Steps to Consider When Buying a Coronavirus Health Insurance Plan

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Health insurance has become a household need since the coronavirus outbreak last year. Having an optimal insurance plan helps the insured and the family stay away from the financial stress that arises during such medical situations. That said, choosing the right plan has become all the more important in protecting yourself and your family from undue stress. The right plan here means the plan that fits your medical needs and those of your family very well.

As we say that. Prevention is better than cure. It is always best to take the necessary precautions to avoid any unforeseen surprises afterwards. In this article, we have highlighted some of the important considerations to take into account when finalizing a health insurance plan for the treatment of Covid-19. This will definitely clear your confusion and help you make an informed decision.

Consider the inflation that will hit in the years to come

The rising cost of treating all diseases is increasing dramatically from year to year. The amount of the sum insured, which seems to be sufficient today, may not be sufficient a few years later.

Hence, it is highly necessary to determine your and your family’s medical needs and opt for the most suitable plan that would ensure full coverage during such a period of inflation.

Check the Hospital Network option

Visiting network hospitals during medical emergencies can help the insured choose cashless claims. Therefore, it is essential to determine the plan or insurer that offers network hospital options near your neighborhood. You should also check whether the hospitals in the network are providing the necessary treatment for the coronavirus as part of the plan’s coverage.

Good policy coverage

When it comes to treating coronavirus, buying the right coverage is very important. There are many insurers in the market that offer coronavirus coverage as part of the health insurance plan. Additionally, during the peak of covid cases, some companies offered dedicated covid plans.

Looking at these options, one may wonder which plan is the best option. Thus, one should study the plan and the insurer along with its features / benefits, inclusion and exclusion well in advance before finalizing one.

Consider home treatment

Not all covid patients need to be hospitalized for treatment. There might be patients who could be treated at home and there could also be patients who might have difficulty finding beds in hospitals that doctors ask doctors to treat at home (such cases have been observed during the resurgence of cases in both wave 1 and wave 2). Hence, it is essential to check whether your plan offers you the benefit of home care while opting for the plan.

Claims resolution process

Being diagnosed with the coronavirus itself puts a lot of financial and mental strain on both the patient and their family. Having a transparent claims settlement process by the insurer can always be a relief and help both the insured and the family to focus on the processing procedure without worrying about the finances or the claim.

Cost-sharing clause

The co-payment clause allows the insured to pay a specific amount of the total claim amount out of pocket. This clause should be checked well in advance to avoid any unpleasant surprises during the claim process. Additionally, opting for an insurance plan that does not have a cost-sharing clause could be advantageous as it could provide full coverage and save you the stress of paying an extra amount later in the claims process.

Waiting period clause

This can be another factor to consider when finding a coronavirus plan. There are certain waiting periods for people who have been diagnosed with covid-19 in the past to have a waiting period before being covered. This clause should definitely be checked before finalizing for one.

Other considerations

Policyholders should always consider reading the policy document well in advance and understanding the two exclusions / inclusions to avoid any unpleasant surprises during the claims process. There might be some additional benefits offered by specific insurers that you might be missing out on if you haven’t done your research before.

Also, don’t fall into the trap of plans with lower premium rates, always check to see if the plan offers the convergence you and your family need during medical emergencies. Consider the different options available online and try to make an informed decision according to your needs.

Written by: Mr. Rakesh Goyal – Director, Probus Insurance, an insurtech brokerage firm

Running one of the leading insurance companies with a premium of 230+ Crore in one year, typically drawn from retail clients associated with its pan-Indian presence and also balanced by an equal mix of life and non-life insurance, is both a coveted and challenging job. The job combination makes the most wanted person in the insurance industry – Mr. Rakesh Goyal, Director and the man behind the highly successful “Probus Insurance Broker Pvt Ltd.

With an MBA and a Diploma in International Business, Mr. Goyal has been working in the financial services field since 1996, bringing a deep understanding of the market and in-depth thinking that has been the source of growth and success. continuous lines of Probus.

Excelling in the areas of general and life insurance distribution, channel management and relationship management, Mr. Goyal has implemented pioneering distribution strategies and helped build business relationships and relationships. management skills.


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