The year 2020 is like a roller-coaster ride with something new happening with each passing day. We are already in May and the only problem is that there is nothing much positive to share about the year. The Covid-19 pandemic (or Coronavirus) has put the entire world into a grinding halt. Coronavirus belongs to the large family of viruses that can cause deadly diseases like Severe Acute Respiratory Syndrome (SARS).
Till the time its vaccine is not available, people around the world need to practice social distancing and take the necessary precautions so that they do not catch the infection. The WHO (World Health Organization) has laid down several measures that have to be followed on a regular basis to flatten the curve. Governments across the world are working tirelessly to make sure that their citizens are safe.
Should You Get Health Insurance?
Despite taking all the necessary precautions, many of them are worried and anxious about catching the infection. Rather than being worried, it is necessary to be prepared for the future and keep yourself financially secure so that you are well-prepared to meet the medical expenses, even if you (or your loved ones) are infected.
A good health insurance plan is a must-have in such circumstances as it keeps you financially secure in these difficult times. In a country like India, a Covid-19 diagnostic test in private hospital costs around Rs. 4500. If the case turns out to be positive, the per-day hospitalization charges could be around Rs. 10,000 for a single individual. Major insurance firms offer individual health insurance, as well as, family health insurance. Health insurance plan helps in meeting the hospitalization & treatment costs, which would otherwise look humongous in such times.
It is surprising to know that only 44 percent of the Indian population is covered under a certain health insurance plan . This is a worrying statistic as health insurance comes handy when you need it the most. Also, citizens having a health cover might not be aware of the fact that they can get medical insurance for COVID-19 on their existing policy. As per the directions by IRDAI (Insurance and Regulatory Authority of India), all insurance companies are now extending their coverage for COVID-19 under existing health insurance plans.
What Does Your Health Insurance Cover?
For starters, below are some of the things covered under a Health Insurance Cover:
- In-patient Hospitalization
- Pre and post hospitalization expenses
- Daycare procedures
- AYUSH (Ayurvedic, Yoga and Naturopathy, Unani, Siddha, & Homeopathy) Treatment
- Domiciliary hospitalization charges
- Preventive healthcare as well as wellness
- Ambulance charges
- Health check-up
- Vaccination in case of animal bite
Prestigious insurance company like Royal Sundaram General Insurance offers individual plans, as well as, family floater plans for self, spouse, and children. The key benefits of a health insurance policy like Lifeline Classic from the company are that it offers a significant number of benefits along with health cover for medical conditions, certain illnesses, and critical health situations.
Most health insurance companies in India also offer NCB (No Claim Bonus) which is a reward given by the insurance company to the policyholder for not making any claims during the policy term.
We have already discussed the costs of COVID-19 treatment earlier in the blog. However, a key thing to note is that new policyholders can also apply for medical insurance for COVID-19. Existing policyholders can extend their policy with COVID-19 cover by paying up the additional premium that comes along with the coverage. The premium is paid will vary depending on the insurer, insurance policy, coverage, and its type (individual or family).
As senior citizens are more susceptible to infection, it is recommended that elderly people in the family are also covered under a good health insurance policy. With growing age, complications might arise and that would lead to rising medical costs. Hence, it is practical to bring them under the health insurance cover. Here are some of the vital reasons citing the importance of health insurance during COVID-19.
Importance of Health Insurance for COVID-19
- High treatment costs – As of the first week of May, the doubling rate in India has come down to 10 days. With cases rising with each passing day, Government hospitals are overwhelmed and might not be able to admit patients that do not show major symptoms of COVID-19.
In such cases, you might be forced to visit a private hospital for a diagnostic test. The test costs Rs. 4500 and if it comes out to be COVID positive, the hospitalization charge could be around Rs. 10,000 for a single individual.
A good health insurance cover could reduce the financial burden as pre and post-hospitalization costs, cost of diagnostic tests, ambulance charges, quarantine charges in the hospital, etc. will be covered under the policy.
- Protection of Senior Members – As the deadly virus affects senior citizens and people with low-immunity levels the most; you should buy health insurance for your parents (and dependent family members.
Senior citizens need your support more than ever in these unprecedented times and health insurance coverage could be the best gift for them.
- Financially secured – Individual health insurance or family health insurance plan covers all the expenses made towards doctor consultation fees, pre- and post-hospitalization costs, medical tests, and more. This will reduce the financial stress during medical emergencies.
One important lesson from COVID-19 is the importance of being financially secured through a good health insurance cover.