Importance of Buying the Best Health Insurance during COVID-19

2024-08-02

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Covid-19 pandemic has been difficult in various aspects. It has made individuals realise the significance of health and taught people how to take sound care of their health and the well-being of their loved ones. Since India is one of the top countries that has worst hit by the pandemic, the health insurance sector has witnessed a huge surge due to increased demand. Individuals have now started getting worried about the repercussions of a medical emergency on their wallet, and this is the reason why they are spending to buy comprehensive health insurance.

6 Benefits of Buying a Health Insurance during COVID-19

With more than three lakh active cases in India alone, being protected is the biggest concern. Health insurance works as a financial cushion that safeguards you and your family at the time of a medical crisis.

It might not be wrong to state that due to the advent of the global pandemic, having a medical insurance policy has become a new normal. People nowadays are readily accepting this new normal as almost every insurance provider has started providing insurance coverage to patients suffering from Covid-19 disease along with various other diseases.

Mentioned below are a few points that state why you must opt for a health insurance policy during Covid times.

1. Provides comprehensive coverage

Medical emergencies always arrive unannounced, and this is the reason why people opt for health insurance. Opting for a health insurance plan safeguards your family during difficult times, and it further presents a comprehensive coverage against all prominent bodily diseases.

In addition to this, another reason why people must take health insurance during these times is that health insurance can also provide extensive coverage against Coronavirus and reduce your hospital expenses to a great extent.

2. Rising medical expenses

The rise in medical expenses is one of the reasons why more and more people are opting for health insurance policy during the Covid times. The increased demand for medical treatments led to a rise in the price of healthcare facilities, and hence to curtail their medical expenses, people are opting for a cashless health insurance policy.

Learn why opting for short term health insurance plans is a wise idea.

3. Lifetime protection

Looking at the present situation, people are opting for a health insurance policy that provides them with lifetime coverage.

While earlier the coverage cap placed by insurance providers was 70 to 80 years, many insurance policy providers these days present medical insurance for lifelong protection. Therefore, if you do not already have one, you must readily opt for a health insurance policy during Covid.

4. Provides various tax benefits

Purchasing a health insurance policy also has tax advantages. All the premiums paid for a health insurance policy are exempted and considered for tax deductions under section 80D of the Income Tax Act, 1971.

Hence, you can get the benefit of a tax write-off when you spend for health insurance premium for yourself and even either for your parents, spouse or kids.

5. Extra rider advantages

Another benefit of getting health insurance is that you can easily get extra rider benefits to your existing medical policy. These extra rider benefits can be the inclusion of coverage in case you get infected by the Coronavirus, and it will cover all your medical expenses in this emergency.

In addition to this, these rider benefits are provided by almost every insurance provider, and they can easily be added to your policy with a minimum additional premium amount.

6. Emergency coverage

During these challenging times, there is often a need for urgent hospitalisation because of oxygen levels dropping abruptly. This is a major solicitude in semi-urban and rural areas where routine transportation at irregular times might be hard. Hence getting medical insurance during the covid can be a life saviour for you and your family.

Learn how a life insurance cover increasing healthcare expenses.

How to Claim a Health Insurance?

A health insurance plan outfits you to obtain the most desirable healthcare treatment without bothering of the tremendous charges due at the point of discharge. Hence, understanding the procedure of claim is an indispensable part of the information that the covered person must know. The two principal kinds of health insurance claim which a person can pick from while requesting a claim are mentioned below.

1. Reimbursement claim procedure

In this reimbursement claim procedure, the covered person admitted to a particular hospital funds the complete medical treatment until they are discharged. Once the insured person has spent for the medical treatment and hospitalisation expenses incurred, they are required to claim the insurance provider for the reimbursement.

To get the refund of the claim, the person insured must have to produce the original hospital expense and medicine bills. However, you must always provide authentic bills at the time of the claim, as your insurance provider will review the claim application made and will then choose to accept or repudiate it.

2. Cashless claim procedure

In this cashless claim process, the insured person will first receive the treatment at the hospital, and then during the time of discharge, the hospital will forward the claim to your designated insurance providing company.

This cashless claim procedure is hassle-free for the insured person as the adjustments are between the insurance company and the hospital.

After looking at all the points mentioned above, it can be easily inferred that the requirement of health insurance has increased tremendously during the pandemic. Health insurance plans are growing essential in this age of disease-prone people and costly medical treatments.

Know when is the right time to buy a health insurance plan.

You can assess the medical requirements of your family and then choose specific and the best health insurance plans available. Apart from this, you can also pick from the latest covid related health insurance plans by the Canara HSBC Life Insurance and save yourself from unexpected medical expenses.

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Disclaimer

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