People who have health insurance can receive financial assistance from their insurance company in case they are hospitalised. However, people who don’t health insurance can suffer from financial risks.
In this article, we will explain what can happen if you don’t have health insurance.
In case a person has health insurance, the insurer can cover his/her medical expenses.
Therefore, the policyholder can save a lot of money with the help of health insurance. Furthermore, the costs of hospitalisation can be high. A health insurance policy can help in reducing the financial burden of medical expenses. However, people who don’t have health insurance will have to pay for the hospitalisation costs from their own pocket. Thus, having no health insurance can have severe effects.
A lot of people who don’t have health insurance tend to skip medical treatments. This can lead to medical risks. A person might also have to suffer from financial problems in the future. This is because if a disease isn’t treated at an early stage, then it might cost a significant amount in the future.
Furthermore, if a person meets with an accident, then he/she might need medical help quickly. To get the treatment started, the hospitalisation expenses must be paid. With no health insurance, the expenses can lead to huge financial strain on the person. Thus, it is recommended that every person should consider purchasing health insurance.
With that in mind, let’s take a look at some of the risks of having no health insurance-
- Expensive Medical Costs
Most of the time, medical bills can be substantial. If you don’t have health insurance, then you will have to pay for the expenses from your pocket. Furthermore, medical expenses can consume all of your savings.
- Not Seeking Medical Treatment
Often, people who are uninsured tend to skip medical treatment. When a person skips treatments, he/she might suffer from a lot of medical risks in the future.
Benefits of Health Insurance
- Hospitalisation Expenses
If a person purchases a health insurance policy, then the insurer can cover his/her medical expenses. Thus, it can protect the policyholder from high medical expenses. Furthermore, a health insurance policy covers pre and post hospitalisation expenses.
Pre-hospitalisation expenses are incurred before the policyholder is hospitalised. Post-hospitalisation expenses are incurred after the policyholder is discharged.
Insurance companies provide a variety of health insurance plans. A person can purchase a health insurance policy based on his/her requirements. He/she can buy an individual health insurance plan. He/she can also purchase a family floater plan that covers his/her family members in one policy. If a person buys a family floater plan, then every member of the family can share the sum assured.
- Cashless Facility
Most insurance providers have tie-ups with various hospitals. In case a policyholder gets hospitalised at a network hospital, then he/she can avail the cashless facility. By availing this facility, the policyholder will not have to pay for the medical costs. The insurer will settle the bills with the hospital directly.