What will happen if you don’t have health insurance/ medical coverage?

By | April 21, 2021

In the lack of health care, many can’t handle the increasing cost of medical attention. In case of a medical emergency, people would either have to use money or take a loan. All of these solutions should not be included! When using savings, will compromise many other necessities, according to Nationlearns, taking a loan would lead to additional payments via small installments. Not just that, but if you have no health care coverage, you will still lack special perks.

Your savings would be depleted due to a lack of health insurance plans for pre-and post-hospitalization expenses.

01: A health care package covers all pre-and post-hospitalization costs- Depending on the disease, the costs can be higher over extended periods before and after hospitalization. If you don’t have insurance, you might end up spending a lot extra. Imagine the joy you’ll feel if you have health care that protects you for 30-90 days before and after you’re admitted to the hospital. The money you’ll make as a result of that will only be enough to cover a sudden increase in other expenses.

02: Daycare procedures can sting you as well-
Daycare procedures that do not require hospitalization for more than 24 hours are also covered by health insurance policies. Angiography, chemotherapy, dialysis, radiotherapy, hydrocele, and other treatments are among them. If you need angiography in the future, you will have to pay between INR 25,000 and INR 1,50,000, depending on your city. However, because a health insurance provider will cover it, you won’t be like loaning out such a large sum for daycare procedures!

03: You’ll be without hospital cash benefits daily-
Up until those days of hospitalization, health care policies provide regular hospital cash rewards to the insured. The benefit payment will be a fixed amount or a share of the sum covered. Yes, you will be required to stay in the hospital for a certain amount of time, as stated in the policy manual, to receive this advantage. So, if you don’t have health care, you’re missing out on a valuable profit.

04: You Won’t Be Able to Take Advantage of Tax Benefits-
The tax advantages on health care policies are the cherry on top! The premiums paid for these arrangements are tax-deductible under Section 80D of the Internal Revenue Code. As a result, a health care package will increase your take-home pay and provide you with much-needed stability.

05: Other Advantages- Health insurance policies are a must-have because of additional benefits such as emergency coverage, home medical treatment, bonus for not claiming in a financial year, and reinstatement of the amount covered after it has been used.

 

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