Top Health Insurance Lessons to learn from the COVID-19 pandemic
The COVID-19 pandemic has annihilated the world in diverse ways. This lethal virus has claimed a chunk of lives, made people jobless and homeless, and drained out their emotions. This deadly virus has impacted all business sectors adversely and made the world’s economy standstill. Though people have adopted a new normal to stay on track with the virus, many of them are thinking about whether their insurance policies are adequate or not.
This COVID-19 pandemic has forced many to purchase various health insurance plans as they have realized that the hospitalization cost will certainly burn their pockets. But most health insurance policies will not give you sufficient coverage against this deadly pandemic.
If you are planning for health insurance plans during the pandemic to offer the utmost protection to your family, here are some insurance lessons that you should learn from this COVID-19 pandemic.
7 Health Insurance Lessons to learn from the COVID-19 pandemic
- Ensure you get a sufficient guaranteed amount
- Check the Floater Policy
- Take a look at out-of-pocket and room rent limits
- Don’t indulge in just COVID-19 specific policies
- Don’t depend on employee compensation
- Re-Assess Risk
- Turnaround time for Claims
1. Ensure you get a sufficient guaranteed amount
People have understood the importance of having India’s best health insurance policies because of the COVID-19 pandemic. Many customers are desperately looking for India’s best family health insurance policy to stay protected against COVID-19. Over the past one and half years, there has been a huge surge in health insurance in India. Several studies have claimed that medical insurance has risen above 50%, from 4.39% in 2017-18 to 7.14% in 2018-19.
Moreover, during this COVID-19 pandemic, people are looking for high-value health insurance plans. As a result, most health insurance companies offer flexible paying premiums options to policyholders to purchase more affordable health insurance plans and strengthen the protection for their family members.
2. Check the Floater Policy
There is a high chance that all the family members of the same family may get sick at the same time. Thus, you need to strengthen your existing floater policy so that every family member gets adequate protection against this lethal pandemic. If you handpick a floater policy, the sum assured amount should be high enough for multiple members of the same family. If all of them get sick at the same time, the floater policy offers sufficient coverage for different family members. You may also purchase multiple floater policies so that you don’t face any financial difficulty during this COVID-19 pandemic. The best floater policy assures that everyone has enough coverage and protection against COVID-19. Based on the oldest member of your family, you can choose the best floater health insurance policies that may also lessen premium outflows.
3. Take a look at out-of-pocket and room rent limits
Before purchasing a health insurance policy, look at out-of-pocket and room rent restrictions because most health insurance policies don’t offer hospital room charges to policyholders. It will be prudent to choose a health insurance policy that doesn’t have sub-limits or out-of-pocket costs. Though you need to pay additional premiums, it won’t stretch your financial condition much. Now, you don’t need to stress how to arrange money for COVID-19 treatment supportive costs. So, by paying additional premiums, you are securing the life of your loved ones against this menacing COVID-19 pandemic. A health insurance policy that covers everything, including pre-and post-hospitalization, supportive treatments, along with post-retirement costs, would be the best one when you are ambiguous about the circumstances. So, opt for a health insurance policy that can be utilized for multiple scenarios and offers coverage for any kind of accident.
4. Don’t indulge in just COVID-19 specific policies
These days, many insurance companies in India are offering customers with COVID-19 specific policies. Don’t get tempted by these policies and waste your money. You must remember that COVID-19 is part of health insurance, and health insurance policies usually cover it without an exemption. If you own the best individual health insurance policies, these COVID-19 policies are not worthy. Moreover, COVID-19 is responsible for many other diseases that are not covered by these COVID-specific insurance policies. Thus, it would be wise to choose a holistic health insurance policy with higher coverage to enhance the protection of your family.
5. Don’t depend on employee compensation
Most employers offer small coverage to their employees. This coverage is not very much useful; thus, don’t depend on this compensation. To combat COVID-19 and other diseases, everyone should follow their own health insurance policies. This COVID-19 pandemic has snatched jobs from many people. Under this challenging situation, don’t rely on your employer’s insurance, as you will get zero compensation if you become sick.
6. Re-Assess Risk
People often don’t show an optimistic attitude when investing in a health insurance policy. But this COVID-19 pandemic has made it clear that no one is safe irrespective of their health, age, wealth, and financial security. Thus, everyone should reassess their risk exposure by including liabilities, diseases, location, climate change, etc., and purchase the best health insurance policy that resonates with their needs and requirements.
7. Turnaround time for Claims
This is the time that an insurance company usually takes to process your claims against policies. To cope up with this COVID-19 pandemic, you should look for a mechanism where insurance claims are settled quickly so that policyholders can get an adequate amount for COVID-19 treatment. So, choose an insurance company that has the highest turnaround time for health insurance claims.
This devastating COVID-19 pandemic has urged people to reconsider their major life decisions and re-instilled in people the need to have a health insurance policy. Consider the points mentioned above before picking up a health insurance policy for you and your loved ones.