Why is Health Insurance During Pandemic a Safe Solution? Tips to Consider

Buying health insurance during the pandemic has become vital. India has reported more than 3 crores of confirmed coronavirus cases. [1] Hospitalization expenses are on the rise, so this cover helps you meet emergency costs. It also helps to cover expenses for medication, ventilators, oxygen cylinders, and more. Now with the 3rd wave around the corner, an insurance policy with a pandemic cover is the best option.

With variants such as B.1.1.7, B.1.351, P2, and B.1.617.2, called Alpha, Beta, Gamma, and Delta, respectively disrupting health, protecting yourself and your loved ones is key [2]. Moreover, infections like black fungus [3] have also caused havoc, creating new health issues. Read on to know how health insurance plans can be saviors and choose the best insurance during the pandemic.

Does your existing health insurance cover coronavirus?

This is a question that crosses the mind of every policyholder. The good news is that insurers cover the coronavirus treatment cost under existing comprehensive health plans. However, ensure you have a high sum assured as treatment costs may be higher than expected when you signed up. Additionally, you may need treatment for other complications after recovery from the coronavirus infection.

Why is health insurance during a pandemic important?

Acts as a cover for emergencies

Uncertain times require you to plan and buying a health insurance policy during the pandemic addresses this. A policy can help you get treated or hospitalized due to urgent needs, such as a sudden drop in oxygen levels.

Offers comprehensive coverage

Medical expenses come without prior notice. This is the main reason to buy a health insurance policy. Comprehensive health insurance provides all-around coverage against all major diseases and helps reduce your medical bills.

Addresses increasing medical costs.

It is no secret that medical expenses in India have inflated to a great extent [4, 5], especially at private facilities. A health plan can ensure you don’t compromise or delay needed treatment.

Protects you now and in the future

It is best not to be short-sighted when buying health insurance during the pandemic as it isn’t applicable just for today. Think long-term and safeguard yourself and your family for years to come.

Offers tax benefits

The Income Tax Act gives tax exemptions on health insurance premiums under section 80D. Thus, health insurance can save lives and money.

Which is the best health insurance during a pandemic?

Comprehensive health plans

All comprehensive health insurance plans cover the treatment of coronavirus. If you don’t have health insurance, buying a high sum-assured comprehensive health plan is a good option. This way, you not only protect yourself against COVID-19 but also other diseases.

Coronavirus-specific health insurance

These plans are the customized policies that cover COVID-19 treatment costs. They cover the cost of pre-hospitalization, hospitalization, and post-hospitalization expenses. Here are two such policies in India under the IRDAI.

Corona Kavach

It is a health insurance indemnity policy covering AYUSH treatment, homecare, pre-hospitalization, post-hospitalization, and ambulance expenses. This short-term policy has a waiting period of 15 days. It comes with a sum assured of up to Rs.5 lakh

for a premium between Rs.1200 and Rs.3000 and covers actual expenses of individuals and families. It is valid only if the insured is hospitalized for 24 hours.

Corona Rakshak

This policy for individuals only offers the entire benefit of the sum assured amount if a policyholder has a coronavirus infection that matches a certain severity. The policy has a sum assured per individual ranging between Rs. 50,000 and Rs. 2.5 lakh. It is valid only if the insured is hospitalized for 72 continuous hours.

Group Health insurance

The treatment cost of coronavirus is also covered under group health insurance plans. The employer’s group health insurance is an example of such a policy.

What to consider when buying an insurance policy during a pandemic?

The sum insured

As the coronavirus affects the respiratory system, its treatment costs can be hefty. So, this criteria is important.

The expenses covered

Know the expenses covered under specific health plans. Most insurers cover pre-hospitalization, hospitalization, and post-hospitalization charges. Some also cover the cost of quarantining in government-identified centers.

The following expenses are usually not covered under COVID-19 health insurance policies.

The waiting period

Almost all insurance plans come with a waiting period of 30 days. However, some insurers may have a lower waiting period. During this time, policyholders cannot file any claims. This is an important criterion to be aware of when buying a plan.

Additional Read: How are Claims for COVID-19 Handled?

How to claim health insurance during a pandemic?

Cashless claim

Under a cashless facility, the insured does not have to make any payments at network hospitals. The insurance company settles the bill directly with the hospital. You can find the list of network hospitals on the policy document or the insurer’s official website.

Reimbursement claim

Here, policyholders have to pay medical bills on discharge. Then they can apply for reimbursement and submit hospital bills and reports along with the claim. The health insurance company reimburses the amount after verification.

Now that you know why opting for health insurance during the pandemic is important, avail the right plan? Check out the Aarogya care packages at Bajaj Finserv Health in your search for the best insurance during a pandemic. They have a high sum assured with minimum premiums and offer holistic care with medical consultations, check-ups, and loyalty discounts built-in.