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Tips to Buy the Best Health Insurance Policy for Coronavirus
17 July 2020
As coronavirus-affected numbers keep rising across the globe and India scales the list of countries most affected, staying prepared has become the single-most important motto for everyone.
Mask-wearing, handwashing, sanitising, and physical distancing are best practices that every single person needs to follow. Apart from these standard measures, there is one more important aspect that people need to consider i.e. health insurance. Having some sort of health insurance is no longer just a ‘good-to-have’ element in your financial plan; it is a ‘must-have’. As Covid-19 numbers rise, it is pertinent to ensure that you look at some tips to buy a health insurance plan that ensures you and your loved ones have financial security.
Before buying a health insurance policy for coronavirus-related medical expenses, you should know that the Insurance Regulatory Development Authority of India (IRDAI) has, during early March 2020, mandated that all insurance companies need to provide coverage for coronavirus as part of their existing policy. So, if you already have a health insurance plan, you are covered for coronavirus-related expenses.
However, the IRDAI has also mandated general and health insurance companies to offer a standard indemnity health insurance policy called Corona Kavach and Corona Rakshak. It is important to consider buying a good health insurance policy and stay safe.
No one knows how long Covid-19 will remain an active threat to your health but as experts highlight we may have to learn to live with the virus. So, choosing the right tenure for your health insurance policy matters a great deal. You should also take into account the rate of infection spread in your city or region, and your family members.
If you are looking at a specific policy for coronavirus coverage right now, you could opt for Corona Kavach for individual or family packages. The cover starts from Rs 50,000 and goes up to Rs 5 lakh. The plan is available for tenures of 3.5, 6.5 and 9.5 months.
If you are living with senior citizens or children at home, you may need to opt for family health insurance plans. You could choose Corona Kavach for family. This package allows you to opt for cover for upto two adults and four children. If you don’t have any senior-citizen responsibilities or dependents and are single, you could opt for one of the individual health insurance plans.
There are many cases that don’t require hospitalisation or in some cases require treatment but are not able to get institutionalized medical care. Check if the health insurance policy covers the cost of home care treatment. Corona Kavach for individual and family packages offer this option. The package is also applicable for Ayush treatment. But such plans don’t cover ‘home quarantine’ which is different from home care treatments.
After looking for plans, you should also look for the network of hospitals that your insurance provider offers. A wide cashless coverage saves you from having to organise huge sums. It also saves you a lot of inconvenience when you seek claims.
When you buy health insurance coverage for coronavirus-related issues, you should look for what will be included. The Corona Kavach plan includes room rent, nursing expenses, ICU/ICCU, doctor fees and costs towards diagnostics, OT charges, surgical appliances, drugs, even PPE kits, gloves and masks, among other such expenses. Also, road ambulance of up to Rs 2000 per hospitalisation is also covered. Even the cost of transportation of the insured person from one hospital to another is covered under the health insurance plan. Coverage for pre-existing conditions and comorbidities arising because of coronavirus are also provided. The benefits of buying health insurance for coronavirus-related health problems lies in the specifics which may or may not be offered in general health insurance policies.
Even if you have an existing policy, it helps to check if pre and post hospitalisation, OPD treatment/home treatment and hospitalisation are all covered.
Many health insurance plans in India offer add-on features for you to feel more secure. For instance, there could be a daily cash offer, as a percentage of your sum insured for a specific period to help you with cash flow during hospitalisation.
It always helps to stay planned and have a policy in place so you or your loved ones don’t have the stress of scrambling for finances if the need arises. Having the appropriate health insurance policy for yourself and family is important at a time like this so make sure you get a policy in place for a secure future.