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4 Consequences Of Not Taking A Health Insurance Policy

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Despite more Americans seeking health insurance, others still ignore the need for health insurance even after the Affordable Care Act allowed citizens to get a government-subsidized healthcare plan. There are numerous consequences you can experience if you do not get a health insurance plan.

Sinking in Medical Debt

Without getting health insurance coverage, you'll need to pay for your medical expenses out of pocket. Therefore, if you develop a serious health issue that needs emergency care or surgery, the treatment plan will be expensive and could result in bankruptcy.

For example, a cancer diagnosis or a car accident that leaves you with a broken leg may attract medical expenses that cost hundreds of thousands of dollars. Medical debt can easily result in personal bankruptcy and extreme financial strain.

No Cashless Claim Benefits or Tax Benefits

When insured, you can benefit from cashless claims and tax benefits. Numerous insurance companies offer a cashless claim to minimize the spending of the insured to avoid them catering for expenses out of pocket. The insurance company settles your medical expenses directly with the hospital.

Additionally, with an insurance policy, you enjoy tax benefits as a policyholder. Any health care insurance plan you buy at a premium cost will deem you eligible for tax deductions. Thus, without healthcare insurance, you don't get to enjoy any tax benefits.

Poor Medical Outcome

Due to a lack of health insurance, uninsured people are afraid of seeking treatment unless the condition worsens or their symptoms become unbearable. Therefore, due to the delay in seeking medical treatment when uninsured, you're prone to getting poor medical outcomes due to the late diagnosis.

You're also likely to get poor medical outcomes after sudden-onset conditions or accidents. The poor medical outcome can also take a toll on your overall health.

You Remain Unprotected From Critical Illnesses

Most health insurance companies will offer critical illness insurance plans for their clients. These insurance plans dedicated to critical illnesses can either be independent or embedded in the primary cover.

Critical illness insurance offers coverage for members against severe and life-threatening diseases like cancer and bone marrow transplants. Thus, if the policyholder ever gets diagnosed with a critical illness that the company insured against, they'll receive a lump sum to meet their daily treatment costs. Without any insurance coverage, you cannot get this protection option.

Get Your Health Insurance Today

Yes, paying for healthcare is expensive. However, you're at a greater disadvantage without a health insurance plan. Get your health insurance plan today to avoid the weight of expensive medical bills and to give you the freedom to seek health treatment freely when needed.