Pitfalls of Not Buying Health Insurance Plan

The pandemic has raised serious health concerns and forced us to take a step back and reflect on our health. The exponential change in lifestyle, physically and mentally taxing work life has left us vulnerable to life-threatening diseases. Though the advancement in medical technology has made it possible to treat and cure most diseases, it has also made it quite expensive to afford. This is why finance experts advise individuals over 30 to opt for a health insurance plan. You never know when it can come in handy.

Medical insurance provides you with the ability to afford the best of treatment and get the expenses of the same covered. Insurance companies have made it easier for everyone to buy, renew policies and raise claims through their websites online. But, the lack of awareness has people reluctant to purchase health insurance plans.

Some of the pitfalls of not buying health insurance plans are as follows:

Healthcare Becomes Unaffordable:

While we agree that healthcare is a necessity and not a luxury, not all of us are able to afford the best of treatments owing to the expenses involved. Though we may take very good care of our health and keep ourselves physically and mentally sound, there can be unfortunate instances where we might need unexpected hospitalisation or emergency care. This can be very expensive and can leave you or your family struggling for funds leading to massive debts.

Drained Savings:

Finance and medical experts all around the globe are encouraging people to buy a health insurance plan at the earliest. While most people view it as an unnecessary expenditure, it could actually save you money and keep your savings intact, in case of a medical emergency. Further with a health insurance policy in place, you could also enjoy certain tax benefits and exemptions on the premiums under Section 80D of the Income Tax Act.

Increased Medical Vulnerability:

As you grow old, so shall your body. This makes you vulnerable to age-related or life-threatening diseases or disorders like diabetes, stroke, cancer, heart problems, etc. With a health insurance plan, you can avail yourself the best of medical treatment with your sum assured throughout the policy period. But, not having one can make it difficult to even find the right medical help at the right time. Further, with a health insurance plan in place, you can avail the benefits of cashless claims where the policyholder can avail medical treatment without having to worry about the expenses.

It is high time that we understand that health insurance is not a luxury, but an absolute necessity that can save you in more ways than one. With health insurance in place, you can be assured of affording the best of healthcare and live a stress-free and peaceful life.