A requirement for health insurance may not exist. However, the financial repercussions of not purchasing a health insurance plan for you and your family could be catastrophic.
Modern digital insurance providers work hard to offer a hassle-free, paperless experience that makes it simpler for customers to purchase, renew, and file claims. The future of health insurance is online since it is convenient, quick, and provides several health insurance benefits.
The article gives some information on the drawbacks of not protecting your family and yourself with health insurance.
Reasons why some people don’t purchase health insurance
Here are a few reasons why people choose not to purchase medical insurance.
- Lack of knowledge
Due to the extensive paperwork and complicated terms and conditions, the traditional way of purchasing health insurance is time-consuming and challenging to comprehend. Add the agents to that, and you’re left unsure of the best course of action.
It is wise to enrol in a health insurance plan given the rising expense of healthcare and how the most recent Covid-19 pandemic has hurt the finances of individuals who are afflicted by the high costs.
- Lack of commitment to health
Young adults, especially those who are employed, frequently put off purchasing health insurance. Despite the fact that younger folks are physically fitter and healthier than older ones, both young and old people will need medical attention in an emergency situation like a pandemic or an accident.
- Myths regarding affordability
Premiums for health insurance must be paid on a regular basis. It may be monthly or yearly. Many people believe they cannot afford to make recurrent premium payments that yield no gains. This can be detrimental because health insurance unquestionably protects you when you need to be hospitalised, whether for little or extensive care.
Consequences of choosing not to purchase health insurance
Here are the dangers of not protecting your family and yourself with health insurance.
- High costs of healthcare
Unexpected hospitalisations or serious accidents that necessitate a costly treatment plan and/or emergency care may result in substantial medical costs if they are not covered by medical insurance. A fractured limb or cancer diagnosis might cost thousands of rupees in out-of-pocket expenses. *
- Unable to pay for necessary medication
Many treatments or prescriptions are prohibitively expensive due to escalating medical and healthcare costs, especially if you don’t have health insurance to cover the costs. There is a possibility that you will choose to postpone the procedure or select less expensive medical care.
Your family’s health is crucial, so you must protect it with a health insurance plan to ensure that you have access to top-notch medical treatment and pharmaceuticals. Planned hospitalisation may be under your control, but unplanned hospitalisation due to an unanticipated sickness or accident might have a significant financial impact. When you need medical care without the financial security of a health insurance plan, it is preferable to be prepared than to worry about it.
- Loss of savings
The government offers tax exemptions on premium payments to entice consumers to purchase health insurance plans. You run the risk of paying income tax on your hard-earned money if you don’t buy health insurance. You can save money by purchasing a health insurance plan and claiming tax advantages under Section 80D of the Income Tax Act. ** ##
The cost of medical care is high even if you have health insurance. The disadvantage for people who choose not to purchase health insurance is going to be substantially greater. Two of the main reasons you should protect yourself and your family with health insurance plans for family are the inability to receive treatment for medical issues and the astronomical expenditures of healthcare.
* 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.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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