A voluntary Health Insurance Scheme is an agreement in which an insurance company agrees to pay for medical expenditures if the insured becomes ill or is involved in an event that causes the insured to be hospitalized. The insurance companies have partnered with top hospitals to give cashless treatment to their customers. If the insurance company does not have a contract with the hospital, the insured is compensated for his or her expenses. The government also encourages people to buy health insurance by allowing them to deduct it from their taxes.
The true goal of health insurance isn’t to save your life, but to help you live longer (just as the purpose of auto insurance is not to reduce your chances of an auto accident). Health insurance, like auto, homeowners, and other types of property insurance, is intended to safeguard you against financial loss.
Medical Emergencies Can Put You Out of Business
Medical emergencies are very costly. If you have the misfortune of experiencing a medical emergency without a Voluntary Health Insurance Scheme, you may find yourself in a crippling amount of medical debt with no apparent way out.
It’s difficult to see why you’d need insurance if you take good, preventative care of your health. However, missing the last stair at home and dislocating an ankle, or having an accident on the ski slope and breaking an arm, can result in an injury that costs thousands of dollars in medical fees, and that number can soon rise if you require surgery or continued therapy. An appendectomy, for example, is extremely expensive emergency surgery.
You might not be able to work while you’re recovering, which means you might miss out on wages. Even if you have health insurance, you may find it difficult to pay for medical expenses in these situations. It is quite difficult to pay for medical expenses without health insurance, especially if you are admitted to a hospital even for a short period of time.
Poor and Timely Preventative Care
You’re more likely to get sick or grow sicker if you don’t go to the doctor for checkups owing to the high cost of uninsured visits and don’t go in to get diagnosed when you think you might have a medical condition.
Trying to self-diagnose symptoms, relying solely on over-the-counter medications, and waiting until an illness is nearly unbearable to see a doctor all put your health at risk.
Reduced Access to High-Quality Medical Care
Only ERs are required by law to provide immediate medical care to those who do not have a Voluntary Health Insurance Scheme. Even then, obtaining follow-up care will be difficult if you are unable to pay your bill. If you don’t have insurance, you’ll have limited access to the care you desire unless you can afford to pay for everything yourself (which no one can).
Breaching the Law
The law and rules still make it illegal to go without health insurance, though the financial penalty has been removed for the time being. When you submit your taxes, you must still answer “the health insurance question.”
Lack of mental peace
Even if none of the other risk factors occur – which they almost certainly will – finding an affordable health insurance policy is still important for the peace of mind it provides. You’ll have a lot less to worry about if you know you’re protected ahead of time.
These are just a handful of the most compelling reasons why going without health insurance is far too risky and unjustifiable. Because today’s healthcare system is designed for those who have insurance, finding a suitable policy is practically a requirement.
To speak with a health insurance agent and begin the process of locating a policy that fulfills your needs and fits your budget find more information here.
The Bottom Line
Healthcare is costly, even when covered by insurance. Those without a Voluntary Health Insurance Scheme, on the other hand, will be at a significant disadvantage. Two major reasons to gain coverage are the incapacity to seek treatment for health concerns and the crushing weight of medical expenditures.
Even if you don’t think you need it, get health insurance. The costs of not having a plan significantly overshadow the money you’ll save by not having insurance.
Don’t forget to pay your premiums. If your plan is terminated, you will not be covered in the event of a medical emergency.
Advantages of taking Health Insurance
- Cashless Treatment: If you are insured, you will be able to receive cashless treatments because your insurance provider will cooperate with a variety of hospital networks.
- Pre- and post-hospitalization costs are covered: Depending on the insurance plans bought, pre-and post-hospitalization costs are covered for up to 60 days.
- Transportation Charges: The cost paid to an ambulance for the insured’s transportation is also covered by the insurance policy.
- No Claim Bonus (NCB): This is a bonus granted to the insured if he or she does not file a claim for any treatment in the preceding year.
- Medical Checkup: Voluntary Health Insurance Scheme include health checks as an option. Some insurers will also provide a free health assessment based on your previous NCB(No Claim Bonus).
- Room Rent: Depending on the premium paid by the insured, the insurance policy may also cover room expenditures.
A Voluntary Health Insurance Scheme can help you pay for services like ambulances and day-care procedures, as well as a variety of non-hospital related services like chiropractic, dental, physiotherapy, optical, dietary advice, and some alternative therapies depending on your level of coverage. There are insurers who would modify the plan for you if you need larger coverage for your extended family.
When purchasing Voluntary Health Insurance Scheme, it is also recommended that you purchase critical sickness insurance. A critical illness policy is a type of insurance that promises to pay you a set amount if you are diagnosed with a critical illness that the policy covers. In the event that you are diagnosed with a serious disease, critical illness insurance might be a very useful addition to your basic health insurance. While you can use your usual individual or family health insurance to cover your hospitalization costs, the lump sum payment from the critical illness cover can be used to cover additional critical illness-related expenses.