5 Health Insurance Lessons To Learn From COVID-19 Pandemic

COVID-19 pandemic has been a rough phase in everyone’s life. As a result of the pandemic, economies collapsed, businesses were shut down, people lost their loved ones, everyone was confined to stay at home, and a lot more. All these things contributed to a great loss of people and sectors. Digitalization has been enhanced to make things work from home and keep the work up, which has put a great deal of stress on a lot of people. All these things combined during the pandemic have made people learn a lot of lessons for their future ahead.

Health insurance plans are now bought by a large population within the country as people have come to realise the importance of having financial backup plans in case of medical emergencies. During the COVID-19 pandemic, a lot of people lost their loved ones due to lack of finances to pay for the treatment or due to the poor quality of medical services. But, health insurance policies ensure both these facilities to its policyholders under an affordable cost. There are certain points which must be considered while buying a health insurance plan during COVID-19.

Health Insurance During COVID-19 Pandemic

The demand for health insurance plans has increased dramatically over the last few years as people have come to realise the importance of financial aid during the medical treatments in case of an emergency. The health insurance providers have rolled out COVID-19 specific plans like Corona Kavach Plan and Corona Rakshak Plan for the betterment of the customers with extensive coverage. IRDAI has mandated the insurers to include coronavirus coverage in their regular health insurance plans for all the policyholders. These COVID-19 specific health insurance covers come with features like expenses for masks, PPE kits, gloves, nebulizers, etc. for the policyholders. It also looks after the intensive care charges of the patients as a patient of coronavirus requires ventilator support in serious cases.

Must Read: Home Remedies For Increasing Immunity During Pandemic

5 Health Insurance Lessons To Learn From COVID-19 Pandemic

The policyholders have learnt certain lessons during the period of the coronavirus pandemic. They have come to consider certain key points which must be kept in mind while buying a health insurance plan to overcome the conditions like that of a COVID-19 pandemic. Following are some of the lessons which must be learnt regarding the purchase of a health insurance cover during COVID-19 pandemic:

1. Look For Good Claim Settling Insurers

While looking for a health insurance provider, you must compare the claim settlement ratio of various insurers as it shows the ratio of claims settled by a particular insurer in a policy tenure. You can avail the benefits of a health insurance plan at the time of claiming the policy, and therefore it is important that you choose an insurer that settles the claim quickly, smoothly, and without any hassles.

2. Do Not Ignore The Fine Print

After the purchase of a health insurance cover, the insurer provides the customer with a 15 day free look period during which the customer must thoroughly go through the terms and conditions of a health insurance policy, to make sure that their demands and requirements have been met. It is essential that you analyze your needs before investing in a plan so that you can choose the necessary features in a plan and customize it accordingly.

3. Look For Cashless Claim Benefits

With the advancements in technology, the health insurance providers now offer cashless claims to the customers. Under such claims, the medical dues of the patient are cleared directly by the insurer to the hospital without involving the policyholder thus making the whole claim settlement process hassle free and quick.

4. Do Not Hide Your Medical History

Often people do not share their medical history with the health insurance provider which can have serious consequences at the time of claim settlement process. During COVID-19, people suffering from critical pre-existing diseases like diabetes, lung diseases, etc. were at a larger risk, and therefore to be able to make future claims it is important that you reveal your medical history to your insurer.

5. Do Not Settle For Insufficient Coverage

For the sake of saving some amount of money, you must not settle for insufficient coverage. You must look for a cover that meets your demands and requirements under an affordable price.

Conclusion

Considering these lessons you must invest in a suitable health insurance cover for yourself and your loved ones during the COVID-19 pandemic. You must carefully read the fine print of your policy to make sure that your demands have been met.

Also Read: The Ever Growing Need For Health Insurance Post-Pandemic

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.