Planning to buy health insurance amid covid-19 pandemic? Key things to know

New Delhi: As India continues to battle with the interminable surge in the number of COVID-19 positive cases, it has been very well proven by the ongoing pandemic that has brought the entire world to its knees. Covid-19 is spreading like wildfire and has proven to be a life-threatening health hazard.

In a crucial situation like this, having an optimum health insurance plan that would provide some financial relief to the insured and the dependents has been the need of the hour.

In such a situation, if you are planning to buy health insurance, you must look at these important factors which can help provide you with adequate and comprehensive coverage.

Opt for a Policy That Offers Sufficient Coverage

Having insurance that provides an adequate coverage amount is the most essential factor whilst selecting a plan. Covid-19 treatments can be expensive, and one must carefully evaluate their health insurance coverage amount based on the dependents, family members, and financial status and liabilities before making a decision. Medical treatments for Covid-19 can cost high medical bills (depending on the severity of the patient’s health), thus choosing insurance plans that provide maximum coverage is important so that one can reduce the burden of medical expenses.

Coverage for consumables

Covid hospitalization necessitates a large number of consumables, particularly PPE kits and gloves. While consumables are not typically covered by health insurance, a few insurers (Care Health, Max Bupa, and Bajaj Allianz) do. 

Check the Different Premium Options Available Online

Ideally, one would always prefer a health insurance plan with low premiums but would have sufficient coverage. A health plan should feel like a future securing investment and not a liability. The world has succumbed to the pandemic, and having an optimum health insurance plan that provides financial support is significant. One must carefully evaluate their financial stature and select a plan with affordable premiums that would also provide good coverage and which also very well fits the needs of the individual and his/her family’s needs.

Cashless Hospitals

Many insurance companies have tie-ups with a list of hospitals (also known as Network Hospitals), and having a plan with such an insurer can help one obtain the benefit of cashless treatment during medical emergencies. Thus, this becomes a crucial parameter before shortlisting insurance plans. For new buyers or people who wish to renew their existing health insurance plans, making sure that a particular insurer has tie-ups with nearby hospitals that are equipped with Covid-19 treatment capabilities will make a big difference during an emergency situation.

Home care treatment

Due to the virulence of the second wave of covid, there is an acute shortage of hospital facilities and, as a result, an extensive requirement for home care treatment.

“Home care treatment, also known as domiciliary hospitalisation, is a situation in which an insured person is considered or treated as being hospitalised even though he or she is at home. It may be necessary for one of two reasons: either the individual is unable to be moved to the hospital and the doctor prescribes home treatment, or there are no hospital beds available. Many of the treatment-related expenses are covered by the insurance company. This is a common feature of health insurance policies. Some insurers do provide domiciliary hospitalization for other illnesses but do not cover COVID-19 as it is classified under Upper Respiratory Tract Infection. While your insurer may cover regular hospitalisation due for COVID-19, a few insurers may not cover home treatment. It is always advised to check with your insurer beforehand prior to filing a claim,” Amit Chhabra, Head-Health Insurance, Policybazaar.com.

Waiting Period Clause

The waiting period is the time during which you are unable to claim some, or all, of the benefits of your health insurance from your insurance provider; that is, you must wait for a certain amount of time before filing a claim. The waiting period for covid coverage ranges from 7 days to 30 days. You can select the best plan based on your needs and other plan benefits.

Claim Settlement Process

The claim settlement process is the critical factor with regards to health insurance or, rather, any insurance plan. Claim settlement can be complex or time-consuming at times, and it is the last thing one would want to go through whilst dealing with a lethal disease like Covid-19. Making sure that the claim settlement process is easy, seamless, and agile is extremely important. Hence, one must compare settlement processes, timelines, and approval ratio amongst various companies before selecting a health insurance plan.