What you need to know before buying a Covid-19 Health Policy?

By: |
April 28, 2021 4:47 PM

One of the small reliefs is that insurance companies do cover this ailment under the health insurance plans, and few of the insurers have also come with dedicated plans to make things better for the new buyers during this crucial period.

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Uncertainty is a fact of life, and this has been very well proven by the ongoing pandemic that has brought the entire world to its knees. A chaos that could not have been predicted but is no less than bitter truth. Covid-19 is spreading like wildfire and has proven to be a life-threatening health hazard.

In a crucial situation like this, having an optimum health insurance plan that would provide some financial relief to the insured and the dependents has been the need of the hour. Medical treatments are difficult and expensive, and digging deep into the pockets whilst struggling with a fatal disease is the last thing anyone would ever want to experience.

One of the small reliefs is that insurance companies do cover this ailment under the health insurance plans, and few of the insurers have also come with dedicated plans to make things better for the new buyers (who do not have an existing plan) during this crucial period.

Opt for a Policy That Offers Sufficient Coverage

Having insurance that provides an adequate coverage amount is the most essential factor whilst selecting a plan. Covid-19 treatments can be expensive, and one must carefully evaluate their health insurance coverage amount based on the dependents, family members, and financial status and liabilities before making a decision. Medical treatments for Covid-19 can cost high medical bills (depending on the severity of the patient’s health), thus choosing insurance plans that provide maximum coverage is important so that one can reduce the burden of medical expenses.

Check the Different Premium Options Available Online

Ideally, one would always prefer a health insurance plan with low premiums but would have sufficient coverage. A health plan should feel like a future securing investment and not a liability. The world has succumbed to the pandemic, and having an optimum health insurance plan that provides financial support is significant. One must carefully evaluate their financial stature and select a plan with affordable premiums that would also provide good coverage and which also very well fits the needs of the individual and his/her family’s needs.

Cashless Hospitals

Many insurance companies have tie-ups with a list of hospitals (also known as Network Hospitals), and having a plan with such an insurer can help one obtain the benefit of cashless treatment during medical emergencies. Thus, this becomes a crucial parameter before shortlisting insurance plans. For new buyers or people who wish to renew their existing health insurance plans, making sure that a particular insurer has tie-ups with nearby hospitals that are equipped with Covid-19 treatment capabilities will make a big difference during an emergency situation.

Go with the Right Insurer

A health insurance provider should be reliable, and the authenticity should be thoroughly verified. Unpleasant service and painful claim processes can be a red flag and should be evaluated before making a choice. There are some parameters based on which one can determine the legitimacy and financial standing of the insurance provider. Verifying a company’s solvency ratio and claim settlement ratio will make a difference in the long run and should definitely be factored in. Moreover, checking the plans online, going through the company reviews, and comparing the quotes will help you get the best deal with the required information about the plan and its features as well as benefits.

Waiting Period Clause

Most of the health insurers come with a waiting period before the policy is commenced. The treatment expenses are covered only after the completion of this waiting period. The waiting period might be different for various insurance providers and can also depend on the date of issue. Thus, choosing a plan wisely but comparing the waiting period is important.

Claim Settlement Process

The claim settlement process is the critical factor with regards to health insurance or, rather, any insurance plan. Claim settlement can be complex or time-consuming at times, and it is the last thing one would want to go through whilst dealing with a lethal disease like Covid-19. Making sure that the claim settlement process is easy, seamless, and agile is extremely important. Hence, one must compare settlement processes, timelines, and approval ratio amongst various companies before selecting a health insurance plan.

Online Purchase

The insurance details of the different plans are succinctly provided online, and the purchase process, therefore, is quite transparent, and seamless. Through the online purchase of the insurance plans, the policy seeker can get easy access to the insurance details, coverage, features, benefits etc, and a reliable online portal to make the purchase and claim easier without overwhelming paperwork.

After-sale Service

An insurer holding positive reviews about customer service can be extremely reliable. Customer reviews provide a holistic view of all the key parameters about a company and help make the correct decision. Opting for an insurer that is known for providing great customer experience, after-sale service and assistance can be considered reliable during the difficult treatment phase.

Bottom Line

Coronavirus is a serious issue at hand currently and is hugely impacting people across the countries. Medical institutions are tirelessly working to eradicate or contain the spread, but it still looks very far-fetched at the moment. In the meantime, having the right health insurance program can make a tangible difference and ensure that the overall scenario is less stressful. It has now become a necessary choice and one must make an informed decision while buying one by carefully evaluating all the above key factors.

by, Rakesh Goyal, Director, Probus Insurance

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