Life is an unpredictable journey- you are unaware of what happens the next moment. The disease COVID-19 has also hit the world as an unexpected tragedy. Several people have been affected by the pandemic while many have lost their lives battling against the disease. As of 1st May, 2020 there are 3.36 million infected cases of COVID 2019 around the globe, out of which 239000 couldn’t survive. In this scenario a Health Insurance Policy can prove to be a savior against the invisible enemy- The Coronavirus. Though there are several policies that offer full financial coverage in case of a disease or injuries caused due to an accident, various insurance companies have come up with COVID19 specific health policies amidst this crisis.
In this article, you will get answers to all your questions relating to health insurance. A few would be how to buy health insurance on your own ? Is it good to buy health insurance? Can I buy health insurance now? In a nutshell, this is your complete guide on how to choose a health insurance policy.
What is a Health Insurance Policy?
A Health Insurance Policy is a tool to help the insured person to cope with the expenses that would occur due to the illness or incase if he meets with an accident. The Insurance Company reimburses the cost of medical expenses incurred by the person insured. It is very well known that medical expenses have increased manifolds and are not within the reach of a common man. By buying a Health Insurance Policy a person simply lightens the burden of the unexpected medical expenses. All he has to do is, to pay small annual premiums.
There are various policies covering a wide range of expenses, but a good Health Policy usually covers doctor’s consultation fees, the expenses of the medical tests, hospitalization charges and recovery expenses too. One should wisely choose a Policy after reading the terms and conditions of the same.
Why should I buy a Health Insurance Policy?
The benefits of buying a Health Insurance Policy are many. Despite the benefits India has low insurance penetration. It is important to make people aware of the following benefits.
- Usually the insurance companies work in collaboration with the hospitals, so the person insured can avail cashless treatments.
- The ambulance charges also come under the umbrella of a good Health Insurance Policy.
- The policy covers pre and post hospitalization charges as per the policy bought by the person insured. Isn’t it a relief to the pocket?
- There is a ‘No Claim Bonus’ feature in which the person insured receives a bonus in case he has not claimed for any treatment in the previous year.
- Usually Insurance companies provide free medical checkups to the person insured.
- As per section 80D, the premium paid on Health Insurance is tax deductible.
Aren’t these benefits sufficient to convince people to buy a Health Insurance Policy?
What are COVID19 specific Health Insurance Options?
Since the pandemic is draining the pockets of those diagnosed with the disease, the star insurance companies have come up with COVID specific policies. The companies offering such products are Bharti AXA Health Insurance, Star Health and Allied Insurance, Digital Health Care Plus, ICICI Lombard and Reliance Insurance. The products offers a lump sum incase a person insured is diagnosed with disease and the policy terminates after the sum is paid to the insured. The sum ranges from Rupees 21,000 to Rupees 2 lakhs. The premium paid by the insured ranges from Rupees 150 to Rupees 3,900. The policy offers quarantine coverage and pre-medical checkups. There are other benefits also depending upon the product bought by the insured.
Who Should opt for Coronavirus Specific Products?
According to Insurance experts if an individual is under the coverage of a basic indemnity plan, then he will also be covered under all COVID19 related treatments. Then why are these plans released by the star insurance players? These products are targeted for those people who have no personal or group insurance cover and are running low on funds. The premium on these temporary covers is comparatively very low and the policies are a very good option for those who are at high risk of being diagnosed COVID positive.
The products are also very convenient for the rural people as they are usually unbanked and uninsured. The whole process of claiming the lump sum on being diagnosed is hassle free and requires no hospitalization or provision of bills to make a claim.
For individuals who have never invested in a Health Insurance Policy, the best buy health insurance options are offered by many health insurance firms that you can check easily. You can buy health insurance online in India. And yes, you can buy health insurance now to stay safe against the bills that will hit the pockets hard.
A Brief Analysis
In this time of crisis, when incomes are at a standstill and expenses continue, the importance of Health Insurance Plans should be realized. They offer great relief when a sudden adversity happens to an individual who is insured. Since there is a wide range of products offered by the insurance providers, it is up to you which one you select depending upon your need and pocket. So be wise enough to choose one. Get your health insurance today!
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