Things to know before purchasing a Coronavirus Health Insurance Cover

Coronavirus Health Insurance Cover

The entire world is facing a serious health hazard of coronavirus from late 2019. It results in respiratory problems, pneumonia, badly-behaved in lung functions, and even multi-organ failure. In this critical situation, everyone is suggesting to purchase a Coronavirus Health Insurance Cover. Some people have already opted for a health insurance cover. While others are still thinking of purchasing one for their family. If you are the one who is thinking of purchasing a Coronavirus Health Insurance Cover then you must read the below points to get an idea about the plan.

Adequate sum insured

Whenever we think of purchasing a health insurance policy the first thing that comes in our mind is the sum insured. It is necessary to purchase a policy that has an adequate sum insured. Numerous insurance companies in the market are providing so ever sum insured at a higher price. Before purchasing a Coronavirus Health Insurance Cover, you just need to decide a sum insured. A sum insured that is sufficient to cover the health needs of your family. If you will not look for the sum insured then it will create a problem later. You can take a sum insured of up to 5 lakhs for the treatment of coronavirus.

Renewability:

Coronavirus special health covers are non-renewable. They are available only for a limited period of one year. But if you have a normal health insurance policy then you can renew and use it till lifelong.

Eligibility:

People who have a recent travel history from any highly infected country are not eligible to purchase this plan. Also, if you are found with any symptoms of coronavirus before 6 weeks of purchasing the plan. Then the company has the right to keep your policy on hold or cancel it. Additionally, any normal person of up to 75 years of age can buy Coronavirus Health Insurance Cover.

Free Look period:

All the special COVID 19 plans have a special feature of 15 days free look period. In case if you find your policy not sufficient then you can cancel it within 15 days. The insurance company will initiate your refund instantly.

Waiting period:

All health insurance policies come with a basic waiting period of 30 days. However, seeing the criticality of the coronavirus, some insurance providers have reduced their waiting period to 15-20 days.

Coverage:

Coronavirus Health Insurance Cover provides multiple coverage benefits for their customers. You can cover in-patient hospitalization, ambulance, OPD, and ICU charges. Apart from this, pre-hospitalization expenses of 30 days and post-hospitalization expenses of 60 days are also covered in the policy.

Difference between a Coronavirus Health Insurance Cover and a standard health insurance plan:

  • A standard health insurance plan will cover all types of ailments like critical illness, accident, and pre-existing disease. While a coronavirus plan will only cover your hospitalization and treatment of the coronavirus after purchasing the plan.
  • If you are already infected with coronavirus, then the insurance company will allow you to purchase the policy. Whereas you can take treatment from the first day after getting infected with an existing health insurance policy.
  • All standard health insurance plans come with a basic renewable tenure of 1 year and you have to renew it after 1 year to continue with the same plan. Whereas a coronavirus health insurance policy doesn’t come with a renewal option and has a total tenure of 1 year.
  • You can avail of an additional sum insured in a standard health insurance plan if your insurance account hits zero in mid of the year. But a coronavirus plan does not give you the facility to add sum insured after purchasing the plan.
  • Both standard health insurance plans and Coronavirus Health Insurance Cover gives you the freedom to take cashless treatments in the network hospitals.

Conditions that are over or excluded in Coronavirus Health Insurance Cover:

Coronavirus Health Insurance Cover is the safest option for those who want to protect themselves from the coronavirus but don’t have any health insurance plan. Though this plan provides immense protection to COVID infected patients but doesn’t seem suitable for overall protection. However, if you choose a Best Health Insurance plan then it proves to be the right choice to deal with life-threatening conditions. Read the below points to know about the inclusions and excluded from a COVID-19 insurance plan.

  • Customers who have traveled to China, Italy, Spain, Japan, Thailand, or any other most infected countries after November are not allowed to make a claim.
  • If you come in contact with a COVID-19 patient in mid 6 weeks of prior purchasing the policy then you are not eligible to purchase a policy.
  • A Coronavirus Health Insurance Cover will not cover you with the existing symptoms of coronavirus like sneezing, cough and breathing problems.
  • The insurance company will conduct several tests at the time of purchasing the policy. The insurance company has the right to put your policy on hold if they found you positive in the tests.

Conclusion

As per a recent survey, we have found that less than 4% of infected people have an existing health insurance policy. So, it became a serious concern for our society whether we are serious about our health or not. We all have seen various advertisements, posters, banners showing the importance of health insurance. Still, we are not thinking about opting for one for ourselves. This type of human mindset will lead to a huge loss to their saving in the future.

We have predicted the criticality of the future. Hence comes to a conclusion that it is important to opt for a Best Insurance Policy that covers your coronavirus as well as all other diseases. Although you have to pay low premiums in Coronavirus Health Insurance Cover this will end after a year. So, opting for comprehensive health insurance is better than going for a temporary Coronavirus cover.

Is Your Corporate Insurance Plan Enough To Deal With Increasing Medical Costs?

best health insurance policy

If we do a survey on this then we will get to know that only 10% of people are satisfied with their corporate policies. This is way too less of a ratio that we can’t rely on the best health insurance plans. The medical prices are increasing day by day due to inflation. Obviously, every person thinks about the protection of their family. So, they prefer to own a personal insurance cover for complete coverage of their family.

If you are still in doubt, then read the below point to know about the disadvantages of not taking a personal insurance plan.

  • Discontinuity with the organization:

    This is the most important factor that will surely hit you if you are in a private job. We all know that private job employees are not on a permanent basis. They look to change their job at regular intervals and every new company offers different insurance coverage. However, it is somehow easy for government sector employees to continue with the corporate plan. As they don’t have to change their jobs at small intervals. But your job change will not affect your personal family floater plan. You can continue it with any job whether you are in the government sector or the private sector. 

  • Limited coverage:

    We are aware that corporate health insurance plans provide limited coverage. They don’t cover your critical illness, pre-existing disease, and maternity expenses. Also, there are various types of limitations in the clause such as capping on room rent, sub-limits, co-payments, and deductions. However, the Best health insurance company does not stop you from taking treatment in any hospital of your choice. There are no certain limitations or additional charges that you get in corporate plans. 

  • Low sum insured:

    Corporate insurance plans are risky when it comes to paying high expenses. Corporate plans are taken in bulk hence cover only basic medical expenses. The best health insurance plan provided by corporate offices will give you a maximum sum insured of 5-8 lakhs. Whereas in this time of inflation a simple surgery will cost you for a minimum of 5 lakh. So, it is better to take a personal health insurance plan in which you will get more benefits and a high sum insured. Customers can check online quotes to choose from the best health insurance company in India

  • Post-retirement coverage:

    As long as we know, we are sure that any corporate plan will not cover you after retirement. It becomes more stressful when you are the only earner in your family. The premium of a family floater plan is decided according to the age of the oldest person in the family. So, purchasing an insurance plan at the ages of 60 or above will surely drain your savings. To avoid these situations, experts always advise you to take insurance policy at an early age. Also, there are very rare chances that any company will cover your pre-existing illnesses or any critical illness in the ’60s. 

  • Low premium amount:

    There is no doubt that a corporate plan has low premium charges. Also, it does not bother you because it is deducted from your salary. But if you ever try to make a claim with the corporate insurance plan then you will get to know the hindrance.

Most of the corporate plans work on a reimbursement basis. First, you have to pay the entire expense from your pocket. Later the insurance company will verify the bills and reimburse the expenses.

Private companies provide corporate health insurance plans as perks. They have the right to change the clauses overnight. It gets very problematic when your family member is admitted to the hospital for treatment and you get to know about the changes. So, it’s better if you don’t rely on your corporate plan and purchase a family floater plan in addition.

What are the reasons to choose the best health insurance plan apart from corporate insurance plans?

There are uncountable best health insurance companies in India that provide comprehensive health plans. You just have to decide your coverage according to the requirements of your family. Different families have different medical histories and issues. Also, the oldest person has different ages in different families. So pre deciding your family medical needs will help you in selecting the best health insurance policy in India. Here are certain points that you must look before purchasing a family floater or personal insurance plan

  • All the best health insurance in India provides a flexible medical treatment facility. You can get treatment at any hospital that is too without any capping or sub-limits.
  • You can cover your parents and kids in the same health insurance plan. Where most corporate plans do not cover your parents in the policy if you are already married. 
  • A family floater or individual health insurance policy provides you with a high sum insured. It is sufficient to bear all the medical costs of the entire family. But with corporate plans, you will get a fixed amount of sum insured. Above all, that sum insured is not enough to cover the entire family of 4-5 people.
  • A personal family floater plan will surely cover the maternity expenses after the waiting period of 2-4 years. But I am not sure whether your corporate plan will cover the maternity expenses of your family or not. 
  • Corporate plans are designed according to the need of one person. But an organization serves it as comprehensive coverage. Hence it gets short at the time of claiming.

Choose Affordable Family Floater Health Plan For The Family To Save More

Affordable Family Floater Health Plan

Customers can take family floater health plans to deal with unexpected health emergencies. This type of plan is best suited for the complete protection of your family. If your family has more than 2 members then rather than taking an individual plan you can choose a single-family floater plan. You can cover your parents, kids, spouse, and yourself in an extended family floater plan. These plans have a comparatively low premium as compared to individual insurance plans. Family insurance plans provide a high sum insured.

What All Features Does A Family Floater Health Plan Cover?

  • A single Family floater plan can be sufficient to cover the entire family of 4-6 peoples. Apart from this, you can also choose to add on covers for additional protection. With a family floater plan, you can take quality treatment in any network hospital. Customers can compare online quotes to get the best health insurance plan for their family.
  • If you have more than one earning person in your family then you can split a family floater plan to reduce the burden on yourself. Like if you and your wife both are working then insure your kids with your wife and insure your parents with yourself. This will also help you to manage your premiums easily.
  • We all know that old age people are at high risk of being diagnosed with the illness. The premium in family floater plans will be decided according to the age of the oldest person. So, you have to pay a high premium for them. That’s why insurance experts will always suggest you purchase an insurance policy at a young age. Also, at a young age, you will get the best insurance deals at a low price.
  • These days all the family plans come with customizable features. You can add members to an insurance policy as per your requirement. If you have purchased an insurance plan before your marriage then you can cover your spouse in the policy after marriage. You don’t have to purchase a separate insurance plan again to cover your better half. You can also add your kids to the policy after 90 days of birth. In addition, maternity benefits are provided by all insurance companies on purchasing a family floater plan.
  • In case, if one member has to move out of the city then you can transfer the benefit of the previous plan to a new plan.

Choosing a family floater health plan at the right age will be a relief for your expanding family’s needs.

Points to remember while choosing a family plan:

Determine your needs: Generally, Family health insurance plans don’t come with reinstatement. So, planning plays an important role in purchasing an insurance policy. Like you plan your daily expenses for household works, it is important to determine your health expenses also. If the availed insured amount gets shorter while treatment then you have to pay from your pocket.

  • An example will make it clear. Suppose you have chosen a sum insured of 10 lakhs of your family. You take the first claim of 8 lakhs for a member of your family. Now again you need to make a claim for 6 lakh for the health emergency of other people in your family. In this case, the insurance company will pay the amount of 2 lakh. You have to pay the rest of 4 lakh from your pocket. That’s why you have to plan for your medical expenses otherwise you will end up spending your savings.
  • Health insurance policies have high premiums so most of the companies only provide annual renewal options for customers. However, some companies provide a 2-year policy at once. The premium amount gets doubled for a 2-year policy. But you can also avail of multiple discounts on purchasing a 2-year policy at once.
  • As per the income tax act, you can avail of mandatory tax benefits on health insurance plans for a family.

Salient features of a family floater health plan:

  • Larger coverage:

    Family floater plans provide wider coverage of sum insured. You can take a sum insured of 5 lakhs to 10 crores as per the requirement of your family. You can take extended family plans to cover more than 10 people in a family.

  • Affordable premiums:

    Customers can compare online quotes from various companies to get the best health insurance in India. Premiums for a family floater insurance plan are way much less than purchasing multiple individual plans. So, if you need more coverage at a low premium then choose a family health insurance plan. Apart from this, you can even reduce your premium by availing deductibles and co-payments.

  • Maternity coverage:

    If you get married recently then a family floater plan is perfect for you. This will cover you, your spouse, and maternity coverage. This insurance policy will cover all the expenses related to maternity and also cover post-maternity expenses up to a certain period. Some insurance companies enable a waiting period on maternity benefits. So, choose well to avoid any problem in the future.

  • Flexible plans:

    Family floater plans are flexible as per the view of premium as well as coverage options. You can add members anytime in a family floater plan. The coverage will also get increased on increasing the members in the policy. To add a member to your policy you have to inform the insurance company and have to pay an additional premium.

  • Tax benefits:

    This is the most beneficial part of a family floater plan. Under section 80D of the income tax act, you can make a claim to get a tax deduction. Apart from this tax benefit, you can also avail of no claim bonus for not making a claim.

Major Pros and Cons of Insurance Policy that you should look for

Insurance– A short intro

Insurance is a protection plan that will provide you financial security in uncertain conditions. There are many types of insurance plans that you can take from any private company. Insurance companies are regulated by the state government. You can insure any object including your car, mobile phone, house, shops, jeweller or any object having financial value. you have to pay a premium monthly and can take the reimbursement of financial loss. There are numerous insurance companies available in the market, offering a wide range of benefits in their insurance plan. If anyone is taking insurance for the first time then they must have to check several quotes online and compare the provided benefits prior to purchasing.

The three main components that you have to keep in mind while purchasing any insurance plan are premium, policy limit and deductibles. The premium of the policy must be low so anyone can easily afford it. Policy limit should be high so that it can cover the maximum expenses. Deductibles should be low so that customers will receive the extreme benefit at low price.

The major type of insurance policy is:

  1. Life insurance: It will provide financial security to the family of the insurance holder. If he passed away due to accident, medical issue or any other unforeseen circumstances. Insurers have to pay a fixed amount of money to the insured person or his family after the death of the person or after a fixed period of time.
  2. Health insurance: It provides the medical expenses of the insured person and his family if they are covered in the insurance plan. In health insurance you have to pay a fixed amount annually. It will cover your surgeries, medicines, check-ups, room rent, day care, Outpatient department, maternity and many other facilities depending upon the plan you have taken.
  3. Car insurance: These days cars are a major and costly thing everyone wants to purchase. But if you ever meet with an accident or have to spend money on repairing a car then the bill is too much expensive. So, if you have a car then it is also important to have car insurance. So that you don’t have to pay the repair bill from your pocket.
  4. Marine insurance: Marine insurance will protect you from the loss of marine perils. It will include collision of ship or cargo with rock, destruction in ship, attack by enemies, disappearing of ship or captured by pirates.
  5. Fire insurance: You can do fire insurance to recover the loss caused due to fire in your shop, houses, factories. The reason for fire can be short-circuiting, human activity or natural calamities. You will get the amount of loss from the insurance company for reconstruction of property.
  6. Property insurance: Property insurance will recover the loss caused to your property due to climatic occurrences, accidents, fire or theft. 

Importance of Insurance:

  • Insurance provides mental peace.
  • Having an insurance plan will stabilize your family and business at the time of any financial misfortunes.
  • It will also encourage saving and help you to save your hard-earned money
  • It will transfer the financial risk caused to any individual to the insurer.
  • Medical expenses are too high, so insurance will help your family financially in case of unpredicted medical emergencies.
  • If you have to pay a high tax amount to the government then you can also get a discount on tax if you have an insurance policy.
  • Having an insurance policy will also help to reduce the inflation rate of the country.
  • Having an insurance policy will also help you to run your business smoothly.

Disadvantages of insurance: Apart from all the importance. There are also several drawbacks to the Insurance.

  • The complexity of insurance policy: The policy is so hard to understand that they can easily manipulate an uneducated person. So, you must need an expert to know every point of the condition carefully.
  • Lengthy formalities: You have to follow lengthy formalities, visit various offices and it will take a lot of patience for settlement.
  • High deductible: If you will ask for more benefits from the insurance company then they will increase the premium for every extra facility and also deduct extra charges for those benefits.
  • High premium cost: The premium cost is too high for some of the insurance companies, that a middle-class family cannot easily afford it. So, you have to choose wisely for a suitable plan in which you will get maximum benefit at a nominal premium cost.
  • Risk of getting cheated: there are many fraudsters or brokers also available in the market, who will take money on the name of insurance and can cheat you.
  • The risk to the life of the policyholder: Specifically, in the Life insurance policy it may lead to an increase in crime incidents because the beneficiaries might get tempted and will use wrong ways to get the insured amount.