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Health Insurance Coverage for COVID-19 Treatment Expenses
Take informed decisions with IIFL Insurance:

Do you have adequate Health Insurance Coverage for COVID-19 Treatment Expenses?

COVID-19 hospitalization treatment costs are highly expensive due to medical equipment and other factors. If you want to get maximum protection from COVID-19, then you should consider buying a health insurance policy that caters to your needs. Having the right coverage allows you to claim amounts without any difficulties. On the other hand, make sure that your insurer offers adequate coverage for COVID-19 treatment. This is because some insurance companies may have capping that you are not aware of. Not only that, some hospitals will deny claims when it comes to COVID-19 treatment.

The COVID-19 treatment cost has gone up in India, and you cannot afford them until you have a sound financial background. Therefore, buying a health plan is the only solution because it enables you to reduce financial constraints during medical emergencies. Since different types of plans are available in the markets, you need to make a detailed study of them that will help you invest money accordingly. Moreover, you can select the right type of plan which exactly suits your requirements and budgets.

Evaluate your Health Insurance Plans wisely

Do you want to buy a new health plan or already have a policy? Then, you should assess a plan with more attention that will help meet essential needs in the coverage process. 

What you should check with your current health plan or when buying a new plan

1. OPD, consumables, and additional charges

COVID-19 hospitalization involves a lot of things such as consultations, doctor’s fees, medical tests, room rent, medications, and so on. It requires consumables such as PPE kits, gloves, syringes, masks, oxygen, etc. On the other hand, if you come under OPD treatment, then they are not necessary. If you are in a situation to stay more than 24 hours, then you have to pay for the consumables. So, it’s important to check if your plan offers coverage for the consumables as they are expensive. Make sure that your insurers provide a policy that covers end-to-end costs, including consumables and OPD.

2. Choose domiciliary treatment coverage 

Hospitals are becoming overcrowded due to the rising number of COVID-19 patients, and you may not get accommodation or medical facilities immediately. Hence, you should opt for home treatment to overcome the medical expenses. It is available under the domiciliary treatment feature that allows you to undergo treatment in your home. At the same time, you need to submit a doctor’s certificate for availing of this benefit that will help you save money on hospital costs.

3. Check whether a new plan or existing plan covers exorbitant bills 

While choosing a new plan for COVID-19, make sure that you choose the maximum insured amount because it enables you to claim amounts in the event of hospitalization. If you have already bought a plan, then you should verify whether it covers exorbitant bills. Ensure that you have adequate coverage for the hospitalization expenses that will help you get peace of mind.

4. Check for sub-limits and co-payments

Many health insurance plans have some sub-limits and co-payments that will restrict your coverage. Under the co-payment clause, you need to pay around 10% to 20% of the sum insured amount from your pocket. Apart from that, sub-limits make you pay additional amounts for the treatment expenses. It is wise for you to carefully check for sub-limits and co-payments to avoid extra payments from your pocket. Most insurance plans will have a sub-limit on room rent and ICU charges, and you should check the same before choosing them. You also have a waiting period of 14 days for COVID-19 treatment.

5. Check the network hospitals

You should check the list of network hospitals covered by an insurer before purchasing a plan. This is because although they provide treatment for COVID-19, some of them deny cashless claims during the hospitalization. Hence, you should contact a listed hospital well in advance to know whether it provides a cashless claim facility or not.

6. Understand the inclusions properly

You should understand the inclusions properly before and after buying health insurance cover for Covid-19. Besides that, it enables you to get more ideas about the coverage process in detail that will help claim amounts accordingly.

How to select the best health insurance policy for COVID-19?

1. Reputation 

While buying health insurance for COVID-19 from an insurer, you should check its reputation from different sources that will help make the right decision.

2. Claim settlement ratio

Check the claim settlement ratios of insurance companies before buying a policy and choose a plan that has a high claim settlement ratio. This will help a lot to claim amounts for your medical expenses during the hospitalization.

3. Reviews

You should consider reading reviews of health insurance companies online because they allow you to select the right one which satisfies your needs and requirements.

4. Terms & conditions 

As a policy buyer, you should know the terms and conditions of a policy as they vary from one insurer to another insurer in a location. Furthermore, you can avoid disputes when claiming amounts for medical expenses during the Covid-19 hospitalization.

5. Check the clauses 

Most insurance policies come with certain clauses that may cause troubles in the coverage process. You should check them before buying a policy which will help a lot to lower the complications while claiming amounts.

6. Claim process

You need to know more about the claim process in detail when buying an insurance plan from an insurer.

Where to buy the best health insurance plan for Covid-19?

Several insurance companies offer exclusive Corona health insurance plans at affordable prices in the markets. You can select the right plan among them that provides better coverage for you and your family. Also, you can buy a plan online after comparing the premium rates. Choose a policy that comes with low co-pay and sub-limits because it allows you to gain more advantages. You should pick a policy that provides complete financial security for COVID-19 treatment expenses.

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