Health insurance isn’t a mandatory requirement unlike motor insurance. However, it is among the first few things to purchase when planning your finances. The consequences of not having adequate insurance coverage can be devastating. A recent example that emphasises the importance of a health insurance plan is the pandemic. It made clear for all that health insurance must be purchased, failing which would mean bankruptcy and debt for medical treatments.
Health insurance in 2022 is no longer a luxury but a necessity. Hence, selecting a policy needs to be a carefully thought-out process. But despite being a lifesaver in times of medical exigencies, many people skip buying one. Here are some reasons to know why –
- Lack of cognisance
Awareness is the preliminary factor of why health insurance, be it an individual plan or family health insurance is often skipped by many. Moreover, there is a notion associated with insurance purchases being long, tedious, and tiresome. However, this is no longer true. Modern day insurance plans can even be bought online without having to meet any insurance agent or even visit the insurance company’s branch office.
Since health insurance coverage is in no way a compulsory requirement, many people consider it as an additional burden. *
- Overlooking the importance of health
Young adults, often the ones who have just started to earn, tend to put-off buying a health cover on the pretext that they are young and there’s a long time to look after their health. However, health insurance plans don’t come handy only for elderly people. Unexpected medical emergencies can be tackled without any financial hassle when you have the backup of a health insurance cover. *
- Myths surrounding affordability
There are myths surrounding affordability of health insurance covers as they require periodic payment — monthly, half-yearly or annually. Many buyers feel they cannot afford this payment as there are no returns in the short terms. However, this approach to buying health insurance can prove to be counterproductive as it isn’t an investment avenue, but a means to protect your investments. *
With modern insurance policies, buying health insurance is even more affordable as standardised policies are made available by the regulator to ensure insurance for all. Further, EMI facility is also made available by some insurance companies that helps to reduce the burden of a lump sum payment. Instead, smaller premiums can be paid at monthly intervals. *
While the above reasons are why buyers may choose not to buy a health insurance plan, it has the following consequences –
- High cost of healthcare is one of the consequences when you skip buying a health insurance cover. Even if you have saved up for medical treatments, it may not be sufficient to beat the soaring medical inflation. So, it is best to buy a health insurance cover. *
- When you save from your hard earned money for medical treatments, you end up losing money that otherwise you could have invested for higher returns. Instead, a health insurance plan leaves you worry-free as it can be sufficient to deal with medical treatments in an environment with rising medical costs. *
- While a planned medical treatment can be controlled, you cannot exercise any control over unexpected or emergency hospitalisation. By purchasing a health insurance cover, you can be rest assured that planned, as well as unplanned hospitalisation costs are covered by the insurance company. *
To decide which policy you must buy, you can make use of a health insurance premium calculator that helps in comparison of the several policies based not only on the price, but also based on its features. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.