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Buying Health Insurance Amidst Covid? Here Is A Checklist For You

Buying Health Insurance Amidst Covid Here Is A Checklist For You

The second wave of Covid-19 has caused shockwaves across the country. Cases are increasing day by day and it is being predicted that there is also a possibility of a third-wave in a few months. Moreover, in the second wave, Covid-19 is virulent and unpredictable with a new fungal infection- mucormycosis declared as an epidemic. All this has led to one big realization among consumers in the last one year i.e. having a comprehensive health insurance cover to safeguard yourself financially.

Earlier, consumers used to buy health insurance only when there was a trigger such as an inflated bill at the time of a health emergency, but now since they have a fear of contracting the virus, the uptake of health insurance has increased significantly. A lot of people are looking to buy high sum insured policies (Rs 25 lacs- 1 crore) to cover themselves and their loved ones adequately. If you are looking to buy one in the current times, it is very important to check what all is covered in the policy related to Covid-19 so that in case of a claim, you don’t have to dent your savings. 

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We have prepared a quick checklist for you

Check the waiting period for Covid-19 coverage

A lot of insurance plans have a waiting period for coverage of Covid-19 treatment. This means the policyholder has to wait for a certain period before being given coverage for Covid-19. Most insurers cover Covid-19 treatment after 30-45 days from the date of policy issuance. So, you must check the waiting period for the disease before buying a health cover and also consider those covers which have a lesser waiting period.

Coverage for domiciliary hospitalization

Due to the increase in the number of Covid cases, there is an acute shortage of beds in hospitals. A lot of insurers cover domiciliary hospitalization for Covid-19. This means that if hospitalization is needed but beds aren’t available in hospitals, and the doctor prescribes hospitalization at home or at a makeshift hospital, the insurer will provide coverage. The policy must cover all kinds of hospital home-care package costs, medications, nurse/doctor fees, tests to measure vitals, X-rays, CT scans, home ICU.

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Coverage for consumables

Consumables such as PPE kits, gloves etc form a major part of expenses for Covid-19 treatment. Expenses for consumables have also increased because every hospital staff has to wear them. Go for a plan which covers consumables. A lot of insurers such as Max Bupa, Care Health Insurance provide coverage for consumables.

Sub-limit

Check the restrictions in your policy. There could be a room rent limit which is the maximum amount covered by an insurer for the room in your policy. This means customers will have to necessarily bear some part of the medical bill. Typically, room rent capping is in the range of 1-2% of the sum insured. Go for health insurance plans which don’t have a room rent limit. It is recommended to go for a plan that provides coverage for a minimum single private air-conditioned room which ensures treatment in privacy. Suppose you have a health cover of Rs 5 lacs and the room rent limit is 1%, then your insurer will cover only Rs 5000 as part of your room rent expenses. However, in any good hospital, room rent typically starts from Rs 10,000. So, you should never overlook this feature when buying health insurance. 

Check the cool-off period

Some insurance companies have put a cooling-off period which means that if you had Covid in the past, you will have to wait for a few months. The cool-off period varies between 1- 6 months depending upon the insurer. This becomes a key point for contemplation when buying health insurance. If you haven’t had Covid till now, then you should definitely buy a health insurance plan as soon as possible because you don’t want to be in a situation where you will have to wait to get a health insurance policy post-recovery.

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Pro-Tips To Keep in Mind For Covid Vaccination Process

Pro -Tips To Keep in Mind For Covid Vaccination Process

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07 May, 2021

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