Things to remember while buying health insurance in Covid-19 times in India
The entire world is struggling to fight with the Coronavirus pandemic. Needless to mention that this deadly virus has engulfed almost all nations across the globe. The governments and administrations of all the countries are taking necessary preventive measures to control it; however, it is also every individual’s responsibility to ensure his or her family’s security against the deadly virus while being prepared for any worst scenario.
With Coronavirus affecting thousands of people each day and the count is rising every day, it has become a matter of enormous concern. It still does not have any cure or vaccination, which means the only thing we can do is take preventive measures like social distancing, following hygiene practices along with buying health insurance to cover our medical expenses.
That is why IRDAI has instructed insurance providers to include coronavirus illness costs. Owing to this, insurance companies in India also have launched dedicated health insurance policies to provide coverage for treatment expenses against Covid-19. These plans cover the policyholder as well as his or her family members. Hence, it is necessary to opt for adequate coverage amount which could be sufficient in a time of need.
Purchasing an adequate amount of health care coverage is the most critical aspect to keep yourself and your family very much secured and counter any unexpected medical exigencies. A health insurance policy provides a shield that protects our savings from getting depleted due to substantial medical costs. However, it is imperative to keep a few components into account while buying health insurance policy and that include:
Benefits included: By and large, a Coronavirus positive patient would not have huge side effects requiring inpatient treatment. Some may require basic medication on an outpatient (OPD) premise which is only covered under those policies which include OPD expenses, so search for an OPD cover in your health insurance policy. Indeed, hospitalisation costs are covered under most of the health insurance plan, but few insurers don’t include pandemic diseases. Also check for a waiting period of pre-existing illness such as diabetes, hypertension and respiratory tract diseases. Do enquire with your insurer on how Coronavirus claims are dealt with and where some portion of the treatment would be under waiting period.
Coverage: The average claim amount for Covid-19 treatment is relied upon to be more than Rs 5 lakh, based on the brisk examination of cases from six major cities and evaluation of treatment costs. At that point, there is are chances that more than one family member getting the infection and some of the time even asymptomatic conduct. Therefore, coverage of more than Rs 10 lakh ought to guarantee that you are satisfactorily covered.
Co-pay and room rent limits: Health insurance providers have a built-in product known as co-pay, which implies that you, the client, bears a part of the cost. When the bill is considerably high, this weight on your pocket becomes an additional burden. So, check if your policy has a co-pay provision and its quantum.
A colossal part of the Coronavirus treatment cost is room rent, particularly in a private hospital. Several health insurance plans cover room to rent either based on room category or by capping a certain percentage of the sum insured. In case your room rent crosses the specified limit, there could be a deduction in your claim amount. Therefore, we should get clarity on any questions related to room rent, since these sub-cutoff points could put more burden on our pockets.
Consumables: Consumables are the products that are required for one-time use, essentially because of sterility and disease concerns such as products like masks, gloves, sanitiser, cotton etc. Majority of health insurance policies don’t cover these, except for a couple of insurance companies. Check if your policy does and since you have restricted choices, pick shrewdly. Because of the contagious nature of Coronavirus, medical staffs and healthcare workers are compelled to utilise more than required protective gear, such that they don’t pass it on. Hence the subsequent hospital bills along these lines higher.
So, if you are planning to buy health insurance policy to get a financial cushion for Covid-19 or any other medical emergency, then do it now. Visit BimaKaro today and get the best suited with adequate coverage for yourself and your family.