Even if you enjoy a good health profile, in general, you never actually know when you might fall ill or develop a medical condition that changes your life in a way that you hadn’t anticipated. When you have medical insurance, it provides you with a vital financial safety net that means you don’t have the same concerns about medical bills that you could have if you don’t have any cover to protect you. In this article we would tell you what can go wrong if you don’t have health insurance in India.
Also Read: Best Term Insurance Plans in India
What is Health Insurance?
Health Insurance offers financial coverage for medical expenses, in case of any medical emergency. Health insurance plan provides insurance coverage to the insured individuals with multiple benefits that include cashless hospitalization, day-care facility, coverage for terminal & critical illness, ambulance expenses etc.
What can go wrong if you do not have health insurance in India?
Seeking out the best health insurance for your circumstances could prove to be a smart move for your finances and give you peace of mind that your medical expenses are covered by your policy. Here is a look at what could go wrong if you decide not to arrange any sort of medical cover for you and your family.
1) You can’t predict the future
As COVID-19 has demonstrated, you really can’t make any solid predictions about what sort of health emergencies or conditions you might have to contend with in your life even when you follow a healthy diet and exercise regularly.
The pandemic has definitely focused attention for many and created a new set of priorities and one of the fundamental reasons for considering buying health insurance is the fact that you can buy yourself a greater degree of certainty about your health compared to if you don’t have any cover.
2) Keeping your finances in the black
Even if you are prudent with your monthly finances and carefully budgeted, your money everything can quickly unravel if you are faced with some emergency medical costs that strip away any financial security you enjoyed.
Medical bills can quickly escalate if you need a course of treatments and without any cover, you would probably be forced to withdraw a percentage of your savings in order to pay these bills.
3) Quality of healthcare
If you do become ill and need hospital treatment or ongoing procedures your priority will be to try and get the best possible level of healthcare you can.
If you choose the best health plan you can, you will be increasing your chances of accessing the best level of care available.
4) If you are unable to work
Unfortunately, there are scenarios that develop where you become unable to work due to your illness and that could spell financial disaster both now and in the future.
You can arrange coverage that also includes critical illness insurance with some policies and that means that you could be eligible to receive a lump sum payment so that you get the financial support you need to help plan for a future you weren’t anticipating.
As you can see, there are numerous situations where you will find it very difficult to protect your financial security if you end up facing a stack of unexpected medical bills.
If you do have the foresight to try and protect against that sort of financial instability by taking out medical insurance it should provide you with a level of personal health security that is hard to achieve without it.
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Team – Myinvestmentideas
What can go wrong if you do not have health insurance in India
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