Having Health Insurance During An Omicron Breakout Has Its Advantages
Updated On Jun 14, 2022
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Since the COVID-19 pandemic broke out over the world, the virus has infected over 385 million individuals worldwide. Just when everything seemed to be settling down and the world was attempting to return to normal, the new Omicron strain appeared, far more contagious than the previous ones. The Omicron version has already impacted 90 million individuals in just ten weeks after its release. A major source of worry in India is that, according to the 75th round of the National Sample Survey's household consumption survey on health, over 80% of Indians are not covered by health insurance. However, there is a silver lining. Many individuals are now aware of the necessity of health insurance as a result of the prevalent incidences of COVID. According to industry data, more individuals are purchasing health insurance policies, with demand increasing by 30% in the first week of the third wave. Here are a few things to consider while purchasing health insurance to safeguard yourself and your family from the Omicron wave.
The Advantages of Buying Health Insurance During COVID-19
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The requirement for more considerable cash was clear.
Because COVID-19 is one of the most contagious viruses in recent memory, there's a good probability that if one member of your family is sick, the entire family will get infected sooner or later. A 14-day hospitalization cost an average of Rs 5-10 lakh per individual during the peak of the epidemic. Medical expenditures amounted to tens of lakhs for families that were infected as a whole, as was the case for many. As a result, an amount promised of Rs 5-10 lakh may not be sufficient. In reality, the majority of consumers realized this, as indicated by a nearly 100% rise in the aggregate average sum insured following the first Covid wave. After the first year of the epidemic, costs have risen to even Rs 50-80 lakh, especially in metro cities. If you're going to get a new insurance, aim for a greater sum promised so you may rest easy. Similarly, super top-ups can be used to expand the coverage of an existing policy.
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The waiting time is really short.
All insurance plans, with the exception of accidents, usually include a 30-day waiting period during which no claims can be lodged. As a result, if you contract COVID-19 shortly after purchasing an insurance, you may not be covered for treatment. The first takeaway is that you should get a health insurance coverage as soon as possible to enhance the likelihood that the waiting period will be ended when you need to file a claim. However, in response to changing customer demands, insurers are increasingly offering waiting periods as little as seven days.
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Consumables cover has grown in relevance.
Because most normal health insurance policies do not cover the cost of consumables, adding the consumables cover rider to your policy is an excellent option. Consumables are medical supplies that must be thrown away after use. Because of increased usage of products such as PPE kits, masks, gloves, and sanitizers, in addition to crepe bandages, syringes, and other things, their percentage of the entire expense has climbed to roughly 30% of the total expenditure owing to the COVID epidemic. There has been an increase in demand for plans that cover consumables as a result of this higher share.
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The need of covering the costs of domiciliary treatment
At the height of the second wave, many victims were unable to locate a hospital bed and were forced to be treated at home. There will always be doubts about health emergencies as long as the virus continues to evolve and spread. As a result, it makes sense to be prepared for any eventuality. This is where the notion of domiciliary treatment comes into play, when patients are treated in their own homes under hospital-like conditions and are certified by a medical practitioner. Because of the surge in COVID cases, insurance policies that cover the expense of domiciliary therapy have become more popular. Most policies do not include this benefit by default, so it's a good idea to add it to the plan you're considering.
Take Away
The Omicron wave struck just as the epidemic was anticipated to come to an end. As a result, it's only reasonable to prepare for another wave, even if we hope it never arrives. The appropriate health insurance plan with the correct advantages can assist you in being prepared for any scenario.
Also Read: Understanding Health Insurance Policies At A Basic Level
