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Buying Covid-19 Specific Health Insurance Policy - What To Consider ?

There is no denying the importance of  health insurance  in securing our health on monetary grounds. With the outbreak of this outrageous virus, that has affected all our lives in some way or the other, the thought of buying a Covid-19 health insurance policy has crossed us multiple times. It is so because we feel a sense of responsibility and care towards our loved ones and their well-being, which obliges us to consider buying enough health insurance cover at all seriousness. Buying-Covid-19-specific-health-insurance-policy-What-to-consider

What to look for when you are buying Covid-19 specific health insurance policy?

  • Eligibility/Age restrictions

  • Sum Insured

  • Free look period

  • Easy claim process

  • Emergency Ambulance/Transportation

  • Policy Term

  • Teleconsultation

  • Taxes and benefits

  • Daily cash benefits

  • Post hospitalization coverage

What coverage & benefits do Covid-19 specific health insurance policies offer?

Eligibility for Buying Covid-19 specific health insurance plan

While buying the Covid-19 health insurance policy one must ensure if they fall under the age bracket specified in the insurance plan. Most of the health insurance policies provide insurance to adults between the ages group of 18-65 years.

Sum Insured for Covid-19 specific health insurance policy

Check the amount insured and the premium that you will be paying for it. Also, don’t mind comparing different health insurance policies, so you get a fair idea of all amenities are being provided by them.  Optima Restore , my:health Suraksha, Corona Kavach Policy, my:health Medisure Super top up & Health Wallet - All these plans cover expenses on COVID-19 treatment in parallel to your standard health cover. For instance, health insurance plans start from a price of Rs.511 per month but the sum insured in the former policy is rarely sufficient.

Cancellation period/Free-look period for Covid-19 specific health insurance policy

Look for the cancellation period while choosing an appropriate health insurance plan. HDFC ERGO Health provides a free look period of 15 days to its customers. So, do have a look at that as well.

Emergency Ambulance & Transportation facilities for Covid-19 specific health insurance policy

Make sure that the insurance plan includes transfers through an ambulance as it would act as a back-up during an emergency, in case you do not get a vehicle to be able to reach the hospital in time.

Policy Term for Covid-19 specific health insurance policy

Check the policy term of the health insurance plan is at least one year as we can’t predict how long the pandemic will last. At a minimum, any ray of hope like a tested vaccine or medicine to treat patients of COVID Sars-2 will take somewhere around eight to nine months, although it’s just an assumption, it is better if you opt for a plan which holds for at least one year.

Tax Benefits for Covid-19 specific health insurance policy

As per Section 80D of the Income Tax Act, 1961, any individual who buys a health insurance policy is eligible to avail of a rebate on taxes of up to Rs. 25,000. Now, that makes the people buying Covid-19 insurance plans to be eligible for this rebate too.

Easy claim process for Covid-19 health insurance polic

Check the insurer’s customer reviews to make sure that the company offers an easy claim process and you won’t have to go through unnecessary hustle at the time of recovering the insured amount.  HDFC ERGO has a simple and online claim process that takes merely 5 minutes.  

Post hospitalization coverage

Keep in mind, after a patient is tested positive of the Covid-19 test, he is quarantined in the hospital for treatment followed by self-isolation for at least about 14-15 days. Thus, your insurance policy should also cover the costs incurred pre and post hospitalization, including the medicines, tests, masks, etc., maybe even for you pay loss. Examine the guidelines and policies of the company before taking a decision.

Tele-consultation

HDFC ERGO Health is providing free of cost, consultation with experienced and certified doctors to get assistance at any point in time. These calls can be made whenever you desire. There are no time restrictions since the practitioners will be available on call 24*7.

Daily cash benefits

It’s evident from the name of this benefit itself, that a person would get some amount daily from the insurance company for a specific number of days so that he can carry out his expenses such as medicines, gloves, masks, etc. Dig to find a plan with optimal daily cash at the time of  buying the health insurance policy .

What else you should know?

All health insurance plans have a standard exclusions list and you must check those in detail. Eligibility Criteria Under what circumstances will you be eligible to get Covid-19 insurance coverage or any other health insurance policy for that matter. You will get the insurance cover only if you are not suffering from the disease at the time of buying the policy. Once you are tested positive of the disease, you will not be able to gain the benefit of the insurance policy. Read more about  COVID-19 Assistance Guide Waiting period You might have to wait for a short period before you can claim your insurance cover. Usually, the period holds for fifteen days or so. The waiting period begins from the date of policy issuance. So, if the need arises, in those 15 days, you might not benefit from your health insurance policy. The number of policies per person One individual is allowed to have only one policy in his name. That means one person cannot make multiple claims from multiple health insurance plans for the same reason even if he buys them. “The greatest of follies is to sacrifice health for any other kind of happiness,” says a German philosopher, Arthur Schopenhauer and it couldn’t have been put better. Your health is the greatest wealth you have. If you don’t have your health you won’t be able to live your life the way you want to.


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