The entire world has been taken by a storm by this new virus that has come into existence. Coronavirus disease or COVID 19 is a respiratory condition that is caused by the coronavirus. The common symptoms that one might experience are fever, dry cough and tiredness along with diarrhoea, loss of taste or smell, difficulty in breathing or shortness of breath being some of the more severe symptoms.
Due to its outbreak across the globe, the World Health Organisation has declared it as a pandemic. Till a vaccine is discovered, some necessary measures can be adopted for its prevention. Some of which include practising good hygiene, maintaining social distance, avoiding touching your face and refraining from visiting public places. All of this said, it is handy to have health insurance during such times that keeps you protected. When economies are at decade-low levels, a safety net to take care of your medical needs is crucial.
You can ensure the safety of your loved ones by availing health insurance plans for family. On the other hand, individual health insurance can also be helpful to cover the cost of medical treatments and preventive health check-ups that might be needed.
Let us look at some important consideration that you must check while buying a health insurance plan:
Sum Assured
Coronavirus is seen to impact people with weaker immune systems. It poses a threat for the kids and the elderly as they have weak immune systems. At such times, buying health insurance plans for family with high coverage is recommended. This enhanced sum assured can cover the entire cost of treatment letting you focus on recovery instead of finances.
Waiting Period
Most insurance policies have a 30 day waiting period for the benefits to kick in. These waiting periods make the first few days crucial as any ailment during such period shall not be covered by your insurance plan.
Insurance Cover
Availing health insurance with extensive coverage helps. For such crucial times like a respiratory condition, the treatment continues even after you are discharged from the hospital. This makes it essential to have pre as well as post-hospitalisation expenses covered along with ambulance, intensive care unit and other facilities as a part of your health insurance plan.
All of the above was applicable in case of new policy buyers. But what about the existing holder of an insurance plan? Are they covered for COVID 19 under their current health plans?
For those having existing health insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a guideline for the insurance companies to honour claims covered under COVID 19 for products which have a hospitalisation benefit. It includes most insurance policies, and the coverage is widespread.
Moreover, if you want to renew health insurance, IRDAI has granted a 30 day grace period for payment of premiums where it shall be deemed to continue the policy without any break in its tenure. All these measures introduced by the government of India are in the interest of existing policyholders.
Keeping in mind the above points, it is important to avail health insurance to stay at peace, knowing you have financial backing. Browse through various plans from the insurer of your choice and stay protected at all times; whether a pandemic or not.