COVID-19: Importance of Health Insurance For All

Health insurance policy is extremely significant in today's world as it protects the individuals against the increased cost of medical treatments and also ensures the quality treatment at private hospitals. During the pandemic, a lot of people have come to realise the importance of having some financial backup to avoid the financial savings from draining. Health insurance plans are extensive in their coverage and apart from the hospitalization expenses, it also compensates for expenses like ambulance charges, room rents, healthcare checkups, organ donor expenses, inpatient costs, medication costs, consultation charges, etc. Along with these features it also provides tax deduction benefits to the individuals who are also tax payers.

Health insurance plans can be bought for both individuals and families, based on the type of plan chosen. There are different types of plans like individual plans, family floater covers, group health insurance plans, maternity benefits, etc. IRDAI has made it compulsory for all the health insurance companies to include COVID-19 specific health insurance plans in their regular health insurance policies for the customers. That is, all the customers with a regular health insurance plan can avail the COVID-19 specific benefits like expenses of hospitalization due to coronavirus, PPE kits, nebulizers, masks, etc.

Importance of Having A Health Insurance Policy During COVID-19 Pandemic

Due to the deadly attack of the coronavirus pandemic, a lot of people lost their loved ones as they could not afford quality and immediate medical attention. A health insurance cover ensures cashless treatment at network hospitals, quality treatment for policyholders, etc. for the customers. Therefore, you can protect yourself and your loved ones by investing in a suitable health insurance policy. Following are some of the key points that signify the importance of investing in a health insurance policy during the COVID-19 pandemic:

• High Cost of Intensive Care

During the treatment of the coronavirus disease, the patient needs to be admitted in the ICU for ventilator support which can cost a person their fortune. Thus, a health insurance cover provides coverage for ICU charges, and looks after all the other necessary expenses.

Must Read: Affordable Health Insurance Plans With COVID-19 Cover

• Everyone Is At Risk

The coronavirus disease is contagious and has taken the form of a global pandemic, which means that everyone in your family is at risk. Therefore, it is wise to secure everyone in your family under a single family floater plan which can look after their medical expenses and provide them sufficient coverage for their treatment.

• Emergency Medication

COVID-19 is a respiratory disease and a patient suffering from coronavirus needs immediate medical attention for ventilator support in case of difficulty in breathing. For such medical emergencies, people from rural and semi-urban towns have to pay a lot for ambulance charges, but a health insurance policy has it all covered under the plan.

• Income Benefits

Apart from looking after the hospitalization costs of the patients, the health insurance covers also compensates the lump sum amount for the welfare of the policyholder’s family. It looks after the financial difficulties which arise due to unemployment of the policyholder during the treatment of the disease.

• AYUSH Cover

Health insurance covers provide compensation for treatments apart from the allopathy treatments like Ayurveda, Yoga, Unani, Siddhi, and Homeopathy. It provides financial aid to patients receiving AYUSH treatments.

• Expensive Protective Gears

Health insurance covers compensate for the expenses of protective gears like PPE kits, masks, gloves, etc. Healthcare workers who treat a patient suffering from coronavirus, charge the amount for the protective gears in the hospital bill which can burn a hole in your pocket, but health insurance policies cover it all under an affordable price.

Conclusion

The importance and demand of health insurance policies has rapidly increased over the last few years due to the spread of the coronavirus pandemic. You can invest in a suitable health insurance policy for yourself and your loved ones, after carefully analyzing your requirements. You must always go through the policy terms to know about the inclusions in your purchase policy.

Also Read: Importance of Health Insurance During COVID-19 Times

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.