Knowledge Centre

Consequences of Not Having Health Insurance

Health insurance plan, mediclaim policy or health policy all mean the same. All of these refer to the concept of protecting your finances from soaring medical expenses. By getting a health insurance plan you can simply avoid unprecedented medical costs and keep your savings for doing something better with it in future. For people who are living without a health insurance plan, it’s a serious risk as your medical expenses remain uncovered and you are exposed to all possible financial risks. You could be relatively fit and have no pre existing diseases; however there’s always a faint chance of acquiring a disease or falling prey to an accidental situation. Such circumstances are totally unpredictable and may easily drain your lifelong savings in a snap of a moment. Sounds scary? Well, it is. Today when medical science is progressing, the time taken to treat ailments has reduced however the treatment costs are soaring high. Health Insurance is only way to get better medical attention without hampering your savings. It not just pays for your medical expenses but does a lot more beyond that.

What are the benefits of having a health insurance plan?

  • Saves your hard earned money

    Health insurance plans help you securing your medical expenses, which otherwise you would have met with your savings.

  • Uncompromised medical attention

    With a health insurance plan by your side you can go for the best-in-class medical assistance without worrying about the expenses.

  • Wellness Benefits

    HDFC ERGO offers wellness benefits with my:health services application. You can easily track calories and record your step count daily.

  • Maternity Benefits

    Health insurance covers both deliveries and pregnancy termination upto 2 of either. It also covers pre-natal and post natal expenses. Your child is also covered for any medical treatments if needed.

  • Cumulative Bonus

    Many feel that not making a claim under health insurance plan will simply make it a waste. However, this isn’t true. If you have a health insurance plan and make no claims under it, then health insurance companies offer you additional sum insured on your current sum insured. In this way not claiming for several years will give you a higher sum insured and your premium doesn’t hike since you aren’t making claims, however growing age can lead to higher premium.

  • You can cover more than 1 person

    You don’t really have to buy an individual health insurance plan for every other member of your family. With a family floater health insurance plan you can secure all your family members under one insurance.

  • Tax Benefits under Section 80D

    Get tax exemption upto Rs. 75000 on buying a health insurance plan under section 80D, hence it’s crucial to have a health insurance plan.

    What’s covered under health insurance plan?

  • Hospitalisation expenses

  • Day care procedures

  • In-home treatments

  • Ayurvedic and Homeopathic treatments

  • Covers organ donors expenses

  • Critical illness covers for diseases like cancer, stroke, organ transplantation etc.

What’s not covered under health insurance plan?

  • Self inflicted injury – An attempt to hurt your self

  • Miscellaneous charges like registration charges, admission fees and service charges

  • Donor screening charges

  • Any non declared pre existing diseases expenses

Conclusion: Your health insurance plan acts as a friend who comes in need when you need. Not having a health insurance plan will lead to financial losses and eventually drain your savings. You will end up paying the bills by yourself, which you could otherwise let the insurance company pay for.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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