How does a Coronavirus Health Insurance Cover help in critical times?

Coronavirus health insurance cover

The sudden outbreak of Covid-19 lately in the previous year has now become a huge threat to the whole world. The death toll as well as the number of infected persons are increasing each day with high density. More than 4.5 lakh people have already died due to this life taking virus. People with respiratory problems, children and old age people are at high risk of infection through coronavirus. Obvious people take complete measures to protect themselves from this disease. They are maintaining social distance, washing hands regularly, wearing masks, sanitizing surfaces, avoiding traveling, and keeping adequate cleaning. Believe it or not, anyone can get infected from this coronavirus. It is completely unpredicted and not in your hands to remain safe from this. So, a Coronavirus Health Insurance Cover will help you to deal with this unexpected situation.

However, a health insurance plan is sufficient to cover your coronavirus treatment expenses. You don’t need to waste money by purchasing an extra Coronavirus Health Insurance Cover. All the insurance companies are providing COVID-19 treatment facilities with the existing health insurance plan. As we know that coronavirus is a new disease hence it does not fall in the category of pre-existing disease.

Certain conditions and exclusions to avail benefit under your existing policy.

  • Health insurance policies provide similar benefits as they do with another ailment. So, customers can take treatment of this disease after completing the normal waiting period.
  • Your existing health insurance policy will not cover your coronavirus testing expenses. If you want to make a claim for coronavirus treatment, then it is important to get hospitalized for a minimum of 24 hours.
  • Any standard insurance policy will not cover your Quarantine or any non-hospitalization expenses. 
  • With your existing health policy, you don’t have to hold the coronavirus treatment due to the waiting period. 

Important facts and Benefits of purchasing a Coronavirus Health Insurance Cover

Everyone wants to protect themselves from sudden financial risks. So, Coronavirus Health Insurance Cover is the best thing to purchase in these critical times of the epidemic. The WHO already declared coronavirus as a pandemic. So, it is better to keep yourself protected with COVID cover instead of paying high hospital expenses later. Here we have provided some facts and benefits of a COVID cover that customers should know.

  • Sum insured:

    Lots of people are dying in the world due to this coronavirus. If you are suffering from respiratory disease or other breath related ailment then it is important to take high sum insured. Opting for a high sum insured is appropriate to cover high medical bills.

  • Waiting period:

    When it is about a rapidly spreading disease like coronavirus, it is important to look for the waiting period. A policy with a too-long waiting period will not help you in an emergency. So, make sure to check for the waiting period of the plan.

Most insurance companies are providing 30 days waiting period. But there is a certain insurance provider who is allowing a waiting period of fewer than 30 days.

Also, if you already have an existing health insurance policy then you don’t have to serve any waiting period. Your entire hospitalization expenses will be covered from the very first day of the treatment. On the other hand, if you purchase a policy after getting infected with the coronavirus. Then the treatment will cover after the waiting period gets over.

  • Coverage:

    Whatever policy you are purchasing, checking for the coverage option is a vital part of purchasing an insurance plan. Accidently if you miss reading any clause, later it will create a problem for you. So strictly check the coverage provided by your insurance provider. Whether the policy is covering your ICU charges, in hospitalization expenses, ambulance charges, and other required coverage.

Exclusion under Coronavirus Health Insurance Cover:

  • A Coronavirus Health Insurance Cover will not cover your pre and post-natal expenses. Though you can talk to your insurance agent and purchase additional coverage for this.
  • Health insurance policy will not cover the treatment of a pre-infected person. Apart from this, if the insurance company found any symptoms of coronavirus in you prior to 6 weeks of purchasing the policy then you will not be able to make a claim.
  • The insurance company will not approve your claim if you take the treatment of corona without doctor recommendation or prescription.
  • Coronavirus health insurance policy will not cover home quarantine cases.
  • Treatment taken in any non-recognized hospital or quarantine center is not allowed to make claims.

Ways to make claims under the coronavirus health insurance policy:

Like other health insurance plans, coronavirus covers are also eligible to take both cashless and reimbursement claims.

  • Cashless claims for coronavirus plans:

    In cashless claims, the hospital authorities contact directly with the insurance company to settle claims. Before getting admitted to any network hospital, you have to inform them on call. After hospitalization, you need to contact the TPA desk and inform them about your health conditions. If you won’t take treatment in a network hospital then you will not be able to take benefit of cashless treatment.

  • Reimbursement claims for coronavirus plans:

    In case if you don’t find any hospital in your nearby location then you can take treatment at any hospital. Obviously, you have to pay the medical bills from your pocket. But later the insurance company will reimburse the complete expenses to your bank account. All you need to make a reimbursement claim by filling up the claiming form and submitting the documents to the insurance provider.

Customers can check for coronavirus health insurance plans on online websites. as all the insurance companies are providing high sum insured at low annual premiums. 

What is a critical illness insurance plan?

Ctitical Illness Insurance

It is an additional plan that will complement your basic health insurance. If the policyholder gets diagnosed with any critical illness then the company will provide the lump sum amount for treatment. Every insurance company has a list of critical diseases for which they are providing coverage. Generally, these diseases take a long time for treatment and that is too very expensive. So, opting for a critical illness insurance plan along with your basic insurance plan would prove to be a relief for your pocket.

Some common critical disease that is developing these days are:

  • Cancer
  • Heart attack
  • Kidney failure
  • Stroke
  • Permanent paralysis
  • Bone marrow transplant
  • Open heart surgery
  • Anaemia
  • Liver disease of end-stage
  • Lungs disease of end-stage
  • Organ transplantation
  • Loss of speech
  • Aortic surgery
  • Blindness
  • Third-degree burn
  • Brain tumour

Why is it important to take a critical rider plan for you and your family?

As per a recent survey, cardiovascular disease such as heart attack, stroke, and Pulmonary diseases will be the main cause of deaths in the coming days. Also, due to our unhealthy eating habits, our body is getting more prone to diseases these days. The age of developing a critical illness is decreasing day by day. Millennials are getting more prone to critical illness as compared to the earlier generation.

There are uncountable companies providing the best health insurance in India. Anyone can opt for critical illness insurance for themselves or their family members. A critical illness will reduce the capacity to work hence the patient will no longer be able to earn money for their family. This also triggers financial crises in families. A critical illness meaning can be better understood by the extreme health conditions when the person will not be able to earn or do work.

  • Those who have a history of any critical diseases can surely choose to add a critical illness cover with their policy.
  • People of more than 40 years are highly susceptible to detect any critical illness so they can opt for critical illness insurance to protect their savings.
  • People working in high-pressure jobs have more risks to be detected with a critical illness. High blood pressure can cause heart attacks, stroke, or paralysis.
  • The role of the earner in a family is most important and crucial. If anything will happen to them the whole family will have to face financial catastrophe. If the earner in your family has any medical history then they can purchase a critical illness cover to take care of treatment expenses.

Difference between critical illness insurance and a health insurance plan:

Critical illness insurance is completely different from the health insurance plan.

  • A simple health insurance plan will not include the treatment of critical diseases.
  • The treatment cost of the critical disease is way higher than the total sum insured of the health insurance. Also, the treatment of critical diseases will take too much time, maybe one year or more than that.
  • You can take advantage of the health insurance policy only after getting admitted to the hospital. But in the case of critical illness insurance, the lump sum amount will be simply provided on the diagnosis of the critical disease irrespective of the treatment expenses. If the treatment will take more than the sum insured amount then you have to pay that from your pocket. There are 36 critical diseases for which an individual can take medical coverage.
  • The waiting period in the critical illness cover depends on the seriousness of the illness. Whereas in the regular health insurance policy, you have to serve a default waiting period of 30 -90 days.

Factors that you should remember while choosing a critical illness insurance policy:

  • Sum insured: You have to determine your need for sum insured before purchasing a critical insurance plan. Treatment of some diseases cost less than compared to other diseases. A predetermined coverage will help you to get the right policy as per your requirement.
  • Sub-limits: Every critical illness plan has a mandate sub-limit applicable to it. Under this sub-limit, you have to pay some percentage of the total sum insured at the time of treatment. Make sure to go for lower sub-limits otherwise, you have to face the consequences by paying a high amount from your pocket.
  • Maximum age renewal: Specific critical diseases are covered up to a certain age. So, it is important to know the exact age up to which your disease is covered. Most of the insurance companies will not cover critical illness after the age of 60.
  • Age: The probability of getting diagnosed with critical illness automatically increases with age. To deal with this situation, you can consult an insurance expert. He will help you to determine the perfect plan according to your age group.
  • Waiting period: All the critical illness insurance has a feasible waiting period of one month. But for certain diseases, it can be more than the normal waiting period. You can compare different policies and go for the insurance plan with a low waiting period.
  • Exclusions in the plan: A critical illness cover will not cover all types of surgeries and diseases. In some cases, the policyholder should have to follow certain conditions to cover critical illness. While some diseases are permanently excluded in insurance policies. So, you have to choose wisely among the plans that cover your illness.

A standalone critical insurance policy is way different from a critical illness rider. A standalone policy has a high premium and provides comprehensive coverage. Where a rider plan has a comparatively low premium and provides less sum insured for treatment. you can take the advice of insurance experts to choose the best critical illness insurance plan for you

Why choose best health insurance policy in India?

Best health insurance policy in india

As per WHO, India will observe a high rise in cancer cases in the coming years. Also, we are observing a vast transformation in the health sector that leads to a swift increase in treatment costs. If the treatment cost gets doubled the next year then there is nothing to get surprised about. With a rough estimate of the expenses, it is assumable that the treatment of any critical illness like cancer will cost you more than 5 lakhs. So, It is a necessity of every individual to cover them and their family with health insurance. Otherwise, all your investment gets void to treat the diseases. There are many companies providing the best health insurance policy in India. You can also compare their quotes online to choose the best among them.

As per a report, an individual spends 25% of their income in dealing with health issues. So, it is important to purchase an insurance plan on time to maintain your savings as it is. The sooner you purchase health insurance, it will prove more beneficial in your old days. You can insure a baby of three months to a senior citizen till death.

Different insurance health insurance companies in India have different premium prices depending on the facilities provided by them. So, don’t forget to compare health insurance online prior to purchasing it.

How to choose the best health insurance in India?

There is no doubt that only the best insurance plan will fulfill all you need. If you try to compromise with the premium prices then it will surely decrease the facilities in an insurance policy. Make sure to check these pointers while purchasing the best health insurance in India, otherwise you will regret later.

  • A best health insurance plan will not only save your money but also provide complete coverage to all types of diseases.
  • The best health insurance plan is easy to buy and renew.
  • It can be customizable as per your requirement and family needs. You can include your parents, kids, and spouse in a single insurance plan.
  • A good insurance policy will cover all the pre-existing, critical, asthmatic, and chronic diseases.
  • There should be no age limit to opting for co-payment in the insurance plan.
  • The best health insurance company will ensure to cover all the daily expenses, transportation costs, OPD, room rents, and maternity expenses.
  • There should be no capping on room rent charges.
  • The best health insurance plan must have easy claiming procedures. You don’t have to visit multiple insurance offices to complete your claim.
  • The best health insurance company will provide an auto-recharge facility so that your account doesn’t get empty while treatment.
  • You will get up to a 20% cumulative bonus every year
  • A good health insurance company will ensure to cover all the maternity expenses of the baby as well as of mother.
  • The best health insurance company must have a wide range of network hospitals all over the country.
  • While choosing the best health insurance plan make sure to consider all medical situations of your family.
  • If you have more than one person in your family then go for a family floater plan. A family floater plan will give you a high sum insured in a comparatively low premium that you pay in separate individual plans.
  • Choose for the policy that can be renewed up to maximum age. You will get no claim bonus on renewing it every year and that will increase the sum insured.
  • Check the reviews on the official website of the company to get a rough idea of the claim settlement ratio. Choose the insurance company that applies no capping on room rents.

Reasons to choose the best health insurance policy in India:

  • Provide comprehensive coverage to the family:

Customers can choose cashless family floater plans to cover more than one member in the family. Rather than taking separate individual plans, a combine’s family floater plan will help to reduce your premium. Additionally, you will get more sum insured in family floater plans to cover all the family members.

  • Affordable:

The best health insurance plan in India should be affordable. You can pay the amount easily by maintaining all the savings and other expenditure of the family.

  • Easy to maintain:

The best health policy is easy to maintain. On taking multiple individual plans you may get confused among their renewal date. If you forget to renew the policy on time due to this confusion then it gets lapsed. So, maintaining and renewing a family floater plan is easier instead of renewing multiple individual plans.

  • Cashless treatment:

You can take a cashless treatment facility in all the network hospitals. Suppose a medical emergency occurs at midnight then you or your family member need to rush to the hospital. In that case, if a network hospital is there near your location then it will be truly a relief for you. All the expenses of your treatment will be looked after by the insurance company.

  • Multiple coverage options:

The best insurance policy will not only look for the medical expenses but it will also cover other expenses outside the hospitals. Like OPD facility, post-hospitalization expenses, tests, blood bank costs, organ donor expends, domiciliary care and many more

  • Customizable Riders:

Different families have a different medical history, thus need customized facilities as per their family need. All the major family floater plans come with customizable rider plans. You can choose or eliminate the riders as per your requirement while purchasing the insurance plan. If you have a person in your family suffering from critical illness then select a critical illness rider. If someone in your family is getting involved in accidents frequently then choose a personal accidental rider for then. You can also customize these riders’ plans to increase or decrease the sum insured.

  • Tax benefits:

Customers can avail tax benefits under Section 80 D of the Indian Income Tax Act on purchasing an insurance plan for their family. It also proves to be a good investment track for the future.