Possible Solutions for Millions Struggling to Find Health Insurance Amid a Pandemic

Coronavirus outbreak has pushed back the insurance industry and is facing huge drops in renewals due to lockdown. But let's look at it from a person's point of view who wants to get insured amid COVID-19 and needs complete coverage. First of all, this could be a confusing procedure for people who are new to health insurance, and secondly, the lockdown has made things difficult moneywise. However, the number of health insurance inquiries have been increasing after the sudden outbreak.

Why Do You Need A Health Insurance During Covid-19

There is no denying that people of all ages are worried about the pandemic, impacting millions of lives around the world. They are more aware and looking for options for a better life for their family, and getting health insurance in one of the steps towards a peaceful life. Having complete coverage can help you in times of medical emergencies and save your financial health too. Whether you are in a contiguous zone or not, the economy forces everyone to have standard health insurance not only for better health care, but to save your financial condition as well.

How to Get Health Insurance During COVID-19?

As people are losing jobs and lacking the basic amenities in most of the areas, the sudden requirement for health insurance during the pandemic makes a lot of sense. Experts say that many people who get infected with COVID-19 may not get the health care they require because they are not covered with a health insurance policy.

Lack of knowledge and unavailability of insurance agents along with the financial crisis are the main challenges for the people who want to have health insurance amid lockdown. However, there are a few options that insurance seeking can consider. Here are the most effective solutions to get health insurance in current scenarios.

● Short-Term Health Insurance Policies for COVID–19 

In a time where everybody is afraid of the sudden outbreak, the uncertainty of getting affected with the virus makes it important to buy a health policy that covers COVID-19 diagnosis, and treatment charges. Therefore, the Insurance Regulatory and Development Authority of India has declared guidelines to health insurance companies to implement standard reimbursement and fixed benefits health plans for COVID-19.  

Insurers are now going to start short-term health insurance plans, covering COVID-19 and other major health care requirements with a maximum of 11 months of coverage, and lower premium. Although the plans may vary from one company to another, the common factors like a waiting period of 15-30 days and benefits may remain the same. You can contact any of the companies, and ask if you are eligible for such short term health policies.

Standard Health Insurance

Standard health insurance policies with common inclusions and exclusions are revised with standard COVID-19 features. These policies are easier to get for senior citizens under 65 years of age, and patients with pre-existing diseases. However, the sum insured could get a bit higher as compared to affordable health plans, but they can provide the required cover in the hour of need.

Online Health Insurance

One of the easiest ways to find the right health insurance is to avail it online. Most of the people who find it risky can compare the best available plans, offering maximum coverage and have a higher percent of claim settlement and cashless facilities. You can compare these plans and get online help before submitting the document digitally. Make sure you are not connecting with a random person but with an authentic website or a person from a reputed insurance firm.

Factors to Keep in Mind While Getting Health Insurance During COVID-19 

Benefits Covered

Keeping the circumstances in mind, the majority of people require health policy with a COVID-19 diagnosis and medication with common benefits like OPD cover, minimum waiting periods, and cashless facility.

Co-payment and Room Rent

There are health policies that ask the customer to bear expenses when the bill is small, but when the expense is higher, your policy will take care of the same. Also, if your room rent is beyond the policy limits, you can bear the deduction from the claim amount. An insurer who covers more than 50% of the room rent would be preferable to avoid pocket expenses.

Whether it is COVID-19 or other treatment expenses, you can’t ignore health insurance because of rising expenses. Adhering to the IRDAI guidelines, insurance companies need to come up with plans that provide complete health coverage for pre-existing conditions after a limited waiting period. However, you must take care of the above-mentioned factors, and choose the plan that fits your requirements and budget. It is also important to read the type of conditions that the insurance companies determine as pre-existing illnesses to avoid problems while settling claims.  

Source: Written By Mr.Naval Goel, CEO & Founder, PolicyX.com