According to US Report: Health Insurance is Worth Investment?
A report from the United States Census Bureau revealed that the rate of private health insurance coverage has decreased by 0.8% over the past 3 years, whereas the rate of public health insurance has increased by 0.4%. With the progressing pandemic, the percentage of workers with insurance coverage went to 87% in 2020 from 85% in 2018! These statistics are self-explanatory about the paramount importance of having health insurance.
Owing to the multiple benefits that health insurance provides, approximately 90% of US residents have taken health insurance. Despite these stunning numbers, more than 28 million individuals still lack insurance coverage and have to put their mental, physical and financial health at risk! Therefore, it is essential to get the right personal health insurance quotes for a mindful investment.
While a substantial part of the population has opted for health insurance, a good number of people are still skeptical about getting one. If you’re still having second thoughts about getting yourself health insurance, have a look at the risks you might have to face if you skip this essential step:
You lack quality healthcare
Not everybody has a strong financial background, isn’t it? And, ailments don’t inform you before knocking on your door. Quality healthcare is an imperative factor that should not be neglected due to your incapability to afford one. If you lack funds and also health insurance, you’ll have to remain deprived of quality healthcare services. This might not only aggravate your ongoing illnesses but might also pose a serious threat to your health in the future.
Increased financial burden
Be it a viral fever, an accident, or something as big as cancer, health problems can arise at any moment. If you aren’t medically insured, the hefty hospital bills can lead to medical debts and even bankruptcy. Yes, that’s how severe it can get! You’ll be less likely to save money and more pliant towards financial strains that lead to foregoing necessities & borrowing money. The burden of financial problems can get difficult to deal with, along with the existing health issues you’re facing.
Pestering with payments
If you or any of your family members are faced with a medical emergency, the last thing you would want to invest your time in is the payment of hospital bills. Without health insurance, this process might get tedious and troublesome. You might have to stand in long queues or wait for long hours at the billing counter to get the hospital bill settled.
You lose out on tax benefits
Section 80D of the Income Tax Act, 1961 allows you to avail tax benefits on medical insurance premiums. Not having health insurance will keep you devoid of tax savings on this component.
Quality healthcare is expensive, even with medical insurance. However, those with no insurance coverage are at a much greater disadvantage. As an informed citizen, you must consider the following major reasons to obtain health insurance coverage:
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Coverage against critical illnesses
Life-threatening diseases such as bone marrow transplants, kidney failure or strokes are covered under almost all medical insurance policies. If you’re diagnosed with any critical illness, health insurance policies entitle you to receive a lump sum amount. You can use this cumulative amount to pay off hospital bills, ambulance charges, or any other illness-related treatment costs.
The benefit of cashless claim
Maximum insurance policies offer the insured cashless claim facilities. You’re not required to make any payments out of your pocket. The entire amount of hospital expenses is settled between the hospital and the insurance company. In this scenario, the patient must get admitted to a hospital that falls under the insurer’s network. The patient is just required to fill a pre-authorization form and display the health insurance card at the cashless facility to avail of this benefit.
Medical insurance provides you with tax benefits. You can claim deduction u/s 80D of the Income Tax Act, 1961 against the premium that you pay your healthcare policy. This premium amount includes insurance for self, spouse, children, and senior citizen parents.
Safeguarding your family
An ideal health insurance plan lets you secure your entire family under a single policy rather than buying separate policies for every individual. Before you invest in a medical policy for yourself and your family, you must research thoroughly and talk to experts to reach a plan that serves you an all-around coverage.
Shelter your savings
Unforeseen illnesses tend to cause tremendous stress and mental anguish. Apart from this, emergency medical conditions can also let your entire savings go for a toss and leave you drained. Investing in a suitable health insurance policy helps you manage your medical expenses without having to spend your entire savings. Reimbursements and cashless treatments ensure that you’re saving your hard-earned money for some other future contingency.
In the modern fast-paced lifestyle, a health insurance policy is quintessential. You must make provisions beforehand for emergencies that can leave you financially handicapped. Abreast yourself with more knowledge about the many benefits of medical insurance and choose a plan that best suits your needs.