Two Major Risks of Not Having a Health Insurance Policy

A health insurance policy covers the cost of the surgical as well as the medical expenses incurred by the insured individual. Every health insurance policy has its own distinctive features. Some are meant to directly pay the healthcare provider as in the hospital, clinic, doctor or physician, while many reimburse the insured individual for the expenses incurred by them due to any illness or injury. In lieu of the benefits that the insurer provides, the policy holders pay a premium either monthly or yearly. The amount paid towards the health insurance premium is eligible for tax rebates too.

The Perils of Not Having a Health Insurance Policy

With skyrocketing medical expenses, having a health insurance plan has become a necessity. If not insured, a person may face multiple risks. Some of the risks involved in not having a proper Health Insurance policy are as follows:

• Financial Crisis: This is undoubtedly one of the biggest risks of not having a health insurance policy. Even if a person is relatively well-off, the costs of medical expenses are immense. If unfortunately a person gets critically ill or meets with an accident, the medical bills can shoot up to unmanageable levels. While trying to meet up with those bills, a person may face severe financial crisis.

• Health Risks: Health should hold a primary importance in each and every person’s life. Our health affects each and every sphere of our life. But, without having a health insurance policy, people often tend to choose substandard facilities, when faced with medical problems. As the person has to bear the whole cost from his or her own pocket, the options of choosing proper amenities gets limited. Going for treatments in substandard facilities can further worsen the condition of the person, which may even lead to lifelong complications or even death.

These are the two major risks which one may have to deal with in the event of not having a health insurance policy. These risks can greatly hamper one’s life and thus, it is of immense importance that each and every person gets a health insurance policy.  From the cost of your medicines to your surgical treatments, a good health insurance policy provides the required coverage for each of these expenses.

There are several companies in the market offering health insurance like L & T Health Insurance and many others. You can compare all the insurance policies offered by different companies with the help of an online insurance brokering company, and choose the one that best suits your needs.