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Considerations when Buying Insurance during COVID-19
03 November 2020
The COVID-19 pandemic has sent the entire world into a standstill and a state of shock. The flow of life has been disrupted and paused temporarily until a sure shot way to recover from the virus arrives. Getting a COVID-19 health insurance coverage is a wise step to take in this global public health crisis and devastation.
You need to keep the following factors in mind before choosing your coronavirus health insurance plan:
1. Claim Settlement Process
Before buying health insurance for coronavirus, make sure that the health insurer has a smooth and fast claim settlement process. If the claim settlement process of the health insurance company is not simple and quick, it will be difficult for you to get your claims approved on time to meet your medical emergencies. Hence, it is advisable that you go for an insurance company which has a high claims settlement ratio. Through IRDAI reports and customer reviews, you can gauge the claimssettlement track record of the health insurance company.
2. Network Hospitals
Network hospitals are the hospitals which are associated with a health insurance company. You need to ensure that your prospective health insurance company has tie-up with a large network of hospitals. The network hospitals should preferably be in proximity to your residence and should have the capacity to treat Coronavirus afflicted patients. You are eligible for cashless treatment of coronavirus only if you get treated at a network hospital associated with your health insurance provider.
3. Waiting Period Clause
All health insurance plans come with their own pre-determined waiting periods. Your treatment for coronavirus will be covered by the health insurance company only after the waiting period ends. Waiting period is calculated from the date of issue of policy and must be checked before availing a health insurance plan. Go for a coronavirus insurance plan which has the shortest waiting period.
4. Co-payment Clause
Check if there is any co-payment clause in the health insurance policy. If your health insurer is asking for co-payment, you will be responsible for paying a part of the medical expenses. If you want to get full coverage for your Coronavirus treatment, choose a coronavirus insurance plan, which does not have any co-payment clause.
5. Hospitalisation Requirements
If you are thinking of buying health insurance for Coronavirus, hospitalisation needs is one of the main things, which you need to consider. For instance, you need to check the amount of room rent expenses that your health insurance provider will cover. Hospitalisation is expensive mainly because of the high room rent cost. Thus, it is advisable to go for a health insurance company which covers 100% of the room rent.
There are various hospital expenses, which coronavirus treatment will incur. Some of them are:
● Ventilator expenses
● Room/bed rent
● Intensive Care Unit coverage
● Medicines and consumables
● Nursing charges
● Surgical supplies
● Oxygen cylinder, blood, and anesthesia
● Operation theatre expenses and more
You need to ensure that your coronavirus health insurance provider covers most if not all these hospital expenses before buying health insurance for coronavirus. Max Bupa’s Corona Kavach plan, a coronavirus specific health insurance policy, covers the cost of hospitalisation upto Rs 5 lacs.
Apart from the above factors, you need to check whether your health insurance plan offers the following, while buying a coronavirus coverage:
You need a health insurance plan, which offers you the basic right to get the daily expenses of your treatment covered. This daily coverage should be included with the hospitalisation coverage, or available as a rider to your plan. You might be accompanying a COVID-19 patient and be in need of cash regularly to buy gloves, masks, syringes, and other medical requirements.
When you are purchasing a health insurance plan, you need to ensure that the plan offers you tax insurance rebate. The Section 80D of the Income Tax Act makes you eligible for tax benefits on availing a health insurance plan. In this tax saving scheme, you can show the expenses of purchasing a health insurance policy and get tax benefits on it.
Check whether your health insurance plan covers the expenses required in the quarantine period. The quarantine time period lasts 14 days after you are discharged from the hospital. Quarantine period covers major expenditure on health equipment like gloves, medicines, and food supplies. The Corona Kavach Plan offered by Max Bupa covers these post-hospitalisation expenses.
You can choose to get additional services such as doctor on call and second opinion if you wish.
It would be smart to buy a coronavirus health insurance plan to secure yourself and your family against the ravages of the current pandemic. With the coronavirus infection spreading across the global population, densely populated nations such as India have reported the highest number of coronavirus cases. Hence, as an Indian, your family faces an intensified risk of infection. Have a look at the tips recommended by Max Bupa to buy the best health insurance policy for coronavirus in order to protect your family from COVID-19.