5 Negative Effect Of Not Having Health Insurance

health insurance

Over the past few years, the world has seen a tumultuous period when it comes to healthcare and wellbeing. With different kinds of viruses causing a host of illnesses never death with before by humans, the threat to mankind is at a never seen before level. In such situations, it is of utmost importance to have a solid health insurance package in place. Those individuals who believe that they are safe and sound with their existing policy mustn’t get too complacent. The current health insurance plan could be further boosted with top-up health insurance.

In this article, we shall be primarily discussing the importance of health insurance and why not having one could land you in a situation where choosing between life and death would be inevitable. Hence, given below are five such adverse effects of not having health insurance:

Finances:

Any individual living in these uncertain times is worried about their own wellbeing. The uncertainty of new kinds of illnesses getting a grip on people across the globe, as well as the ever-rising costs of healthcare itself, is enough to give anxiety attacks. Irrespective of the age of an individual and the earning capacity, an unexpected hospitalization could end up chewing into your savings and leaving you essentially broke. Those who are above the age of 40 or those who are the only earning members of their families shall have an even more demanding task at hand.

Opting for a sound health insurance policy shall offer you a great deal of financial security. It shall allow you to access good medical facilities and focus on your recovery rather than worrying about bills. It shall help you avoid a major financial crisis at a minimal monthly cost, especially if you get a policy from a young age.

Additional Costs:

Many individuals often choose to skip getting a health insurance policy, assuming that their savings are strong enough to tide them over during a health crisis. However, what most people believe is solely the direct cost of battling an illness. What is often ignored by individuals are costs that include consultation of doctors, hospital fees, charges incurred for a test carried out, ambulance fees, daily expenses, medicine fees, and much more. These often constitute a large percentage of any individual’s medical bills and need to be addressed even before dealing with the primary medical procedure. Not having health insurance can leave you dealing with accounts way more extensive than what was initially estimated. Hence, good health insurance shall come in handy and help you out with such additional expenses.

Grave Illnesses:

Oftentimes, falling ill is assumed to be a short-term battle with a certain kind of disease. People estimate that they shall be back to their regular lives within a few days and function at the same level. However, only a few individuals actually stop to consider the consequences of contracting grave illnesses such as cancer, organ failure(s), stroke, paralysis, or more. In such types of serious illnesses, individuals are left incapacitated for long spells of time and may even be unable to resume a regular life. This then shall bring to light the worst fears of facing job losses, immense financial pressure, and lengthy, expensive recovery battles.

Not having good health insurance shall leave you digging into your savings and begging for finance at the most crucial juncture of having a smooth recovery otherwise. Thus, a good health insurance policy shall assist you in getting excellent treatment and offer you a lump sum payment in some cases where the money shall help you handle other finances while being incapacitated as well.

Cashless Claims:

Those individuals who have excellent finances are often least bothered about health insurance plans. They often assume that they have enough to deal with any and all kinds of illnesses when the day comes. However, if an accident or a grave illness incapacitates them and their assets cannot be liquidated, then they shall face hardships in getting immediate treatment.

Here, the most unforeseen adverse effects of not having health insurance come to light. Instead, by having a policy with a good network of reputed hospitals offering cashless claims, you can get access to excellent treatment without having to reach out for any significant amount of money at all.

Tax Benefit:

If you are an individual who earns well enough to pay a decent amount of income tax, then you can arm yourself with health insurance or even top-up health insurance to get tax benefits under section 80D of the income tax act.

Not having health insurance shall rid you of these massive benefits, so be wise and choose a health insurance policy that safeguards you from all these issues. Hence, consider opting for Bajaj Finance as they offer comprehensive health insurance packages, including top-up health insurance from the best health insurance companies, so that you can avail yourself quality healthcare services during your time of need.

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