Steps to Consider when Buying Health Insurance Plan for Coronavirus

Health insurance has become the need of the house ever since the outbreak of the coronavirus in the last year. Having an optimum insurance plan helps the insured and the family to stay away from the financial stress that comes along during such medical situations. Having said that, opting for the right plan has become all the more important to keep you and your family away from the excess stress. The right plan here means the plan that very well fits you and your family’s medical needs.

As it is said that. Prevention is better than cure. It is always preferable to take the wise steps to avoid any unexpected surprises later. In this article, we have highlighted some of the significant considerations one must look upon while finalizing a health insurance plan for the treatment of Covid-19. This will definitely erase out your confusion and help you make an informed decision.

Consider when Buying Health Insurance Plan for Coronavirus

Consider the inflation that is going to hit in the coming years

The hike in the cost of the treatment of any diseases is considerably increasing year by year. The amount of sum insured which seems to be sufficient today, might not be adequate a few years later now.

Hence, it is highly necessary to figure out your and your family’s medical needs and opt for the best suitable plan that would ensure to offer complete coverage during such an inflation period.


Check the Network Hospitals Option

Going to the network hospitals during medical emergencies can help the insured to opt for cashless claims. Hence, it is critical for one to figure out the plan or insurer that offers network hospitals options near your vicinity. You must also check if the network hospitals are providing the necessary treatment for coronavirus under the plan coverage.


Right Policy Cover

When it comes to the treatment of coronavirus, buying the right cover is highly significant. There are numerous insurers in the market that offer coronavirus coverage under the health insurance plan. Also, during the spike in the covid cases, there were companies that came up with dedicated plans for covid.

Looking at these options, one might get confused as to which plan is a better option. Thus, one must study the plan and insurer and about its features/benefits, inclusion and exclusion well in advance before finalizing one.


Consider homecare treatment

Not every covid patient needs hospitalization for the treatment. There could be patients who could be treated at home and there could be also patients who could find it difficult to find beds in the hospitals and are asked by the doctors to treat at home (such cases were observed during the upsurge of cases both during the first and second wave). Hence, it is critical to check if your plan offers you the provision of home care treatment while opting for the plan.


Claim settlement process

Been diagnosed with coronavirus itself puts a lot of financial and mental pressure both on the patient and family. Having a seamless claim settlement process by the insurer can always be relieving and help both the insured and the family focus on the treatment procedure without worrying about the financial or claim aspect.


Co-payment clause

The co-payment clause enables the insured to pay a specific amount of the total claim amount from his or her pocket. One must check this clause well in advance in order to avoid any unpleasant surprises during the claim process. Also, opting for an insurance plan which doesn’t have any co-payment clause could be beneficial as it might ensure complete coverage and you can avoid the stress of paying any additional amount later during the claim process.


Waiting period clause

This can be another factor that one must consider while looking for a coronavirus plan. There are certain waiting periods for people who have been diagnosed with covid-19 in the past to undergo some waiting period before getting covered.  One must definitely check for this clause before finalizing for one.


Other considerations

Policyholders should always consider reading the policy document well in advance and understand both exclusions/inclusions to avoid any unpleasant surprises during the claim process. There could be certain additional benefits offered by the specific insurers which you might miss if you haven’t done your research in prior.

Also, do not fall for plans with lower premium rates, always check if the plan offers the necessary converge for you and your family during medical emergencies. Consider the different options available online and try to take an informed decision as per your requirements.


Authored by:  Mr. Rakesh Goyal – Director, Probus Insurance, an Insurtech Broking Company

To head one of the leading Insurance firms with a 230 + Crore premium in a year, customarily from the retail clients paired along with its pan-India presence and also balanced by an equal mix of Life and Non-Life Insurance, is both a coveted and challenging job. The job mix makes the person most sought after in the Insurance Industry – Mr. Rakesh Goyal, Director and the man behind the very successful ‘Probus Insurance Broker Pvt Ltd.’

He is an MBA degree with a diploma in International Trade, Mr. Goyal has been in the field of financial services since 1996 bringing utmost understanding of the market and sharp thinking that has been the reason behind the continuous growth and success of Probus.

Excelled in the fields of general and life insurance distribution, channel management, and relationship management Mr. Goyal has implemented pioneering strategies for distribution and has helped build corporate relationships and management skills.