The year 2020 has brought in an unprecedented and insurmountable challenge across the world – COVID 19. And, COVID-19 has brought the entire world to a standstill with millions being affected and the daily infected numbers increasing every day. The pressure it has put on the healthcare system is overwhelmingly high. Hospitals and health-workers are scrambling to take care of the staggering number of patients.
On a personal level, each and every one of us must be cautious to prevent being affected by Coronavirus. From washing your hands often to following official authority’s instructions, we must do everything in our power to prevent ourselves in this pandemic.
It is also best to have a backup plan if you get impacted by COVID-19. Getting a health insurance plan is one of the best ways to deal with this raging pandemic. A health insurance plan will help you financially with medical expenses. This way you can get the right medical treatment without worrying about its costs. But how to choose the right health insurance policy?
How to Choose a COVID-19 Health Insurance Policy?
Here are 10 things you should consider before buying a Coronavirus health insurance policy:
1. Covers for pandemic hospitalisation like COVID-19:
Coronavirus was an unprecedented pandemic that completely altered the health landscape around the world. Nobody could have predicted the scale and vulnerability of this pandemic. But now that we are aware of something of this scale, it is best to incorporate a coronavirus health insurance policy that covers charges incurred in hospitalisation due to such pandemics.
2. Covers for multiple hospitalisation charges:
Your health insurance policy must cover the costs of hospitalisation expenses incurred while admitted for accident or critical illness. These expenses must not be limited to one single visit, but must be capable of covering multiple hospitalisation charges within the tenure period.
3. Maternity benefit with newborn baby cover:
If you plan on starting a family down the line, your insurance policy must also have a maternity cover. This cover must include hospitalisation during child-delivery and coverage for newborn baby up to a certain period. If the policy also covers medically necessary terminations and infertility treatments, then all the better.
4. Covers for critical illnesses:
The changing lifestyle has led to severe diseases being a commonly diagnosed illness among the young age group. Treating high-risk illnesses would also cost you a very huge amount. It is best to be prepared for such worst-case scenarios by having a critical illness cover so that you get the right medical care without worrying about the expenses.
5. No Age-based Co-payment:
In health insurance, co-payment means a percentage of the insurance claim amount will be borne by the policyholder. Some insurers have mandatory co-payment. Although this reduces the premium amount, bearing even a portion of hospital bills can cause financial imbalance. Make sure you opt for a policy that does not enforce the co-payment option on you.
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6. Facility for additional sum insured:
Sum Insured is the total claim amount given to you by your insurer. Sometimes you might exhaust the sum insured amount in one year. There should be an option to refill this sum insured amount in case of accidental and critical illness hospitalisation. An ideal insurer will provide you this free of cost.
7. Psychiatric illness cover:
Gone are the days when psychiatric illnesses were considered to be a taboo. We are stepping into a time wherein people are giving increased importance to their psychological well being as well. The stress of the modern-day work culture has led to a spike in the number of such cases. It is best to opt for an insurance policy that will cover your psychiatric well being as well.
8. Alternate Treatment cover:
Sometimes, Allopathic treatments might not work out for you. Your insurance policy must be capable of letting you opt for other forms of treatment as well. These could include Ayurveda, Homeopathy, Sidha, Unani, etc.
9. Attractive Cumulative Bonus:
If you do not file any claim with the insurer during the tenure period, then most insurance companies will reward this with a discount in premium amount or by providing a higher sum-insured amount. It is best to opt for an insurance policy that rewards you attractive Cumulative Bonus.
10. Good Cashless facility:
Cashless facilities are offered by insurance companies wherein they will directly pay on behalf of you. This way, you will not have to go through the hassle of paying the bill, ensuring their authenticity, then submitting it with the insurer, getting your amount reimbursed, etc. Opt for the right insurance company that has a good network of hospitals providing this cashless facility.
And yes, staying calm in this COVID-19 infected market is the best solution.
So, while you research on getting the right insurance policy, keep in mind the aforementioned points. Choose the right policy that will give you the maximum benefit for the premium paid. Feel free to discuss your thoughts!