Should I Buy Individual Or Family Health Insurance Plans During COVID-19?

During this ongoing deadly coronavirus pandemic, it is important to have a backup for financial aid for yourself and your loved ones. To survive the attack of the coronavirus disease, you must need immediate medical attention and quality treatment in a good hospital. But, due to the rise in inflation in the health sector it is difficult to achieve for a large group of people in the society and therefore, health insurance policies have been rolled out specifically to help the people tackle their financial issues during the pandemic without affecting the quality of treatment received in the hospitals. 

The insurance regulatory body has launched COVID-19 covers to make sure that people receive good healthcare treatment without compromising. These health insurance covers for COVID-19 are short term and can be availed after a short waiting period of a few days which might differ from one insurer to the other. The plan looks after the expenses incurred during the treatment of coronavirus and pays for the costs of PPE kits, masks, medication, oxygen cylinders, room rents, ambulance charges, hospitalization, and a lot more. 

Tips To Buy A Health Insurance Plan During COVID-19 

During the COVID-19 pandemic there is a need to shield and support yourself and your family against the medical expenses incurred due to the treatment of coronavirus disease and for that you can purchase a comprehensive health insurance policy. Following are the tips that can be followed to buy a suitable health insurance cover during COVID-19 pandemic: 

• Wide Coverage

The health insurance plan that you purchase can be an individual or a family floater plan depending on the number of people you are including under a policy. But, you must make sure that if you go for a family floater plan for all the members in your family, then there is enough coverage within the plan for all the members considered individually. A family floater plan can include you, your spouse, children, and dependent parents. You must get a separate plan for senior citizens in your family as the coverage of a family floater plan might  not be sufficient for them due to their vulnerability to contract the coronavirus disease. 

• Premium Options 

You must consider your financial budget at the time of investing in  a health insurance policy for COVID-19 pandemic. You must not get a policy with a relatively lower amount of premium as with the decrease in premium the sum assured under the policy also decreases. Thus, buy a policy that has an affordable premium rate for the customers.

• Cashless Claims 

You can avail cashless claim benefit from the insurer if you receive treatment in a network hospital of the insurance company. Therefore, look for the list of network hospitals of the insurer and get hospitalized in one of the nearest ones to get cashless claims where your medical dues will be cleared by the insurer directly to the hospital without much effort. 

• Right Insurer 

You must make no mistake when choosing an insurance provider for your COVID-19 specific health insurance policy. You can compare the claim settlement ratio of different insurers as the one with a higher claim settlement ratio will settle your claims smoothly and quickly without any hassles. You must compare the quotes of various plans and check the reviews of the insurance companies to select the suitable insurance provider for yourself. 

• Waiting Period 

Health insurance policies come with a waiting period for which the policyholder cannot avail the benefits of the policy. The waiting period of the policies differ from one insurer to the other and therefore, you must look for a COVID-19 cover that offers the minimum waiting period to the customers. 

Conclusion 

Keeping the above-mentioned points in mind, you can buy a suitable and comprehensive COVID-19 health insurance cover for yourself and your family. There are Corona Rakshak and Corona Kavach health insurance covers that are offered by almost all the insurance providers to deal with the ongoing pandemic situation. 

Must Read: Popular Individual Health Insurance Plans In India

Importance of Health Insurance for Family

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