Learn about health insurance options now so you can focus on your health, not the cost of illness.
2020 will always be linked to the pandemic that has hit the world. Without a vaccine in sight, COVID-19 continues to appear around the world, affecting millions of people at an alarming rate.
Currently, India has expanded its testing centers but continues to fight the increase in cases. The outbreak of a disease like COVID-19 has underscored the need for health insurance and increased awareness that it is a necessity for future situations. Until now, health insurance has never been a necessity for families.
It is important to protect yourself from illness and financial crises. The implications of the lack of a health policy are very important at such a crucial time.
If you are uninsured, your options are grim should you find a sick family member during this time. Therefore, it is imperative that you examine your health insurance options now so that you can focus on your health and not the costs in the event someone becomes ill. Whether you are insured or not, determine your health insurance options to access affordable health care.
Factors to consider when choosing health insurance
Buying health insurance, regardless of age, is a wise decision. Investing in health insurance in the first few years of life is more beneficial and serves its purpose at a later date. However, when looking for coverage, it is important to consider some of the following points before deciding on a policy.
- Research coverage options – Make sure you understand what is and is not in coverage. Explore Mediclaim / Family Floater, COVID-19 policies, comprehensive health insurance, critical illness plans and more
- Registered hospitals: it is always preferable to know the network of hospitals to which your coverage allows access and see if you will be eligible for reimbursement in the event of a request for care at a facility outside the registered network.
- Compare plans: It is very important to compare the health plans available in the market to decide if these guidelines meet your needs.
- Faster claims settlement: claims settlement is the “moment of truth” for all insurers. Therefore, the insurer’s claims settlement rate should be reviewed. Along with the average time it takes to resolve claims, you can be sure that the company will be able to resolve claims quickly and easily.
- Copayment, sub-limits, room rental restrictions – You should ensure that these limits, if any, are clearly stated in the policy and ideally choose a policy with no room rental limits and no illness/procedure sub-limits.
Now, You have to select the right insurance policy
Once you have a clearer idea of what to look for in insurance coverage, make sure you understand the different insurance policies available and know if the coverage you choose will suit your individual or family needs.
- Comprehensive health insurance: If you can afford it, consider more comprehensive health insurance plans that cover COVID-19 or a viral infection 30 days after starting your policy. Comprehensive health insurance covers you for hospital costs caused by acute or chronic illnesses and even accidental injuries
- Individual health plan – must be purchased on behalf of everyone – spouse, children, parents, etc., one person had to file a complaint
- Family Floater health plan: in principle, more than one member can be covered by a policy, the insured amount of which covers all members of the family.
- Specific COVID-19 policy: All health insurers offer the standard health insurance policy prescribed by IRDAI Corona Kavach. However, those looking for a short-term policy should consider Corona Kavach. The price of this policy is lower than a full health policy and can only be purchased for accessibility reasons to protect against COVID-19.
- Critical Illness Plan: Critical illnesses always involve increased treatment costs and a long and costly recovery process. As a result, these policies are designed to provide long-term financial support, as they pay the insurer a lump sum if the critical illnesses listed in the policy are diagnosed.
- Complementary Plans: Complementary Health Plans or Supercharges are compensation plans with a higher sum insured in the event that hospital costs exceed a certain threshold called “Deductible”, which is chosen by the client at the time of contracting the policy. As a general rule, you should opt for a supplemental health plan to improve your existing coverage. Supplemental policies are inexpensive and therefore affordable and useful in the case of a high-quality claim.
The Corona Kavach policy should not be considered a substitute for normal comprehensive health insurance.
A healthcare system is difficult to navigate at best. The task is a bit more tedious during a pandemic. It is wise to invest in one of these guidelines to ensure that your savings are not seriously affected in the event of an unforeseen health emergency.