News Karnataka
Monday, December 04 2023

Key Problems You May Face Without Having Health Insurance

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Health Insurance penetration in our country has significantly improved. Yet, India, with a soaring population of almost a billion-and-a-half, is struggling to meet its healthcare needs. Many people still depend solely on their savings and assets to afford their medical bills. Due to spending on medical bills from their own means, about fifty-five million people are being pushed into poverty every year. Additionally, a huge number of people succumb to stress every time a medical emergency strikes them. All these can be avoided by investing in a Health Insurance plan.

Handling medical situations without a suitable Health Insurance plan can be hard. The worst part is that many people do not even know what they miss without Health Insurance. Here are some key problems many people may face without medical insurance:

Affording Medical Bills

With advancements in medical technology and a huge demand for healthcare, medical inflation in our country has spiked up dramatically. For instance, the cost of heart surgery a couple of years ago and today is not the same. The treatment costs have been growing expensive year on year.

Without investing in Health Insurance, you can be left vulnerable to paying hefty medical bills all by yourself. This can be troublesome if you happen to have any pre-existing health condition. By investing in a Health Insurance plan based on your need, you do not have to depend on your savings, assets or borrowings.

Managing Chronic Conditions

There are various studies and real-time examples that signify the rise in lifestyle diseases. These chronic health conditions which include diabetes, high blood pressure, cardiovascular illness, etc., require regular hospital visits. These chronic conditions can develop into life-threatening conditions without proper medical intervention.

With Health Insurance, you can avoid hesitation due to medical bills and get timely treatment as it will take care of medical expenses and leave you at peace.

Avoid Compromising the Quality of Treatment

The rising medical inflation also has effects on the quality of treatment. Fearing exorbitant medical bills, we may hesitate to get medical treatments in quality hospitals that have all the facilities we need. Therefore, we may settle for a hospital with minimal facilities than what we need to reduce our out-of-pocket expenses. This can adversely affect the quality of treatments. But with a medical insurance plan, you do not have to put your health at stake. You can get treated in the insurer’s network hospitals and avail quality treatments as well as cashless treatment options.

Managing Outpatient Expenses

When the topic of medical expenses comes to our mind, many of us think about hospitalisation and ICU admissions. But we often tend to overlook outpatient expenses. These are medical expenses incurred on doctor consultations, diagnoses, health check-ups, etc. Elderly people and people with chronic health conditions may have to regularly visit hospitals. Without Health Insurance, these expenses can burn a huge hole in your pocket.

To tackle such expenses and protect yourself from financial drain, you can secure yourself with a suitable Individual Health Insurance or Family Health Insurance plan. For managing outpatient expenses of elderly people, choose a Health Insurance plan for senior citizens which covers out-patient expenses.

Affording Prescription Drugs

As the healthcare needs of people evolve, Health Insurance plans also adapt as per the needs. Unlike in olden times, Health Insurance starts providing coverage for prescription drugs. Without utilizing this coverage by a proper Health Insurance plan, one may succumb to the hefty costs of drugs. As age increases, our increased dependency on medications can result in heavy expenses. There are various policies that provide coverage for prescription drugs; opting for a suitable one can significantly reduce your out-of-pocket expenses.

To Conclude

There are various features apart from the aforementioned ones that you may miss without having Health Insurance. Health Insurance is a necessary investment, especially in these challenging times. It is important to note that many people without Health Insurance are just one hefty medical bill away from a significant financial drain.

With increased features and flexibility, you can choose a policy and customize your coverage as per your need to reduce out-of-pocket expenses and avail treatments without compromising the quality.

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