What are the Risks of Not Having a Health Insurance Policy?
What are the Risks of Not Having a Health Insurance Policy?
Posted On : 21 February 2021, 7 Months Ago. Health-Insurance
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The rising cost of medical care, combined with people's changing lifestyles, has resulted in a rapid rise in the number of people purchasing health insurance in recent years. Health insurance is the ultimate personal and financial support that a person may rely on in the event of a medical emergency, whether it is caused by a sudden accident or an illness.

In spite of this, many choose to not get health insurance or promptly brush it off as an insignificant matter. You run a substantial financial risk by not having health insurance. No matter how fit you are, you are still at risk of contracting diseases you hadn't considered.  Apart from that, there are many sudden incidents which no one accounts for but can lead us to hospital. Both of the above scenarios are completely unpredictable and can quickly deplete your life savings. The consequences of not having health insurance can be severe.


What is Health Insurance?


Health insurance is a form of medical coverage in which the insured is protected from the expense on medicines, ambulance rides, hospitalization, doctor consultations, and more. The insured is compensated for hospitalization costs or provided with a cashless facility at one of the insurance company network hospitals. Aside from common illnesses, you can also get a critical illness insurance policy or a comprehensive insurance policy.


Risks of Not Having a Health Insurance Policy


There are some serious drawbacks of not having health insurance. Here are some of the risks one runs that highlight the consequences of not having health insurance plan in India:


1. Financial Burden and Crisis


These days, health issues might arise with no warning and in any form, be it an injury, a viral fever, or anything more serious. Whatever the case may be, one thing is certain: individuals without health insurance are faced with financial difficulties and debts, even long after paying their medical bills. To remain financially protected for the unforeseen future, it is wise to have reliable health insurance to fall back on, for yourself as well as your loved ones.


2. Quality Care


Not everyone has a strong or stable financial background. Ideally, that should not be the reason as to why a person lacks access to the best medical care possible, when they are in need. However, many are unable to do so due to a lack of funds. You are protected from such circumstances if you have the right individual or family health insurance plan in place beforehand.


3. The Problem with Payments


In a medical emergency or during hospitalization, there are a million things one worries about. The most important one, the hassle of paying hospital bills, is kept at bay by a health insurance program. Many insurers offer cashless hospitalization, so you don't have to be concerned. The hospital bills will be paid by the insurer, up to the sum insured, while you focus on getting better or taking care of your loved one, whatever may be the case.


4. Tax Benefits that Could be Availed


Health insurance premiums are tax deductible under section 80D of the Income Tax Act of 1961. This is a significant benefit of having health insurance. However, if you don't have insurance, you'll miss out on tax savings from this part.




Health insurance is a wise investment to make in order to protect yourself from financial burdens  as well as your family's health. With the rising cost of medical care and the change in people’s lifestyles, it is advisable to have a reliable health insurance at hand.

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