People who believe that they don’t need a health plan do not think it through before making the decision. Read this post to know all the different things that could go wrong if you don’t have a health policy.
Do you think that you don’t need a health plan? After all, what’s that worst that could happen without insurance? At most, you will have to manage your healthcare expenses yourself. But you are already in the pink of your health, so why worry about the rising healthcare costs?
This is the general thought process of people who don’t purchase a health policy. But irrespective of your age or health condition, health policy is a must for everyone. Let us have a look at some of the things that could go wrong without a health plan-
- Losing Your Hard-Earned Money
No matter how young or healthy you are, there is no 100% guarantee that your health would remain the same in the future too. For instance, there is always a possibility of acquiring a severe disease or getting involved in an accident even if you are a reasonably healthy individual.
The treatment would then require you to spend a considerable amount of money. This could significantly impact your savings and even your long-term financial goals.
- Substandard Healthcare
To save money, a lot of people who don’t have a health plan prefer substandard hospitals or healthcare facilities. But it is essential to know that the quality of treatment you get has a significant impact on your recovery.
The longer recovery period could also impact your professional life and result in loss of income. This could be easily avoided with the help of a health plan as insured policyholders are not required to worry about the healthcare expenses. They can go to reputed hospitals and get the best treatment.
- Take a Loan from a Family Member or Bank
The high medical expenses often force you or your family members to take a loan from relatives or a bank. But you might know how money-related matters can spoil relationships even in close-knit families.
Also, instant loans, like personal loans, generally have high-interest rates. You might then end up repaying the loan for several years, which could again affect your monthly expenses and long-term objectives.
- Lose the Tax Benefits
Purchasing health insurance is also a smart way to save taxes. While the primary goal of a health plan is to protect you against the rising medical expenses, the tax benefit is an excellent add-on. Under Section 80C of the IT Act, you can claim a tax deduction of up to Rs. 25,000 on the premiums you pay for health policy in a year.
By not purchasing a health plan, you can lose this deduction while also risking your health and finances.
Make the Right Decision by Purchasing a Health Policy
As can be seen above, there are a lot of things that could go wrong without a health policy. By not purchasing a health policy, you not only risk your finances and health but might also cause a lot of emotional turmoil and distress for your family.
Make the right decision of purchasing a health plan from a reputed insurer to avoid such disasters and keep your finances, health, and family protected.
