Tips to Buy The Best COVID-19 Insurance Policy

COVID-19, the mere mention of the word invokes fear and panic. It’s a natural reaction! Just like most countries, India has been walloped by the outbreak. With no definitive cure or vaccine yet, the highly contagious disease that has left a trail of deaths, sickened thousands, and crippled the economy, is still showing no signs of ebbing.The grim scenario has triggered the need among people to buy relevant health insurance as a shield against the lethal virus. It makes sense to take precautions and be prepared for any eventuality, right?

• Spike in Infection Rate With India’s COVID tally crossing the 36 lakh mark as on 31stAugust, we are the 3rdworst affected country in the world. What’s more, the pace of infection is escalating with each passing day. A health insurance plan will not only cover the cost of the expensive COVID-19 treatment but also provide quality medical care at a super speciality hospital.
• Costly Treatment It’s no secret that expenses incurred on the treatment COVID-19 are steep with the potential to exhaust savings. An appropriate health insurance policy that covers all these costs can ease the financial burden to fight the disease.
• Short Waiting Period Unlike standard health insurance, the waiting period for the COVID-19 plan is two weeks. Also, the plan is valid for one year from the date of purchase. This means you get quick benefits if the virus strikes along with extended protection.
• Family Floater Plan The COVID-19 health plan can be bought as a family floater for individualsin the age bracket of 18-65 years. In short, you can safeguard your parents, spouse, and kids against the pandemic.

• Adequate Coverage In extreme cases, COVID-19 can reportedly cause respiratory issues and impact multiple organs.People with underlying health problems are especially vulnerable. The treatment for the high-risk category can turn out to be more expensive. Hence, it’s wise to opt for a health policy that provides adequate coverage for COVID with pre-existing ailments.
• The Option of Insurance Plans If you don’t have a family opt for an individual health plan. However, if you have dependents, and senior citizens at home, choosing a family floater policy is a smart move as each member enjoys coverage for the coronavirus pandemic.
• Network Hospitals Make sure the health insurance provider has a wide network of hospitals on his roster as they offer a cashless option. Since the insurer settles the bills directly with the medical facility, it saves you the trouble of running from pillar to post to gather funds for treatment.
• Focus on Claim Settlement Record The claim process is a vital component of a health insurance policy. A high claim settlement ratio reflects the company’s credibility in the market. Choose an insurer that boasts an excellent track record for reimbursements and also offers good customer support during the claim procedure.
• Keep an Eye on Inclusions The COVID-19 insurance policy comes with a list of inclusion. It’s important to verify that charges related to hospitalisation, ICU/ICCU, doctor fees, diagnostic cost, OPD, surgical appliances, medicines, PPE kits, ambulance, post-hospital care, and home treatment, etc. are covered in the health plan. Remember when in the market for a coronavirus health plan, it’s the specifics that matter.
• Waiting Period Before buying a coronavirus health insurance policy you must check the in-built waiting period. While most plans come a waiting period of the first 30 days, the tenure may vary from company to company. It is always advisable to opt for a provider that offers the minimum waiting period.
• Compare Policies Don’t forget to compare policies on different parameters before taking the plunge. Also, skim through online reviews of insurance providers and ask friends and patrons for feedback to get an idea about the customer care service. This will help you make an informed decision.

Let’s face it, given the prevailing conditions the need for COVID-19 policy cannot be stressed enough. But rushing and picking a wrong plan is a big no-no. The tips mentioned above can help you determine the best health insurance coverage for you and your loved ones during the current medical crisis. Pick the best one wisely.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.