Financial Implications of Not Having Health Insurance

blankHealth insurance refers to the concept of protecting your finances from the ever-rising medical expenses. By getting a health insurance plan with adequate coverage, you can avoid unprecedented medical costs and keep your savings for the future. People who do not have a health insurance plan face all possible financial risks as their medical expenses remain uncovered.

You may be confident about your health today and have no pre-existing diseases, either. However, chances of you catching a disease or meeting an accident are unpredictable, which can drain your lifelong savings.

When you live without health insurance, even the most basic medical care, such as a flu shot or prescription medicine, can take a financial toll on you and your family, considering the rise in inflation.

Here are a few financial implications you may have to face in case of lack of health insurance cover:

Not Having Enough Funds for Medical Emergency

Healthcare is expensive. You never know what awaits you next. In times of medical crisis, it can be a challenging task to arrange funds immediately, and that too a large sum. How you live your life impacts those around you. Even your loved ones are also at risk of financial burden when you go without health insurance.

If your family depends on you financially and you are unable to take care of the medical bills, they’ll also suffer the repercussions of financial crisis. In the worst case, you may not get the required medical attention at the right time, thanks to being uninsured. Having health insurance comes handy in case of an emergency and takes away the worries of paying hospital bills.

Inability to Get the Best Quality Treatments

The absence of health insurance may keep you away from getting quality treatment, which is becoming expensive day-by-day. Often, people who do not have a health cover delay visiting a doctor with the hope of getting better on their own and saving money on medication and doctor’s fees.

Having health insurance guarantees that you get the best-in-class medical treatment even when you are away from home. Your health insurer has a network of hospitals where you can get medical treatment in case of a healthcare emergency.

Abrupt Drain of All Your Savings

Today medical science is evolving rapidly and is bringing with it faster and more efficient ways of curing diseases. Therefore, the treatment costs are touching skies.

Even if you manage to pay all the hospital bills from your pocket, the chances are that you will end up draining all your lifelong savings. On the other hand, health insurance cover can help you avoid that as it aids you financially and lifts the burden of expensive medical bills off your shoulder.

No Tax Benefits

In India, the premium you pay towards health insurance not only secures your future against medical emergencies but also reduces your tax liability. It provides you substantial tax redemption under Section 80D of Income Tax Act, 1961, which makes health insurance an efficient tax-saving tool.

The above consequences of not having a health insurance cover may make you realize the role it plays in financial planning. It is vital to have health insurance to avoid significant financial setbacks and further disturbances in you and your family’s future. You must look for policies in-depth before selecting the right cover. Reputable insurers offer comprehensive and customizable health insurance plans that cover hospitalization bills, cashless treatment facility, in-patient treatment, domiciliary treatment, global cover, pre, and post-hospitalization expenses, and many more add-ons to enhance your basic plan.