Importance of Health Insurance Policy During Covid-19 Pandemic - Hindustan Times

Health insurance policies are often considered as a mandatory risk cover. Still, a lot of people in our country do not have a proper health insurance policy in place. Again, out of people who have it, many are inadequately insured. Medical costs are rising with every passing day, and it has become important to have a sufficient cover for yourself and your family members.

Now, due to COVID-19 pandemic, it has become all the more important to have sufficient health insurance in place. Hospitals have witnessed bills crossing lakhs due to Coronavirus. The virus has endangered finances of many unprepared individuals.

Introduction of Covid-specific health insurance plans

The Indian government has introduced specific health insurance policies which can help you get through the corona-led tough time. You should go through the details and take advice from your insurance expert before buying the policy. Additionally, there are also some regular health policies that include hospitalization for patients affected by COVID 19.

Covid specific health policies

The Insurance Regulatory and Development Authority of India (IRDAI) instructed all general and health insurance companies to offer short-term Covid specific health policies, Corona Kavach and Corona Rakshak. Corona Kavach is a standard indemnity based health policy being offered by general and health insurers while Corona Rakshak is being offered as a Covid standard benefit based health policy.

If you take Corona Kavach Policy, you will get multiple sum insured options, with multiple sum insured options, starting from ₹50,000 to ₹5 lacs and covers the cost of medical expenses for hospitalisation, home care treatment, pre- hospitalization, post-hospitalization, road ambulance along with AYUSH treatment up to sum insured. All these features have their own policy terms and conditions which you can easily check on the insurer’s website.

Dependency on comprehensive health insurance policies for protection against larger spectrum of diseases including Covid

On retrospection, now most of the prevailing health policies include hospitalization expenses occurred due to Covid 19. These are dependent on terms and conditions, and parameters like exclusions, waiting periods, and pre-existing conditions. If a person is admitted for more than a day, you can claim the insurance. Keep in mind that you might not be able to claim it without hospitalization.

Purchasing a personal comprehensive insurance plan can be a wise thing to do, to keep you covered for a high sum insured, as the plan provides financial protection against not just Covid but also for all infections, diseases and accidents. If you have an inadequate health cover, you should definitely opt for Covid coverage because treatment for Covid can be expensive and can exhaust the entire insured sum of yours for the year. In order to make a decision, it is crucial for you to understand the benefits of Covid 19 policy over basic or comprehensive health insurance policy.

Things to be mindful about while purchasing health insurance plans, keeping the current pandemic situation in mind:

Due to the pandemic, we have understood the significance of purchasing a health insurance policy. The demand is considerably rising in this segment, and insurance companies are coming up with a variety of policies for us, which are customized for different scenarios.

Step one is to invest in an adequate no-compromise health insurance plan to secure an individual’s and a family’s not just the current healthcare requirements, but also the ones we are likely to require at every stage of life. As health insurance plans range from indemnity to benefit-based plans to individual health plans to critical Illness insurance, you should do your research well before purchasing one. It is also recommended that you understand the details of sub-limits where you might have to pay a portion of the expenses of the hospital.