 1 Person - Not possessing health insurance can put you in a situation where you have to spend a significant amount each time any of your family member gets ill. On the contrary, with health insurance, especially family floater you get to secure all your family members under one insurance, thereby eliminating the need to spend a lot every time there is someone unwell. 
   
• Tax Benefits - Lack health insurance? Get ready to lack tax benefits even. Yes, when you don’t possess health insurance, you become non-eligible for the tax benefits under Section 80D of the Income Tax Act. On the contrary, when you have health insurance plan in your support, you gain the chance of getting tax exemption up to Rs. 75,000 under the same Section. 
   
• Coverage for Various Medical Expenses - When you haven’t opted for a health insurance policy, you lack coverage for medical costs incurred on hospitalisation, day care procedures, in-home treatment, maternity charges, new born baby cover, Ayurvedic and Homeopathic treatment, organ donor, and many others including critical illnesses such as cancer, stroke, and others (if covered under the plan). On the contrary, a health insurance policy in your support provides you coverage for a lot of medical expenses, which may be hard to bear otherwise. 
   
• Cumulative Bonus - Those who lack health insurance, lose their chance of cumulative bonus benefit (additional sum insured on the current sum insured), which one gets on not making any insurance claim during the policy year. On the contrary, when you have a health insurance plan in your favor, you get the opportunity to increase your sum insured amount on not making any claim as per cumulative bonus feature, and that too without increasing the premium amount.  

Also Read

Covering OPD Cover in Health Insurance

Health Insurance with OPD Cover or Health Card?

Conclusion 

Now that you are aware of all the health insurance benefits that you are missing out on, go ahead and start your search for an ideal health insurance policy right away! 

Remember, buying health insurance is not an additional burden on you. In fact, it is the best way you can save yourself from a lot of struggle in the future.