Health insurance policies are often considered mandatory risk coverage. Yet many people in our country do not have a proper health insurance policy in place. Once again, among those who have it, many are insufficiently insured. Medical costs are increasing day by day and it has become important to have enough coverage for you and your family members.
Now, due to the COVID-19 pandemic, it has become all the more important to have sufficient health insurance in place. Hospitals have seen bills exceed thousands of dollars due to the coronavirus. The virus has put the finances of many unprepared people at risk.
Introduction of Covid-specific health insurance plans
The Indian government has put in place specific health insurance policies that can help you through the tough time caused by the coronavirus. You should review the details and take advice from your insurance adjuster before purchasing the policy. Moreover, there are also regular health policies that include hospitalization of patients affected by COVID 19.
Covid-specific health policies
The Insurance Regulatory and Development Authority of India (IRDAI) has requested all general and health insurance companies to offer Covid, Corona Kavach and Corona Rakshak specific short term health policies. Corona Kavach is a standard compensation-based health policy offered by general and medical insurers, while Corona Rakshak is offered as a standard health policy based on Covid benefits.
If you purchase the Corona Kavach policy, you will have multiple sum assured options, with multiple sum assured options, starting from ₹50,000 to ₹5 lacs and covers medical expenses for hospitalization, home care, pre-hospitalization, post-hospitalization, roadside ambulance as well as AYUSH treatment up to the insured amount. All of these features have their own policy terms and conditions which you can easily check on the insurer’s website.
Reliance on comprehensive health insurance policies for protection against a wider range of illnesses including Covid
In retrospect, most current health policies now include hospitalization expenses due to Covid 19. These depend on terms and conditions and parameters such as exclusions, waiting periods and pre-existing conditions. If a person is admitted for more than one day, you can apply for insurance. Keep in mind that you may not be able to claim it without hospitalization.
Purchasing a personal comprehensive insurance plan can be a smart thing to do, to keep you covered for a high sum insured, as the plan provides financial protection not only against Covid but all infections, illnesses and accidents. If you have insufficient health cover, you should definitely opt for Covid cover because treating Covid can be expensive and can use up your entire insured capital for the year. In order to make a decision, it is crucial that you understand the benefits of the Covid 19 policy over a basic or comprehensive health insurance policy.
Things to keep in mind when buying health insurance plans, keeping in mind the current pandemic situation:
Due to the pandemic, we understood the importance of taking out a health insurance policy. The demand is increasing significantly in this segment and insurance companies offer us a variety of policies, suitable for different scenarios.
The first step is to invest in an adequate, uncompromising health insurance plan to ensure not only the current health care needs of an individual and family, but also those we are likely to need every stage of life. Since health insurance plans range from indemnity and benefit-based plans to individual health plans and critical illness insurance, you should do your research well before buying one. It is also recommended that you understand the details of the sub-limits where you may have to pay part of the hospital expenses.
You should also be aware of the co-pay feature in the health policy. The most important thing for you is to know the amount of the premium, which is based on several parameters such as the city of residence, hospital costs in your city, family members and elderly people.
It may be difficult for you to understand all the attributes; therefore, you should seek advice from a consultant or financial advisor who would help you understand the integrity of health insurance policies and benefits as needed.
Disclaimer: This is a company statement. No HT journalists are involved in the creation of this content.