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Tips to Choose the Right Health Insurance in Times of COVID-19

Updated On May 25, 2021

The Covid-19 pandemic has altered the world significantly and one of its significant impacts was on the health insurance sector. People realized the importance of having a significant life cover to ease them from the financial burden of seeking costly hospital expenses. But it is mandatory to seek the right type of health insurance at the time of the Covid-19 pandemic as the disease is new both for the healthcare and the insurance industry.

Tips to Choose the Right Health Insurance in Times of COVID-19

How to Choose the Right Insurance at The Time of Covid-19 Pandemic?

Before choosing the health insurance policy, the policyholders should have a clear idea about what they are looking for in the policy. It is important to understand the different policies that are available and ascertain if the cover meets the needs of the insured and the family members. Other tips to choose the right health insurance at the time of covid-19 are as follows.

1. Look for The Benefits Covered in the Policy

Most of the people who are diagnosed with covid, do not require intensive treatment and hospitalization. They will only require covid diagnostic tests and out-patient treatment. These people will be covered in policies that cover only OPD expenses. Thus, it is important to check if the policy has an OPD cover so that such expenses are covered.

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If the affected individual requires in-patient care, then these expenses are covered in most insurance products. But still, it is important to read the policy document carefully and ascertain if the policy has any exclusions for pandemics.

2. Sum Assured

Based on the history of those admitted for corona pandemic in hospitals and seeking treatment, it has been projected that the cost of the in-patient treatment is around Rs.5 Lakh. Also, there are chances that the other members of the family can also counteract the infection and seek treatment. Thus it is imperative to choose a health insurance plan that offers coverage of more than Rs. 10 lakh for adequate coverage.

3. Check if the Policy Covers Consumables

Consumables are the gloves, masks, cotton, and other personal protective equipment (PPE) used by healthcare professionals in the treatment of the sick. Generally, health insurance policies do not cover consumables. But as covid is a highly infectious disease, health care workers use PPE in large numbers to prevent infection spread. It is worth checking if the policy covers consumables as only a very few of them cover these costs. Also, it is imperative to check the sub-limits, room rent restrictions, and co-pay options of the policy.

4. Network of Partner Hospitals

It is also imperative to learn the network hospitals that are covered under the health insurance scheme. Choose policies that have many enlisted hospitals to seek treatment at times of emergency. It is also fine to choose policies that offer a reimbursement after seeking medical treatment.

5. Claim Settlement Ratio

Choose health insurance plans with a higher claims settlement ratio as this can be of much help if one seeks health insurance on a reimbursement basis.

Bottom Line

It is imperative to choose health insurance plans that cover the entire hospitalization expenses and the post-hospitalization treatment and diagnostic costs incurred in the treatment of COVID. It is thus wise to invest in good policies to ensure that the savings don’t take a major hit at the time of health emergencies.

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.

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