Health Insurance is not a mandatory plan to have. But, in fact, it has now become a necessity rather than a luxury. The recent coronavirus pandemic is testimony to the fact that medical emergencies do not come announced. It is best to be prepared in all possible ways to manage the situation despite any unfortunate circumstances.
Following are some of the dangers of not having a health insurance plan for yourself and your family
High healthcare costs
Healthcare can prove to be a costly proposition, especially in case of any unplanned hospitalisation. Such occurrences may burden you with multiple different costs in one go like ambulance, treatment, medication, etc. Incurring enormous medical bills for your treatment can be a heavy financial liability. Health insurance policies with their elaborate and detailed plans help save extra costs and insulate you from the financial shocks of any unexpected medical expenses.
Unforeseen Illness
There are times when you may be healthy today and yet get diagnosed with some unforeseen illness tomorrow. No medical issue/disease comes knocking with advance notice. Health insurance plans help you prepare as best as possible for such unexpected times of life. By securing yourself and your family with medical insurance, you protect yourself financially and emotionally to a certain extent.
Loss of savings
You can lose out on your hard-earned money by not purchasing a health insurance plan due to sudden medical emergencies that cost a bomb. But they can help save money even when you buy them by making you eligible for some tax exemptions. Medical insurances help save your earnings and provide tax exemptions on your premium under Section 80D of the Income Tax Act. Therefore, it is highly recommended to buy health insurance plans to save as much wherever and whenever you can.
High-cost of medication
Because of rising healthcare prices and medicines for the various ailments prevalent, the cost of treatment is extremely expensive and a considerable burden. At times, when there is a money crunch, you may want to defer the treatment or buy lower-cost medical treatment just to overcome the situation. This is as bad as denying yourself required medical care. To avoid such incidents, purchasing health insurance is highly suggested as it covers all your expenses and even helps keep you stress-free.
The inability to get treatment for your or your family’s health conditions and the massive medical costs are two of the biggest reasons to secure themselves and their family with a health insurance plan. Skipping it will only be disadvantageous or even dangerous for you. Remember your priorities in life and make the right choice by securing yourself with medical insurance! Cholamandalam MS understands the aforementioned problems and offers its Health Insurance Policy to provide protection at all times.
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