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Tips to Consider Before Buying COVID19 Health Insurance Plans

Published On Apr 13, 2020, Updated On Jun 26, 2020

Coronavirus Health Insurance Cover - The outbreak of coronavirus (COVID-19) has been in the news for a while now. With the virus hitting hundreds of Indians each day, it has become a matter of great concern for a densely populated nation like ours. 

We are also aware of the fact that the virus has no cure until now, which means the more we prepare ourselves, the better it will be!

Talking of preparedness, apart from following basic hygiene and social distancing practices, what’s most needed in such times is a relevant health insurance plan. That’s why IRDAI has asked insurance companies in India to cover coronavirus illness. 

And insurers have launched health insurance plans that are dedicated to coronavirus and can get you covered against all expenses related to the treatment against COVID-19. These plans cover the Proposer and his/her family members.  

If you are also planning to take the wise step of buying coronavirus health insurance online, then you must consider a few things. It is not necessary that a plan with the lower premium will always be useful for you as they may fail to provide you adequate cover in the time of need. 

So, to sort the dilemma of what to consider while shortlisting coronavirus health insurance, go through the checklist below. 

Co-Payment Clause:

Read all the features of the plan carefully. Look for, or ask the insurance provider if there is any co-payment clause in the policy.  

Co-payment is where the insured has to pay a percentage of the claim amount from own pocket and the insurer pays the rest. This percentage is agreed by both, the insurer and the insured. In case you miss such a clause mentioned in your policy, then you will have to bear the amount and hence the policy will not offer you complete coverage. So, look for a coronavirus health insurance policy that has no co-payment clause at all in order to get full coverage.

Claim Settlement Process: 

Keep yourself informed about the claim settlement process of a particular health insurance company before purchasing coronavirus health insurance. Make sure the process is easy and quick. It may otherwise be really hard for you to get on-time approval for your claim request at the time of emergency. 

Cashless Hospitals:

You must know that cashless treatment for coronavirus can only be availed at the network hospitals an insurer has a tie-up with. So, before shortlisting any plan for coronavirus, make sure you are well informed about the network hospitals an insurance company has. The hospital should be in your vicinity and must be capable to offer treatment for coronavirus. 

To know more about network hospital of a particular insurer, connect with the customer care executives at InsuranceDekho on the toll-free number 1800-1205-698. 

Know About the Insurer

Note that health insurance companies with a low claim settlement ratio may spell a problem. Consider Incurred Claim Ratio as well in order to get an idea of the financial health of the insurer, and so will it be able to pay for your claim, if made any, or not.

Value-Added Service:

Every insurer provides some additional features or services in order to provide better value to the customers. So, before investing in any coronavirus health insurance, learn about the value-added services offered. These can be the extra sum insured for critical illness or hospitalisation arising due to accident, at no cost; newborn baby cover; ambulance cover, and so on. 

Waiting Period Clause:

Health insurance plans for coronavirus come with an initial waiting period after which only the treatment for the illness will be covered. The waiting period is calculated from the date of issue of the policy and differs from insurer to insurer.

Other Things To Consider:

Reading the plan exclusions is as important as considering the things above before buying coronavirus health insurance. It helps you understand the limitations of the plan. Coronavirus health insurance plans usually don’t offer cover in the following cases: 

  • If hospitalisation is not required
  • If the insured is suffering from any illness other than the coronavirus
  • If any claim is made during the waiting period or before the policy was issued
  • If you have visited a foreign land after 31st December 2019
  • If the claim is filed by the insurer outside India
  • If the test result for coronavirus is negative
  • If the medical reports are not issued by any Government Authorised Centre

If buying coronavirus health insurance is on your mind, then contact InsuranceDekho at 1800-1205-698 and get insured under the most suitable plan today!

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