The Ultimate Guide on Coronavirus Health Insurance
India is amongst the top worst-hit countries by COVID-19. The repercussion of the pandemic on health and wallet is not good. However, during the outbreak, people become more responsible for their lives, health, and family. It’s hard to believe, but luxurious stuff will not give you safety during a medical emergency; only the right health insurance does. With the growing incidence, people now tend to invest more in a health insurance policy. As a result, health policy becomes a new normal. If you are also looking to opt for the right coronavirus health insurance here is a complete guide for you:
What is the Need for Health Insurance?
Masks, sanitizers, social distancing, lockdown, and health insurance are new normal. It gives a huge relief. So, before you jump on how to choose the COVID 19 mediclaim policy for your and your family protection, here, you should read why you need it?
The scarcity of medical supplies, high demand, and medical advancement increased the medical inflation rate in India. Hospitalization, medicines, and treatment costs are skyrocketing and become out of pocket expenses for common people. Thus, to combat the ill-effects of medical inflation, the right health policy is a need of the hour.
Health insurance gives coverage for the hospitalization, treatment, and medication expenses for corona infected. After the waiting period, policyholders can avail of the claim for corona treatment without paying anything from the pocket.
Coverage for Other Diseases
Under health policy, policyholders get extensive coverage for chronic, critical, and life-threatening diseases. There are many diseases like cancer, kidney failure, diabetes, hypertension, etc. which are hazards for health and need immediate treatment. Thus, hospitalization and medication for the treatment of such diseases are covered in a health insurance plan.
During a medical emergency, health insurance acts as a rescuer. No arrangement of cash required before admitting to the hospital. It is easy to choose the hospital from the listed network hospitals to get immediate treatment.
Health insurance also offers additional benefits like a no-claim bonus; the double sum insured, international second opinion, reduction in PED (pre-existing disease) wait period, etc. These benefits enhance coverage of the COVID19 mediclaim policy.
How to Choose the Right Health Insurance?
It is true that pandemic, pollution, sedentary lifestyle, junk food, etc. can give a jerk to your health anytime. Increasing medical inflation will not allow your pocket to save more. Thus, if you want to stay protected, then choose the right coronavirus health insurance. Here how can you do it?
Check Various Plans
You can easily check different health insurance plans available online. Big health insurance providers like HDFC Ergo, Religare Health Insurance, Aditya Birla Health Insurance, etc. offer comprehensive health insurance plans with coronavirus coverage. So, better to visit their official website, put your details, get the quote, and check their various plans.
Now, the next step is to read exclusions to avoid claim rejection. These are the conditions, diseases, medical procedures, and treatments that are not covered under a health insurance plan. You cannot file the claim against them. So, pick the policy with minimum exclusions.
Use Health Insurance Premium Calculator
Good health insurance companies, as mentioned above, have a health insurance premium calculator on their official websites. You need to fill the required details to get the quote with the premium. In this way, you can pick the health insurance plan at an affordable premium.
Look at the List of Network Hospitals
Network hospitals empaneled with health insurance companies, and you can avail of cashless treatment facilities in these hospitals only. So, you should check the list of such hospitals located near to your residence.
Read Online Customers’ Reviews
The plus point of buying health insurance online is to read their customers’ reviews online. It will help you know about the health insurance providers’ credibility, customer support services, claim settlement process, etc. Also, do not forget to check the online rating of the companies.
Check More Factors
The sum insured, waiting period, sub-limit, co-payment clause, claim process, etc. are essential factors that you should consider before finalizing your policy.
What are the Benefits of Health Insurance Policy?
During the corona pandemic, your utmost responsibility is to protect yourself and your family. Thus, choosing comprehensive health insurance is crucial. Look at the benefits that you can get under medical insurance:
- Coverage for in-patient hospitalization, pre and post hospitalization expenses, domiciliary hospitalization, daycare treatment, ambulance expenses, alternative treatment, and AYUSH treatment
- Provide a cashless treatment facility and annual health check-up facility at network hospitals
- Offers add-ons covers like no claim bonus, global coverage, international second opinion, reduction in PED wait period
- Lifelong renewability with an automatic recharge of sum insured
- Tax benefits under Section 80D of the Income Tax Act of India 1961
Top Health Insurance Companies
Here is the list of India’s top health insurance companies offering coronavirus health insurance. However, coverage, claims settlement, and exclusions of these companies are subject to their policy terms and conditions.
|Health Insurance Company
|HDFC Ergo||Min-3 Lakh
Max- 50 Lakh
|Aditya Birla Health Insurance||Min-2 Lakh
|Religare Health Insurance
|Min- 3 Lakh
Max- 6 Crore
|Max Bupa Health Insurance||Min- 3 Lakh
Max- 1 Crore
|Bajaj Allianz Health Insurance
|Min- 1.5 Lakh
Max- 50 Lakh
Therefore, the health insurance policy is one way to be financially prepared to face any kind of uncertainty. The coronavirus pandemic is a global crisis, and nobody has a clue when the world will come out of it. Thus, it’s better to keep yourself, and your family protected with the COVID 19 mediclaim policy. It covers hospitalization and medication expenses for corona and provides you a financial cushion. So, stay at home, and stay safe from this lethal virus.