Importance of Health Insurance Cover in times like COVID-19

Importance of Health Insurance Cover in times like COVID-19

The entire world is battling the COVID-19 pandemic that has destroyed the world economy. Though the majority of the states are under lockdown, it cannot continue forever else it would take years to revive the Indian economy. Different areas in a city are categorized into green, orange, and red zones depending on the number of COVID-19 cases in the locality. These are major steps implemented by the Government to curb the spread of the pandemic along with gradually exiting from the lockdown.

Importance of Health Insurance Cover in times like COVID-19

In the current situation, there are no vaccines that prevent anyone from contracting Coronavirus. Hence, taking precautionary measures is extremely important, especially when you are stepping out of the house for buying essential items. People who are suffering from hypertension, diabetes, heart ailments, or any such serious conditions should take excess care and avoid venturing outside. The reason is that such people are more vulnerable to the virus and it could turn out to be deadly for them.

Someone having low immunity levels should work on boosting immunity and avoid going outside. There is no point in lamenting whether you or your loved ones will get COVID-19. It might just give panic attacks or raise your anxiety levels. Apart from taking safety precautions, it is necessary that we also stay prepared for the future. The solution is gifting yourself and your dependents (family members) a good health insurance plan.

The cost of a COVID-19 test in a private hospital is Rs. 4500 and the hospitalization charges could go as high as Rs. 10,000. Expenses can mount up like a stack of cards. Hence, you should choose an appropriate health insurance coverage so that you are not worried about the hospitalization expenses in these unprecedented times. If you already have an insurance cover, it is pretty straightforward to get health insurance for Coronavirus.

The IRDAI (Insurance Regulatory and Development Authority) has issued a mandate that all the health insurance companies should settle the Coronavirus related cases with immediate effect so that patients do not have to bear the additional stress. Such additions to the existing insurance policy are implemented under the SandBox regulation that lets insurers, fintech, and others in the financial sector to perform live-testing of the new products in a controlled environment.

The importance of Health insurance was the need of the hour as worries were mounting for people, even if they (or their loved ones) showed no symptoms of COVID-19. Once the lockdown is partially lifted, a majority of us would feel worried about going outside as there is a rise in the number of Asymptomatic COVID-19 patients.

As per the directions of IRDAI, major insurance companies are extending the coverage for Coronavirus for different health insurance plans. This means that if you already have indemnity health plans, the hospitalization and treatment costs for positive COVID-19 cases would be covered under the existing health insurance policy.

Senior citizens are more vulnerable to COVID-19 and it is the ideal to choose health insurance for parents. Though senior citizens might be following a healthy lifestyle and a good routine, there is no denying that most senior citizens have some health concerns. Due to some unfortunate circumstances, if a senior member in the family gets Coronarivus, the expenses might turn out to huge. Insurance companies like Royal Sundaram Health Insurance offer comprehensive insurance packages – Lifeline and Family Plus.

Family Plus is a family-floater plan that is designed for large families and can cover up to 19 relationships. At this stage, health insurance for parents has become an absolute necessity as they may not be in a position to pay up their medical expenses due to retirement. Even if they had health insurance when they were working, it would have lapsed post-retirement.

Below are some of the benefits that one can avail under the COVID-19 health insurance policy:

  • Coverage of costs related to COVID-19 detection tests.
  • Coverage of pre-hospitalization and post-hospitalization expenses.
  • Coverage of quarantine charges if the treatment is done at a recognized and registered medical facility.
  • Coverage of ambulance charges.
  • Frictionless and cashless reimbursement claim process.

Many companies are laying off people and it is difficult to get a job in these turbulent times. People are constantly worried about whether they would be able to pay up expenses if they lose jobs due to a slump in the global economy. As this situation is well-known to everyone (i.e. Government, RBI, regulators, etc.), IRDAI has mandated that valid claims process for Coronavirus should be cleared within a window of 24 hours. Even if a patient would have paid up the expenses in the hospital, clearing the claim in such a short time would ease the gravity of the pressure.

It is alarming that close to 56 percent of the Indians do not have any type of health insurance cover. This is the time when insurers should put forward the benefits of health insurance to this population so that they can avail of the benefits in the post-COVID-19 world. Health insurance keeps them financially secure by paying up premiums on a regular basis. With Coronavirus pandemic, health insurance has become an absolute necessity.

Dependent family members, especially parents, should be covered under a suitable plan that offers health insurance as it shields them from possible health risks. The deadly COVID-19 pandemic has taught us crucial life lessons; one of them being the importance of health insurance cover. As it is rightly said, ‘better late than never’.

Stay Indoors, Stay Safe

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