Things To Consider When Buying COVID-19 Health Insurance Policy
Published On Sep 17, 2021
Table of Contents
Over the past few years, the complications related to the health of the people have drastically increased. The spread of the global pandemic of coronavirus has caused a lot of individuals to lose their loved ones due to the lack of monetary support and quality treatment. Therefore, it has become necessary to own a health insurance policy as it not only provides financial backup for medical expenses but also makes sure that the policyholders receive the best treatment at the network hospital of the insurer. The health insurance providers have rolled out additional COVID-19 specific plans with less waiting period, to support the customers. The IRDAI has made it compulsory for the health insurance providers to include COVID-19 coverage in their regular health insurance plans thus, ensuring sufficient coverage to all groups of people in the society.
Buying a health insurance policy can be hectic as there is a pool of suitable health insurance covers in the insurance market. People must invest in a policy which is not only cost-effective for them but also comprehensive. Before looking for a health insurance cover, you must analyse your requirements and then compare several plans based on certain factors like their features, premium rates, insurance providers, benefits, additional perks, COVID-19 coverage, and much more. It is important to consider these factors: it helps the customers in narrowing down their options while investing in a particular health insurance policy.
Key Points To Consider When Buying A COVID-19 Health Insurance Cover
Following are some of the key things that you must keep in mind while putting your money in a health insurance cover during the COVID-19 global pandemic:
Sufficient Sum Assured
You must have enough sum assured under your purchased health insurance policy to make sure that there are enough resources at the time of a medical emergency. The COVID-19 plan covers the expenses of PPE kits, gloves, masks, nebulizers, etc. which ensures the policyholders quality treatment.
Before investing in a suitable health insurance plan, you must keep a track of the cost of premium of your purchased plan and customize it according to your financial budget. You should get a cover with a low premium rate and wide coverage, maintaining the quality factor of the plan. Also, you must get a plan as early as possible, as the premium cost increases with the increase in age.
Suitable Insurance Provider
While looking for a suitable health insurance provider you must consider the claim settlement ratio of an insurer as a factor to make sure that the provider has a good track of settling claims of the other customers. You can compare various plans by different insurers and choose the one that meets your requirements without charging high or burning a hole in your pocket.
COVID-19 Home Care Treatment
Some health insurance plans cover the finances of 14 days of medical home care treatment for COVID-19. This feature of a health insurance plan can be useful when there is a scarcity of beds in the hospital due to the steep rise in the number of cases per day. On the prescribed advice of the recognized medical experts you can receive home care treatment and compensate for its expenses by claiming your health insurance cover. You must make sure that you get a prescription from a government recognised medical expert.
Hassle Free Online Purchase
In this era of advancements in technology, you must look for an insurer that can provide quick health insurance online services without any hassles or inconveniences. The whole online process of purchasing and renewal of policy must be hassle free and quick for your ease. The payments of the premium charges can be made online using a transaction gateway that is secured and you can get relief from the load of offline documentation.
Cashless Claim Benefits
You can get the perk of cashless treatments at the network hospitals linked with your health insurance provider. Under this benefit, your medical dues are directly cleared by the insurer with the hospital without involving any third party. Cashless claims take little to no time to get settled and can be availed with the help of the health card provided by the company while purchase of the policy.
You must keep in mind the above mentioned points to make sure that you invest in a suitable COVID-19 health insurance cover. Also, make sure to go through the policy terms as it gives an idea of the inclusions and exclusions of your purchased plan.
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.