Since the outbreak of the coronavirus disease (COVID-19) in 2019, the world has come to a halt, prompting governments to impose lockdowns and individuals to be bound to their homes. The COVID-19 pandemic has caused a serious health crisis, damaging health systems and the economy worldwide.Health insurance sales are increasing dramatically as healthcare costs rise.
It is widely believed that the health insurance can cover you from the hospitalization cost, followed by medical tests, medicines and quarantine cost.
It is important to know why you need health insurance and what are the considerations while you plan for a health insurance
Why do you and your family need health insurance?
Medical emergencies can happen at any time and in any place, regardless of gender or age. It is a common misperception that only the elderly require insurance coverage. The amount of pollution we are exposed to on a daily basis, the contaminated food we consume, the contaminated air we breathe, and the high amounts of stress we create all combine to pose a significant threat to our immune systems. This is going to make us really sick. In a medical emergency, it is impossible for a person to sustain the financial strain. That is why health insurance coverage is sought after in order to cover a substantial quantity of medical bills.
- It covers your medical bills:
With the growing medical expenses, it is very difficult for an individual to take care of himself and his family during medical emergencies. Taking health insurance lessens his burgen of paying the medical bills. Health insurance covers Pre and post-hospitalization costs Individual and family floater alternatives are available, as are ambulance services needs, day care treatments, doctor’s fees, operating room charges, and medical checkups. Covers in-patient medical costs such as accommodation, diagnostic tests, nursing costs, ICU, and so on, and also provides a cumulative bonus. Provides AYUSH Benefits (covers treatment charges for Ayurveda, Unani, Sidha, or Homeopathy).
- The premiums are affordable
The premium for a family medical insurance plan is substantially lower than the premium for individual coverage for each family member. As a result, the plan provides reasonable coverage while being easier on your wallet.
- Tax benefits
Another important benefit of family floater health plans is that they provide tax advantages. When you purchase a family floater policy, you can claim a tax deduction of up to INR 25,000. If you are a senior person, this deduction is increased to INR 50,000. Furthermore, if you get a separate family floater health insurance policy for your parents, you can take advantage of an additional deduction of INR 25,000, which climbs to INR 50,000 if your parents are senior citizens.
- New members can be added easily
Family floater plans make it simple to add new family members. If you have a new family member (childbirth), you can easily obtain coverage for the child beginning in the middle of the policy term, depending on the terms and circumstances of the policy. Simply make a request to the insurance company, pay an extra premium, and the child will be covered under the policy without any problems.
- Get a comprehensive coverage
Family health plans have varying coverage benefits, and you can compare and select the plan with the most comprehensive coverage features. When you do so, your family will have full coverage, and you will have peace of mind knowing that the plan will cover all major medical expenses.
Changes in health insurance with global covid-19 pandemic
The Covid-19 pandemic has impacted not just people’s perceptions of health insurance, but also numerous health insurance plans.
People’s Behavior
The intensity of the Covid-19 pandemic, particularly the second wave, and post-Covid problems have made us realize the need of having adequate health insurance coverage to cover hospitalization and other medical expenses. While people are becoming more interested in health insurance, health insurance firms have improved their services by introducing additional features and loosening some rules to make claims easier.
Health Insurance plans
The COVID-19 pandemic opened the path for coronavirus health insurance policies. On the guidance of the IRDA, health insurers in India launched two such policies, Corona Rakshak and Corona Kavach. These insurance cover any medical expenses incurred as a result of contracting COVID-19. Unlike conventional health insurance plans, both the Corona Rakshak and Corona Kavach policies cover the cost of consumables needed during coronavirus treatment, such as PPE kits, masks, gloves, and so on. In fact, the Corona Kavach coverage covers the cost of comorbidity-related medical bills.
Coverage for tele-medicines
In a positive move, health insurance plans are now covering the medical expenditures associated with telemedicine. Telemedicine, for the uninitiated, refers to medical consultations conducted by telephone, chat messages, video chats, and other means in which the patient does not have to physically meet the doctor. Telemedicine consultations are typically not covered by health insurance. However, the COVID-19 epidemic resulted in a lockdown and social isolation, requiring people to seek offshore medical consultations rather than going to the doctor. As more consumers choose telemedicine, the IRDA directed health insurers to include the cost of telemedicine in plans that provide coverage for doctor consultations.
Conclusion:
With the global Covid-19 pandemic, the insurance industry is updated with many new features. It is better to enlighten yourself and avail the wonderful options given by the insurance companies. To know every highlight of your health insurance, ask your financial advisor about the details of your policy.
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