Health Insurance 710 views April 20, 2021

It becomes difficult for many to deal with the rising medical treatment costs in the absence of health insurance. Should a medical emergency arise, people will have to either use their savings or take a loan to deal with the same. Any of these options are not worth availing of! While using savings will mean compromising on several other necessities, taking a loan will lead to extra payments through small installments. Not only that, but you could also miss out on special benefits if you don’t have a health insurance plan. We’ll discuss all that and more in this article. Let’s get started!

Health Insurance

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Problems to Have Without Health Insurance Plans

We have rightly pointed out the worst outcome of consuming savings and taking loans to deal with a medical emergency. But medical expenses don’t stop with in-patient hospitalization – expenses happen before and after hospitalization too! All that can be too much for you to bear without a health insurance plan, which covers the cost of hospitalization, and the ones that get incurred before and after it. Let’s discuss all these in detail below.

How Much Will a Loan Affect Your Finances If You Take It to Deal with a Health Emergency?

The cost of treatment varies based on the disease you have, the equipment/machine required during the operation, etc. So, if you require open-heart surgery, it would cost you around INR 3-5 lakh currently. In case you don’t have a health insurance plan and take a 5-year loan of INR 4 lakh for the same, how much will it cost you if it comes at an interest rate of 15% per annum? You will need to pay an Equated Monthly Installment (EMI) of INR 9,516, which will lead to interest payments worth INR 1,70,958 over five years. So, the overall payment will be INR 5,70,958. That is quite an amount to pay and not good to do so as a health insurance plan can cover that cost adequately. All you need to do is choose a high sum assured while also keeping an eye on the premium payable.

Lack of Health Insurance Plans Will Exhaust Your Savings Towards Pre and Post-hospitalization Expenses

A health insurance plan covers pre and post-hospitalization expenses too as pointed out above. The expenses can be for enhanced periods before and after hospitalization, depending on your disease. This way, you could end up paying much more if not insured. Imagine how much relief you’ll have with health insurance that covers for around 30-90 days before and after hospitalization. The savings realized due to the same will only help you meet a sudden rise in other expenses.

Daycare Procedures Might Pinch You Too

Health insurance plans also cover daycare procedures that do not require hospitalization for 24 hours. Some of these procedures are angiography, chemotherapy, dialysis, radiotherapy, hydrocele, etc. In case you go through angiography in times to come, you will need to pay INR 25,000-1,50,000, depending on your city. But since a health insurance plan can cover that, you won’t feel good paying such an amount towards daycare procedures!

You’ll be Bereft of Daily Hospital Cash Benefits

Health insurance plans come with daily hospital cash benefits for the insured, up to certain days of hospitalization. The benefit payout can be a certain percentage of the sum insured or a flat amount. Yes, you may have to complete a minimum period of hospitalization, as specified in the policy document, to get this benefit. So, don’t miss out on this value-added benefit by not having a health insurance plan. ,

You’ll Fail to Make the Most of Tax Benefits

Tax benefits on health insurance plans are like icing on the cake! The premium payable under these plans offers you tax deductions under Section 80D of the Income Tax Act. So with a health insurance plan, your take-home salary will increase and give you the much-needed flexibility.

Other Benefits That You’ll Miss Out On

Other benefits, such as ambulance cover, home care treatment, bonus on not claiming in a financial year, reinstatement of sum insured upon its utilization, make health insurance plans a must-have.

So go online, choose a suitable health insurance plan and secure yourself & your family financially against health hazards.

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