Skipping Health Insurance? 4 Risks Of Living Without Insurance In 2024

Do you all remember Covid-19 era? It was such a nightmare that came like a disaster into our free and happening lives. Situations like these are an alarm that people should take health insurance seriously. Though many of us know how crucial it is to get health insurance, still if we talk about a round-off figure then almost 60,000 people died in the Covid outbreak without any health insurance. 

You may find that health insurance is not compulsorily important but let me break this to you that it is a prime necessity in the present scenario. I know this statement must not be solid enough to explain to you how important insurance is. So, follow up on the full article to understand what price you might pay by skipping insurance. Brace yourselves to face it and I bet you will not regret the exposure!

The First Concern: Why People Aren’t Worried?

Health is a top priority in every individual’s life. Right from avoiding calories in the food to consuming not-so-tasty smoothies which keeps you healthy and happy. Just like that protein shake of yours, one more secret ingredient that you should not forget is “health insurance”. Now, I wonder what are the reasons leading people to skip health insurance nowadays. Let us analyze the points one by one:

The Affordability Dilemma

Health insurance is a bit costly and has been a hefty deal in recent times. This could be one of the primary reasons that people are not opting for insurance. Especially in the present case scenario where the cost of living includes rent, food, and minimal stuff like groceries is a big deal to prioritize that makes people forget or purposely ignore the insurance topics. 

The ‘We Don’t Know’ Thing

Many people still imagine that insurance is a time-consuming and lengthy process as it used to be. And I also agree that traditional insurance methods were too much paperwork. This gave people a perception that it must be hassled to get insurance. 

There is a lack of awareness in society that makes people think that health insurance is not so important. I get that people want immediate returns from their investments and health insurance is not a quick come-and-get thing, it is a pre-planning for your financial nightmares during rough times. 

Choosing Risky Compromise 

Just to save the monthly cost of insurance, few people risk their lives by forgoing insurance. They might think that their money is with them safe and sound but actually, it might be a devastating loss in the future. Only one medical issue will end up clearing out your bank accounts. But negligence is yet another reason for skipping the insurance part.

Not Insured? Major Risks Covered In Detail

Okay! Suppose that there has been an electricity outage and you have no idea when things will get back to normal. What will you do? Let me help you here, by giving you options, first, you will save the must-need essentials like water, food, and phone batteries and use them sustainably, or second, you will overuse the resources without planning the future consequences. 

I know your choice and to be honest who will risk things for the bad consequences of the future? Of course, the first option is a must to be happy and sound. In case this is not a topic of consideration for you, here are some major risks of not taking health insurance that you should have a look at:

• The Load Of Health Expenses In The Future

In the thought of saving money, you can lose a heavy amount of money when hospitalized or severely injured. Without the support of the insurance, you will be solely responsible for handling the hospital bills. This might lead you to face a serious debt situation in the future. 

• The Payment Struggle 

I personally think that nobody wants to give a thought about payment methods or processes at the time of a medical emergency. I mean, is this even a topic to think about in that situation? To avoid such a situation, get health insurance. 

In the case of medical insurance, you will get the benefit of cashless hospitalization where you get easy transaction facilities. In this way, the insurer will clear out your bills up to the assured sum.  

• The Tax Benefit Loss

If we look at the Income Tax Act, of 1961, it is mentioned under Section 80D that we get tax benefits on medical insurance premiums which you fail to avail if you don’t have health insurance. 

One such example is Mr. Adams, who took family health insurance before the COVID outbreak and at the time of major health hazard the Adams family saved a good amount of tax along with other advantages. 

• Losing Out On Quality Care

Here is a reality check for you guys! Every individual is not that financially stable enough to handle a medical situation without health insurance. But in an emergency situation, quality care and assistance are essential. 

If you miss the opportunity to get insured, you will not be able to avail the benefit of the policy. So, just don’t take the risk of quality treatment and be a holder of a good health insurance plan. 

Final Thoughts To Conclude!

In the end note, We just want people to be a little cautious and plan for the upcoming crisis. And let’s face it guys, you might not agree but we do believe in the theory of learning after the cause happens. But here is a tip for you all who get health insurance today. You might be doubtful but believe us, it will work in your favor when needed.  

Just think about it folks! Why face financial and medical constraints when you can avail of smooth support just by getting health insurance for yourself and your loved ones? We hope that the given article was as helpful as a charger to your phone. It would be great if your thoughts on getting health insurance were charged by this piece of reading. 

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Disclaimer – This article is for educational purposes only and by no means intends to substitute expert guidance.