Things To Consider When Buying Health Insurance During COVID-19 Pandemic
Published On Sep 09, 2021, Updated On Sep 13, 2021
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COVID-19 pandemic has encouraged a large group of individuals to invest in health insurance policies. Health insurance covers provide financial compensation to individuals for hospitalization in case of medical emergencies. It comes with benefits and features like medical expenses, room rents, tax deduction, ambulance charges, healthcare checkups, etc. for the policyholders at an affordable price. A lot of people lost their loved ones during the pandemic due to lack of financial aid and quality treatment at the private hospitals. But, health insurance covers ensures both financial backup and quality treatment for its policyholders.
Due to the rise in inflation in the health sector, the cost of treatment in private hospitals can potentially burn a hole in your pocket. Therefore, to avoid the people from exhausting their financial savings, it is advised to invest in a suitable health insurance cover. The process of choosing a health insurance cover is slightly hectic and tedious, therefore you must analyze your choices before investing in a health insurance policy. You must consider certain factors before getting yourself and your loved ones a health insurance plan for COVID-19 pandemic.
Key Points To Consider Before Investing In A Health Insurance Cover During COVID-19
Following are some of the key things that you must keep in mind while investing in a health insurance cover during the COVID-19 global pandemic:
Adequate Sum Assured
While buying a health insurance cover during the global pandemic you must make sure that the purchased plan has a wide range of sum assured. COVID-19 patients need immediate medical attention and intensive care, where the cost of a ventilator and other treatments can cost very high. Therefore, you must have an ample amount of sum assured to cover for your medical expenses without any financial stress.
Cost of Premium
Before investing in a suitable health insurance plan, you must check 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, considering the quality factor of the plan.
While looking for a suitable health insurance provider you must consider the claim settlement ratio of an insurer 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 pricing high.
COVID-19 Home Care Treatment
There are certain health insurance covers which cover the medical expenses of 14 days 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. On the advice of the medical experts you can receive home care treatment and compensate for its expenses by claiming your health insurance cover.
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. The whole online process must be smooth and quick for the ease of the customers. The payments for the premiums can be made online using a secured transaction gateway and you can decrease your load of offline documentation.
Cashless Claim Benefits
You can avail cashless treatments at the network hospitals of the health insurance providers. Under this benefit, your medical dues will be directly cleared by the insurer with the hospital without any hassles. Cashless claims take a few hours to settle and can be availed with the help of the health card provided by the insurer at the time of purchase of the policy.
Considering the above-mentioned points, you can look for a suitable health insurance cover for yourself and your loved ones during the COVID-19 pandemic. You must always go through the fine print of your policy to make sure that the necessary inclusions have been made by the insurer.
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.