How Can I Survive Without Health Insurance?

If you are one of the millions of people who can’t afford to buy a health insurance policy, you may be living in fear of the day when the other shoe will drop. You can manage common flue and other common ailments through OTC medications. But what really worrisome is a costly medical emergency, an injury or illness that requires surgery or long-term medical treatment that you simply can’t afford?  And while you certainly can’t predict medical emergencies, there are a few things you can do to reduce your risk of major health problems, prevent illness, and obtain the health care you need for less.

Here’s how you can mitigate the risk of not being covered by a health insurance policy.

Secure your health as soon as possible: Everybody knows that eating right and exercising is important to maintain a healthy living. But they become even more crucial when you don’t have health insurance. A diet high in vegetables, fruits, whole grains and protein can keep your body functioning properly and prevent illnesses like hypertension, diabetes, and heart disease. Regular exercising and regular walking will keep your body strong and reinforce the positive energy in your body.

Be a part of group covers: If you are covered under a group health insurance provided by your employer, you have little to be worried about because pre-existing ailments are usually taken care of. Being a part of a group health plan is the best alternative if you can’t buy an individual health insurance plan. It is also advisable to enhance the policy coverage by opting for top-up plans offered by health insurance providers.

Under such group plans, employees are offered voluntary top-ups to increase the basic cover. Employees are allowed to continue with such add-on top-up covers even after they quit the organisation. Moreover, you can also obtain the option to port from your group plan to the same insurer’s individual plan at the time of switching jobs or retirement to enjoy the health insurance benefits. However, approving such an application and calculating premiums is at the insurance company’s discretion.

Buy personal accident policy: Basically, a health insurance plan covers hospitalisation expenses, including accident-related treatments. While a personal accident policy can’t compensate for the lack of health insurance, it can pay bills for the accident and consequent disabilities. To obtain a personal accident cover, your income and not medical history is taken into consideration. You can buy a personal accident cover to safeguard against accidental risks.

Build a healthcare corpus: Building a healthcare corpus is a measure all individuals ought to take, but those with adverse health conditions can’t ignore it. When you create a corpus for healthcare purposes, remember that returns are not the primary goal. What is crucial is that funds should be accessible in short notice. Depending on your requirements, allocate a part of your savings towards this corpus every month. Having emergency funds without waiting for approvals from insurance companies or third-party administrators is critical to ensure peace of mind.

No health insurance? Here are the risks.

Individuals living with no health insurance policy poses significant medical and financial risks. In addition to stacking up medical bills, you may face further financial instability. According to studies, most people said the primary reason they were not insured was because of the cost of health insurance plans.

The Government of India has introduced a number of health insurance plans in order to give access to affordable health insurance and provide financial protection to those who cannot afford quality healthcare.

When you don’t have medical insurance, even the most basic health care can take a medical toll on you and your family. In India, thousands of people have experienced bankruptcy due to unexpected medical problems. Living without health insurance is like living with the burden of being unable to provide quality medical treatment to you and your loved ones in the time of need. Why take the risk?

Why is health insurance important?

Having a health insurance policy that protects you and your family is important as healthcare is becoming costly, especially in the private hospital. Hospitalisation and modern medical treatments can burn a hole in your pocket and derail your finances. It may become even challenging if the breadwinner of the family is hospitalised. You can avoid this hassle by obtaining a health insurance policy for you and your family by paying just a small annual premium.

The importance of health insurance is undisputed. It covers several aspects of healthcare treatment and other considerations that can otherwise eat up all your savings. A good health insurance policy usually covers medical expenses occurred towards doctor’s consultation fees, ambulance charges, expenses for diagnostic tests, hospitalisation expenses, and even pre and post hospitalisation costs up to a specific limit.

The thing about medical emergencies is that they can arise at any time, hit anyone irrespective of gender and age. Since it can’t be predicted, one can take precautionary measures to be prepared for it. Health insurance secures absolutely everyone in your family against economic loss from health uncertainty. It is an agreement between you and the insurance provider, wherein for an annual premium, the insurance company will cover your hospitalisation and other medical bills as referred to in your policy.

Healthcare is expensive – even with health insurance. However, those who don’t have health insurance cover will be at a much bigger disadvantage. The inability to seek quality treatment for health conditions and the overwhelming weight of medical bills are two big reasons to obtain health insurance.