When COVID 19 swept through the world in the first half of 2020, healthcare systems around the world were taken by surprise. The alarmingly high influx of patients saw doctors and nurses work around the clock to offer diagnosis and treatment to save lives. The high numbers of infected people getting hospitalized led many healthcare centres to run out of beds. But hospital rooms and were not the only things running out. A lot of people were suddenly taken by surprise when they realized that their current health insurance policies were simply not enough to cover the expenses that arose from COVID 19 complications.
Sensing this need, the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for insurance companies to offer basic COVID 19 health insurance plans. These short-term plans are truly the need of the hour as the COVID 19 pandemic shows absolutely no signs of slowly down anytime soon. With that in mind, here are 5 things you absolutely must keep in mind before buying a COVID 19 health insurance policy.
Check the policy inclusions
Even though your coronavirus health insurance is a short-term plan, you still want to aim for the best coverage you can get. Therefore, do not make a hasty decision when buying it. Check the inclusions in your policy thoroughly. Ideally, you should receive coverage for pre- and post-hospitalization costs. Also check whether your policy covers you if you are in quarantine without being hospitalized.
Inspect the list of network hospitals
Your insurance provider should have a good network of hospitals that are located close to where you live. Also, do ask questions about how well-equipped these hospitals are for treating COVID 19 complications.
Inquire into the waiting period
Most health insurance plans have a waiting period of 30 days that begins from the date the policy is issued. Do note that the number of days can vary between providers so, try to find a policy with the lowest waiting period.
Read customer reviews
It is very important that you know what kind of experience other customers have had with the insurance company you plan to buy your COVID 19 insurance policy from. So, do a bit of research online by reading customer reviews.
Study the claim settlement process
Always opt for an insurance company that has a simplified process of making claims. Good insurance providers offer you cashless facilities and also let you make claims easily online.
If you still feel you would rather take your chances with your current health insurance, you might be making a huge mistake. A lot of patients with above average coverage for health insurance are still reporting an expense of around Rs 1 to 2 lakhs from their own pocket for COVID 19 treatment. This is because a basic health insurance policy is not designed to fully cover the infrastructural costs or PPE kit charges levied by hospitals for COVID 19 treatment. With this knowledge in mind, do purchase a COVID 19 health insurance plan for yourself and your loved ones without delay. We hope this article helps you. Take care and stay safe.