In life, we all strive to achieve the financial goals we've set for ourselves. However, an unforeseen health problem can leave a significant impact on our journey. Moreover, in our family, if we are the sole breadwinner, the financial stress could increase tremendously, even in a medical emergency.
Due to the rising cost of private medical care in India, hospitalisation can bring a hole in our pocket and impact our financial health, too. Hence, although it's a right step to opt for health insurance, you should also be aware of the disadvantages before purchasing it. Here are the key disadvantages of health insurance:
High costs: The premium payable on health insurance is quite high, which many families might not be able to afford.
Pre-existing Illness: Individuals have to undergo a waiting period of at least 4 years before the insurer starts coverage of the pre-existing illness. This proves to be disadvantageous.
Wastage of resources: An individual has to pay hefty sums as premiums for the policy, but he might never be able to make a claim, in case medical expenses do not arise.