Due to the rise in Covid-19 cases across the world, people are concerned about their health insurance policy covering them adequately and many others have already purchased enhanced health covers. There are different health products offered by insurers in the country but when choosing the policy, it is important to keep a few things in mind. Let us discuss them in detail.
Benefits
One of the most important things to keep in mind is the benefits offered by the policy. A lot of people who contract Covid-19 do not have specific symptoms that need inpatient treatment. Many only need basic medication which is on an outpatient basis. Hence, you need to check if the policy covers outpatient expenses. To be on the safer side, always read the fine print to ensure that there are no such exclusions. If you have any pre-existing conditions, there will be a waiting period applicable to the policy. Check with the insurer on the ways they treat claims related to Covid.
Coverage
You need to check with the insurer about the treatment costs for Covid-19. The cost in case of hospitalization and based on complications can be as high as INR 5 lac. Since there is a likelihood of other family members contracting the virus, it is essential to have high coverage of INR 10 lac or more. This way you will be able to ensure that you are adequately covered.
Room Rent Limits and Co-pay
A lot of insurers need the customer to pay a certain percentage of the expense from their pocket and it is known as co-pay. When the bill is small, it is okay to pay this amount but if the bill is large, the burden will be heavy. You need to check if the policy has a co-pay clause and check the percentage of the same. Considering Covid cases, a large cost of the treatment is the room rent and a lot of insurance policies have a room rent limit that you should be aware of. If the room rent is beyond the limit, there will be a proportionate deduction from the claim amount. Check with the insurer about the room rent sub-limits that the policy may have.
Consumables
There are items suitable only for one-time use, including masks, gloves, cotton, and sanitizers. A lot of policies do not cover consumables and in the case of Coronavirus, there will be a high number of consumables. There are very few products that cover consumables and you should choose wisely.
These are difficult times for everyone globally but it shall pass. However, we need to get ready for a normal life and one of the most important aspects is to handle finances. Life will go on but Covid-19 can drain your finances. Your savings can be eaten away in medical expenses and you will have to start all over again. You can avoid this situation by investing in a quality health insurance policy. Consider the above-mentioned elements and choose the policy very carefully.
The pandemic is a recent phenomenon but you need to remain adequately insured. A comprehensive health insurance policy will provide extra coverage in the pandemic. The right insurance policy will help with other illnesses and in Covid-19. Read the fine print thoroughly and make a well-informed buying decision.
