Key points for buying health insurance policy in covid times – Mint
Taking an adequate health insurance cover for you and your family is a sensible option. However, the quality of health care you get when you need it the most completely depends upon your insurer and the health insurance policy. Choosing the right health insurance at the right cost is very important as another deluge of covid-19 cases has hit the country.
This piece looks at some of the dos and don’ts when buying health insurance policies in covid times.
Dos: Primarily, it would help if you are looking for a family floater health plan with minimum and maximum entry age. In that case, all age groups of family members can be insured and stay protected under the standard health plan. Naval Goel, founder and chief executive, PolicyX.com, said, “The health insurance plan should offer adequate in-terms of the sum insured and features because the new variant of Omicron is a super spreader that can infect multiple family members together.”
Echoing similar views, Rakesh Goyal, director, Probus Insurance Brokers Private Limited said, “Covid might come with huge medical expenses considering the high rates for its treatment as well the current medical inflation. Therefore, in such a situation, you must understand your and your family’s medical needs and opt for a plan that offers sufficient coverage in case of medical emergencies due to covid or other illnesses.”
You can also look out for health insurance policies that offer network hospital facilities near your vicinity. Enrolling on network hospitals near your immediate resident during a medical emergency can save you from any hassles.
Don’ts: Avoid any negligence while buying, porting or upgrading your health insurance at this point. Ensure that you perform the utmost research and compare the different online plans. Comparing and doing your homework of optimum research can help you find the best plan coverage at the best price, thereby helping you save time and money.
Mint Takeaway: First, you need to be sure if you are looking for comprehensive health insurance that covers initial consultations and diagnosis or a basic health insurance policy to save on the premium? The second thing to consider is the total sum assured. “If you reside in smaller or tier 2 and 3 cities, you must get a cover ranging from ₹5 to 7 lakh, whereas if living in a metro or tier 1 city, a cover ranging from ₹10 to 15 lakh is sufficient,” said Amit Chhabra, Head-Health Insurance, Policybazaar.com. Third, buy a health policy that can give you a restore cover or super top-up just in case you fully utilize the total sum assured. Fourth, choose a policy that covers all your pre-existing diseases.
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