Top tips for buying health insurance in the Covid pandemic
The recent COVID-19 pandemic has taught many important lessons. With numerous lives lost, it has made us understand the value of life and the need to utilize it properly without any regrets. To protect your life and those around you, investing in the right insurance products is necessary. Amidst increasing healthcare costs, you must build a robust support system in the form of a health insurance policy that ensures protection during unexpected situations.
Sanjana Reddy is a 30-year-old fashion designer living with her parents in Hyderabad. She has just signed a major contract with a multinational fashion brand to design India-specific ethnic designs. Since this assignment demanded frequent travel to various parts of India, Sanjana had to stay in remote areas in the houses of farmers and artisans, where she couldn’t expect a properly balanced diet. As she was passionate about her job, these shortcomings did not deter her from pursuing her dream. Sanjana’s father, a retired army major, explained to her about health insurance available in India and advised her to buy a health plan to safeguard her against any health complications. Sanjana found it helpful and got herself an individual health insurance policy which gave her even more confidence and peace of mind to carry on with her work without thinking too much about the health hazards.
A wide variety of health insurance plans are available in the market for people to choose from as per their requirements. With the spread of COVID-19, Corona health insurance is being available nowadays as it makes more sense to buy an appropriate health insurance policy because the treatment costs of those infected with coronavirus are high. It also helps you with free medical check-ups, bonuses, discounts, top-ups, etc., in addition to coverage of medical expenses.
7 Important tips to Choose Best Health Insurance Policy During COVID-19
Here we have put together some of the top tips to help you buy health insurance during the covid pandemic.
- Know all the features and benefits: Under the pressure of equipping yourself with COVID-19 insurance, do not opt for a policy that is low on features and benefits as it does not serve any purpose. Even the best health insurance policies in India may lack certain elements which you would be looking for. So don’t glance over the policy document believing all policies are the same. The features will differ, which might have an impact on the coverage extended to the policyholder. For example, while some plans cover the cost of COVID-19 tests even after recovery, some others do not cover them.
- Choose sum assured wisely: If you are buying COVID-19 insurance, then pay attention to the average treatment costs, hospitalization charges, post-recovery expenses, etc., before choosing the sum insured. It is reported that the cost of covid treatment ranges between 3 to 6 lakhs depending on the severity of the infection, type of hospital admitted, number of treatment days, etc. Hence it is essential to avail a policy of a minimum of Rs 15 lakhs for a family of 3 or 4 members as the chance of spread among family members is also high, after anyone contracts it.
- Does the policy covers consumables: Normally, everyone looks at the extent of treatment cost or illnesses covered under the policy but also check if consumables such as gloves, masks, cotton, personal protective equipment (PPE) that are used during the treatment, as they are also charged to the bills in covid treatment. In general situations, these items are not covered by health insurance policies, but COVID-19 being a highly infectious disease, and consumables are used in large numbers to prevent the spread of infection. Therefore, it is wise to confirm with the insurance provider about the inclusions and exclusions to avoid last-minute confusion.
- Look for Hospital network: A good health insurance policy must have tie-ups with numerous hospitals, so you have the option to get treated in any of them. With the vast presence of hospitals, you can be sure of getting cashless treatment facilities, or at least you will be eligible for reimbursement wherever you are in India. There is no point in buying a health plan that isn’t accepted at major hospitals.
- Claim Settlement Ratio: The claim settlement ratio is the total percentage of claims settled by the insurance company against the claim requests made by the policyholder during that particular financial year. While a low CSR means the insurer does not possess a good track record of reimbursements, a high settlement ratio means their track record in settling claims is good. A high CSR also implies a good reputation, and people trust this company with their money. Therefore, make CSR an essential parameter in choosing the right health policy even during the current times and not buy any policy blindly.
- Choose the policy type: The first step after deciding to buy a health plan is to choose the appropriate policy type. Are you single? Then an individual health insurance policy will be the right choice. However, if you have a family and dependents, choose the best family health insurance policy in India as it offers maximum benefits over individual policies. Moreover, you can cover the lives of all your family members under a single policy.
- Make an online comparison of plans: Before you jump into buying a policy, make sure to do some research on your own by visiting health insurance comparison websites. They provide you with a detailed overview of features of each health plan offered by health insurance companies,along with premium rates. It will help you compare all the policies in a single window and eliminate those that don’t fit your budget. After choosing a few options, you may also visit the website of those specific insurers and request a customized quote to finalize your decision.
There is no other better choice apart from the health insurance policy to protect yourself from coronavirus and similar other health calamities. By now, you would have understood the necessity of having a health plan that can cover all your family member’s medical expenses. For an affordable premium, buy health insurance for COVID-19 and make it a habit to renew it yearly, as the benefits outweigh the disadvantages during health emergencies. You can visit iiflinsurance.com to know more about different health insurance plans available in the market.