How To Choose The Best Health Insurance for Coronavirus
Published On Feb 11, 2021 5:30 AM By Sakshi Aggarwal
Covid-19 has made us realize how important it is to have a health insurance policy. Many insurance companies are now offering health insurance policies specifically designed to offer financial and medical coverage against Covid-19. But you need to be sure about optimum and comprehensive coverage and a sufficient sum assured amount to ensure that you have maximum protection. In this article, we are going to talk about some tips that will help you to choose the best health insurance for Covid-19.
How To Choose the Best Health Insurance for Coronavirus?
The following is a list of pointers that you should keep in mind before buying a health insurance policy for Covid -19.
1. Adequate Sum Assured -
Your first concern should be a sufficient sum assured amount. Most Covid health insurance policies offer a sum assured amount of INR 2 Lakh and you should take into account the requirement of your medical needs, comorbidities, and other related health costs before hurriedly investing in a policy. You should bear in mind that the policy you choose should lessen your financial obligations and fully cover your medical treatment costs. You can determine your coverage amount based on the number of dependent family members, your medical history, and family income.
2. Premium Amount -
While it is an accepted fact in health insurance that lower rates of a premium do not necessarily imply a better investment option, we still like to spend less on premiums and get the maximum benefits out of a health insurance policy. Covid 19 has affected millions of people worldwide and having a health insurance policy is essential to recover the financial costs of treatment for Covid. Therefore, while buying a health insurance policy for Covid, you must make sure that it fits the affordability range of your pockets while also ensuring maximum health coverage. Some policies come with several limitations and fewer coverage options for their low premium amount and you must read and understand the health insurance policy before purchasing it.
3. Check the Claim Settlement Ratio -
While selecting a health insurance policy for Coronavirus, you should take into account the claims settlement ratio or CSR of the insurance provider. It refers to the number of claims they have successfully settled in a financial year. The higher the ratio, the greater can be your dependence on a health insurance company. The ratio also indicates the financial stability and effective settlements made by the company. Hence, you must select a company with a strong CSR ratio to ensure all-around protection and the punctual fulfillment of your financial claims.
4. Check For Online Facilities -
It cannot be stressed more how imperative it is to minimize contact to reduce the spread and infection of Covid-19. While selecting a health insurance policy for Covid-19, you must ensure that it comes with online buying and renewal facilities. You should be aware of whether the insurance provider offers these facilities or not. At the same time, you must also check that the policy comes with minimal paperwork while making a claim and it should preferably be online and convenient for you to access.
5. Compare With Other Policies -
This is a very important tip that you should follow before buying a health insurance policy. Comparing different policies with one another often brings out the limitations in coverage, benefit, premium amount, and other facilities. You can read the customer reviews online or visit the many online internet domains that allow you to compare different policies at the same time. You can also call the customer service executive of different health insurance policies to learn the same.
Being equipped with the right kind of health insurance policy is crucial to have a maximum cover and financial support during this pandemic. The Covid-19 virus is yet to go away and you should bear the above tips in mind for selecting a comprehensive health insurance policy to meet the medical expenses of Covid-19.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.