How to Choose Best Health Insurance for Covid-19 in India

Reading Time: 8 minutes


In this Pandemic situation of Covid-19, we all are tensed for our health as well as wealth. Coronavirus has deeply affected the entire world. The cost of living also increases, it affected the medicine and treatments cost also. Many people are struggling to live a good life. It is a medical urgency and peoples are curious about maintaining their good health.

People have also realized the importance of basics in Personal Finance. The basics are Life Insurance, Health Insurance Contingency amount etc. People are searching for the best Health insurance for COVID-19 situation.

The medical treatment cost is increasing day by day and one hospitalization may ruin the entire financial planning of a few years. we have listed some best medical insurance company that provides the best health insurance in this pandemic situation. Medical insurance is the best solution to protect your wealth when you or your family member is fighting with the disease or accident. It gives the benefit to secure your hard-earned money.

We will explain in brief what the medical insurance is and how we can we be benefitted from it. Everybody is now conscious of their health and wealth also interested to get the best health insurance for their family. That continues safeguarded them in pandemic situations. This also protects your family. Health insurance is considerably useful when the cost goes high for medical treatment.

Know more about Health Insurance

Health insurance provides the cost of hospitalization including medicine to the insured person. Health Insurance can be compensated to the Insured person at the time of illness or serious injured or pay the care provider directly. The insurance cover help to secure your hard earn savings.

Health Insurance is the agreement between the insurance company and the insured person that gives the guarantee to give compensation their medical expense and treatments when the person and his family get affected by any disease or some accidents.

Most of the insurance companies tied with the hospitals so they provide cashless treatment to the insured person and his family. If in the case the hospital is not tied by an insurance company than they reimbursed the cost of expenses incurred by the insured person. The government also promotes health insurance and gives the benefit in the income tax deduction.

Importance of Health Insurance in our Life

The cost of medical treatments and hospitalization increases daily. In the private sector, the hospital treatment is so costly and doctor fees also increases so we need to buy a health insurance for our family that will secure our hard earn money in the difficult times.

Hospitalization can empty all the savings. The situation becomes worse , when the main earner of the family goes in to the hospital bed.  Health insurance saves us from all this problems by investing some small amount of premium. It helps to safeguard your family and protect your savings.

Hospitals and medical treatments can ruin your savings easily so it is best to pay some annual premium for your future. We don’t know when the trouble comes in our life so we have to prepare before it comes to us.

A small amount of premium can help to fight with the pandemic situation. Good health policy covers almost all the medical expenses like doctors fees, various type of medical tests, medicine etc.

Benefits of Health Insurance

Cashless Treatment:

Health insurance provides the facility of cashless treatments that help the patient and their family to recover from the pandemic situation. Hospitals linked with the insurance companies and they settle their bill with them. You don’t need to worry about the bills and payment.

Also Read on FinMedium:  Latest Post Office Interest Rates July-Sept 2020

Reimburse Settlement:

Some hospitals are not tied up with the insurance company so you have to pay the bill and settle reimburse claim with the insurance company.

Coverage against Critical Treatment:

Now all the insurance company are providing coverage for critical treatment or illness of any disease.

Coverage for other Medical Expenses:

It helps us to stress-free at the time of pandemic situation or sudden accident. We don’t need to worry about the cost of treatment.

Pre and Post Hospitalization Cost Coverage:

Most of the Health Insurance cover the pre and post hospitalization cost but it depends on the insurance plan.

Transport Charges:

The ambulance charges also cover health insurance.

Medical Checkup:

Most of the insurance company provides the medical checkup on their previous records.

Tax Benefit:

In the income tax act the section 80 D provides the tax benefit by paying health insurance premium.

What is Corona Virus Health Insurance:

Coronavirus health insurance refers to the insurance that covers all the medical expense in the COVID-19. Health policy covers all the hospitalization expense of the insured person.

Also Read: Points to remember while buying Health Insurance Policy.

Some of the best Health Insurance Providers

Star Novel Coronavirus Insurance:

The star health insurance has recently gives the benefit to the Covid-19 patients. They included some new features in their policy. The star novel coronavirus policy gives to those are in the age of 3 months to 65 years. Those people declared positive by the government.

The policy is available in a minimum of Rs 459. Those want to buy the policy , they can buy from their website or through agents. The waiting period is 16 days. The waiting period is minimum for coronavirus. If you purchase this policy today than it  will be implemented after sixteen days.

Star health gives all the benefit in the hospitalization. All the exiting start health policies are already cover the expense for coronavirus treatments.

Religare Health insurance:

Religare Health Insurance does not have any health insurance plan solely for Covid-19. It has comprehensive health insurance plans which can cover the hospitalization cost of Covid-19.

The high claim settlement ratio makes it perfect for health insurance. It covered all the hospitalisation expense for the treatment of COVID-19. It provides the restoration of cover. It is value for money. Anyone can easily purchase the policy.

The Religare health insurance provides the various features like room availability in hospital, Bonus on no claim, Restoration of cover, daycare treatment, ambulance service. Religare health insurance has a large network of the hospital in India.

ICICI Lombard Health Insurance:

ICICI Lombard also cover COVID -19 patients. The waiting period is 14 days to put in place the policy. The smallest premium is available on 149 rupees that gives the 25000 assurance. Icici Lombard general insurance is available for the age of 18 to 75 years.

But this is not an individual product. It can be bought as a group insurance. Individuals have to go for comprehensive health insurance which covers the hospitalization for Covid 19 also.

Max Bupa Health insurance:

The max Bupa health insurance provides varies insurance policies that also give benefit to the patients in a difficult time. The claim settlement ratio is very high that gives trust to the insured person. It also provides coverage for COVID-19 patients. Various features are like Hospital room available, bonus on no claim, restoration on cover, health checkup facility, before and after hospitalization, Family floater etc. are given by the max bhupa insurance.

Also Read on FinMedium:  Corona Kavach Vs Corona Rakshak - Which one to buy?

HDFC ERGO Health insurance:

The HDFC ERGO also cover the COVID-19 hospitalization expense. They provide the cashless treatments facility, they have a large network of hospitals in India. Give the instant claim settlement benefit. The facility they provide is a daycare , cashless treatment, health check facility, family floater etc.

Know the importance of health insurance because accidents can happen at any time

Suppose you get hospitalised because of some illness or accident, then the expenditure is going to be in lakhs for the surgery, hospital room, medicines, tests etc. But if you have a health insurance policy then they will take care of all of these expenses for you and in return, they’ll charge you a small premium every year. So , health insurance is a smart thing to have because it saves your health and it saves your bank balance. But not every health insurance provider is good.

We have listed six parameters to find the best health insurance policy for you.

Claim Settlement Ratio:

It is the ratio of the number of claims settled by the insurance company divided by the number of claims it has received. So, higher ratio, more are the chances that your claim will also be compensated by this company without any issues. Above 90% is a good number.

Network Hospital Covered:

Now, there is something called as a ‘cashless facility’ wherein, if that insurance provider has a tie-up with the hospital that you are admitted in then the hospital will straight send the bills to the insurance provider and you don’t have to pay anything. But if there is no tie-up, then you have to pay the hospital bills first and then get it reimbursed from the insurance company.

It is too much of a trouble if you are recovering or have a patient to take care of. Then make sure that your insurance provider has a tie-up with a large network of hospitals and that your favourite hospitals included in that network, especially the one’s that are closer to your home.

Hospital Room eligibility:

If you don’t want to hassle in the crowd of patients and need some comfort and peace. Hospitals rooms give comfort and peace to patients. So make sure that your insurance covers at least the cheapest private room available.

Waiting Period:

Health insurance policies cover pre-existing illnesses after a certain wait period. For example: Suppose you have diabetes, then after 2-4 years of wait-period can you claim any hospitalisation due to diabetes. So if you have any pre-existing illness, check that the waiting period of that insurance is as less as possible.

Family Floater Health Insurance Policy

Now, instead of buying separate policies, parents along with 2 minor children can be combined in one plan. In that plan, depending on the insurance provider each insured member will be given a separate coverage amount or all the members will share a combined sum.

For example, suppose its a policy of 10 lakhs for 5 members, so each of these 5 members can either have 2, 2 lakhs coverage each Either they can share 10 lakhs together no matter who claims. The premium of such insurances is slightly higher but they are a money saver because you don’t have to spend on many policies.

Also Read on FinMedium:  Route Mobile IPO Review|Should I Subscribe?

Know Top 5 Best family Floater Health Insurance Policies

Miscellaneous Charges

Along with the major surgical expenses a good policy also covers ambulance charges, pre and post-hospitalisation charges and some even throw in a few health-checkups here and there.

Apart from these Six generic parameters, the other parameters that vary from person to person that you need to check are these. Thus here is a Four step procedure to find your best health insurance policy.

  • Know your requirements, hospital preference , want to include your family, want maternity expense, any illness want to cover under this policy
  • Now go to these health insurance comparison websites like PolicyBazaar, Coverfox etc. They will show you the list of insurances that will be best for you.
  • Straight go the website of that insurance policy provider, call their executives and tell them what your requirements are. Talk to 3-4 executives (of different insurance providers) before you make a decision. They’ll only come to your office or home to give you the papers. Now, an important point. Sometimes these executives are in a hurry to only sell you the policy. Fill the form accurately and if you have any illness than a mention in the form. if you don’t mention it on the form then it will difficult to get claim from the company. So don’t be in a hurry, read completely and mention everything honestly.
  • Do not forget to receive the tax benefits of paying your medical insurance premium under Section 80D. Health insurance is an investment for life.

Importance facts about Health Insurance

Before you buy any policy, keep some facts that help you to choose the best policy for you. Here are some important facts that you should know before buying any policy.

Sum Insured:

The modern day treatments are so costly and expensive. You should always get a higher sum insured policy that will cover all the expense during the treatments.

Coverage:

You should always see the coverage areas of the policy. Most of the company provide the hospitalization, medical, ICU and OPD charges. Choose the best policy that covers all the expense for the treatment.

Waiting Period:

The least waiting period gives the greatest benefit to the patients. Always clarified the waiting period in the policy. Some company gives the 30 days waiting period. Star health provide the 16 days waiting period during the Covid-19 situation. Check the waiting period before buying the policy.

Conclusion:

A Health Insurance is a must for every family. The present situation gives us the realization a hard way. We should learn from the situation and act on it which can build our future. There is Star Health Insurance which is providing the insurance for Covid-19 only.  I would prefer to have a comprehensive health insurance cover to meet the expenses of hospitalization due to anything.

If you like the article share it with others. Please don’t forget to comment if you have anything to add or feel not correct in this article.

Source link

Every Wednesday and Saturday, we send Info-Graphic and FinMedium Weekly Digest newsletters to our 25000+ Subscribers.

Join Them Now!

Please Share :)
Invest Duniya
Suman Kumar Gayen of Invest Duniya encourages others to invest and helps them to make informed decisions on savings. She writes primarily on Personal Finance.
Back To Top