The Costs of Not Having Health Insurance: Risks and Consequences

The Hidden Dangers of Neglecting Health Insurance

Health Insurance is a medical policy which protects one from unpredicted sudden medical expenses, ambulance charges or costs, hospitalisation charges and more. The health insurance policy is an ultimate personal or financial support that protects our savings and helps in tiring times.

The rise in the cost of medical care and the advancement in people’s lifestyles has boosted the growth of medical insurance. Today many people opt for health insurance to protect themselves from unexpected medical expenses, reap more tax benefits etc. However, still, many people shy away from buying health insurance.

No matter how fit and young you are, you still risk contracting diseases, so it’s better to insure your health to save yourselves from future financial burnouts. Not securing your health may result in severe consequences.

This article discusses the disadvantages of not having health Insurance: risks and consequences.

Risks and consequences of not having health insurance

Health insurance might not be mandatory, but the risk and consequences of not buying health insurance have a devastating effect on your health and family. The financial risks include high medical bills, loss of savings, debts, and delayed or lack of access to the best medical care.

Financial distress and loss of savings

Unhealthy habits, prolonged work hours, irregular sleep cycles, and lack of physical activities make individuals prone to contracting diseases.

These days health issues arise without any warnings; these issues take a heavy toll on finances and mental well-being. With high medical expenses, you will lose your life savings and be more susceptible to high debts. To remain financially protected for an unforeseen future, you should rely on health insurance to protect yourselves and your dear ones.

Lack of quality medical facilities and care

Not everyone has an economically solid background, but it can’t be a reason for a person to lack the best medical facility and care. Your and your family’s health is very important, so high-quality medication and health care are needed.

With the rising medical inflation rate, undergoing the best treatment at the best facility may cost you a considerable amount, but having health insurance will help you to undergo the best treatment at its network hospitals.

Worry about bill payments

During a medical emergency, the individual worries about millions of expenses, responsibilities, timely payout of bills etc. Health Insurance comes as a saviour during these difficult times; the insurer helps in hassle-free payment of bills. Many insurers offer cashless hospitalisations, where the insurer will pay the hospital bills.

The insured can be worry-free and focus on recovering and caring for their loved ones.

Availing Tax Benefits

When you buy health insurance, you can claim tax benefits under Section 80D of the Income Tax Act; one can save money on income tax. If a person doesn’t have health insurance, he will lose out on these tax benefits.

The health policy not only pays your medical expenses but also helps you to reap tax benefits.

Impact of health insurance on health care demand

Health insurance shows a positive impact on health care demand. They are given below: 

• Increasing the number of people who use health care services.
•  Income redistribution from healthy people to sick people. 
• Better health outcomes and right use of health care services. 
• Increased access to Health insurance by people. 
• Reduced uncertainty about future healthcare costs.
• People with health insurance make routine visits than people without insurance.

Impact of health insurance on quality of life

Health insurance can enhance the quality of life in many ways like: 

• Access to the right care
• Gives Preventive care
• Offers Financial safety
• Enhance economic performance

How does lack of insurance affect health care? 

Lack of health insurance affects health care by showing several side effects like : 

• Increased use of emergency departments
• Higher out-of-pocket costs
• Uncompensated care
• Weakened social capital
• Missed or delayed care
• More risk of medical bills

Lack of insurance coverage in Healthcare

Lack of health insurance coverage could result in many negative health outcomes, like : 

• Less access to care
• Poorer quality of care
• Poor health outcomes

Conclusion

Health insurance is a wise investment, helps protect your financial resources and health. Health policy covers more than one person at a time; with a family floater plan, you can get your family covered under the same policy. It acts as a rescuer in times of need by paying your bills.

Due to unhealthy and stressful lifestyles, people are more exposed to diseases and illnesses than ever before. To protect yourself from unexpected and sudden expenses that drain your lifetime savings, purchasing a top health insurance policy as early as possible is advisable.

To know more details about Health Insurance policies and to choose policies at an affordable premium with good discounts, visit the official website of Star Health Insurance.

DISCLAIMER :

Information on this disease health insurance page is for knowledge purposes only and not a substitute for medical advice. Consult healthcare professionals and licensed insurance agents for any health or insurance coverage decisions. T & C apply.