Healthcare treatment costs are growing exponentially by at least 15 percent year on year. In fact, the COVID-19 expenses can go upwards of Rs. 5 lakh. 56% Indians still don’t have a health cover. According to the recent survey conducted by ‘Largest National Survey’ on consumption, only one-fifth of the Indians are insured under health insurance. Rest is still unaware of its importance.
A common mistake made by many is not buying health insurance before this corona pandemic. If many of us would have bought the health insurance, many lives could have been saved. It is already too late to contain Covid-19 in its infancy, and policymakers are struggling to keep up with the spreading pandemic.
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.
Health insurance offers a way to reduce such costs to more reasonable, affordable amounts. The way it typically works is that the consumer pays an up front premium to a health insurance company and that payment allows you to share “risk” with lots of other people (enrollees) who are making similar payments.
Importance of Health Insurance
A good health insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs and even post-hospitalization recovery costs to a certain extent.
You pay less for covered in-network health care, even before you meet your deductible.
You get free preventive care, like vaccines, screenings, and some check-ups, even before you meet your deductible.
Certain benefits are:
- Optimum Cover for Health-related Issues
- Financial Safety Against Rising Medicinal Costs.
- More Benefits for Young Buyers.
- Profitable Deals.
- Additional Protection Over and Above Employer Cover.
- Less Deduction in Income Tax.
6 Types of Health Insurance
Individual Health Insurance
As the name suggests, an individual health plan offers coverage on an individual basis. However, one can add other members, including spouses, children, parents, etc. by paying an extra premium.
Moreover, the premium is charged as per every individual’s age, medical history, and respective sum insured. In individual plans claim filed by one member, it doesn’t affect the sum insured of the other insured member.
Family Floater Health Insurance
In a family floater plan, the coverage is offered to all the family members, including spouse, children, parents, and other dependant members at a single premium. Usually, the premium is based on the age of the eldest family member. The coverage is almost similar to an individual health plan. The only difference is that the policy will cover all the family members under a single sum assured.
Critical Illness Insurance
A critical illness policy covers life-threatening diseases such as cancer of specified severity, kidney failure, stroke, paralysis, etc. The cost of treatment for such conditions is quite high, and it may require multiple hospital visits over a long period. Apart from hospitalization, there are various other expenses, including doctor visits, chemotherapy, etc. The sum insured amount is paid in a lump sum that can be used to cover all the medical costs.
Hospital Daily Cash Benefit Plans
The type of medical plan offers a lump sum amount for each day of your hospitalization. The sum assured is fixed at the outset and would remain fixed irrespective of the expenses incurred. So, if your plan offers Rs. 5000 per day of hospitalization, you will get the amount for each day of your hospitalization even if your daily hospital expense comes out to be Rs.1000 or Rs.1500.
Senior Citizen Health Insurance Plans
These plans are designed for people above the age of 60 years. Elderly people are more vulnerable to serious illnesses, and the cost of treatment for such diseases is also expensive. Therefore, it is better to buy a senior citizen plan for your elderly parents to ensure adequate medical coverage in their post-retirement years.
Group Health Insurance
Group health insurance is usually provided by an employer or a company to its employees. The coverage is offered for a limited sum insured, and the policy features are also not that extensive. However, the coverage can be extended to other family members in the same policy by paying an extra premium. But this will depend on your employer.
Health insurance : your true friend in this COVID-19 Pandemic situation.
Coronavirus is a type of virus which causes an illness similar to a flu in human beings. It is named as such because of its shape which is round with crown-like protrusions around the circle. The symptoms of coronavirus are similar to that of any other flu and could range from cough, cold and fever to shortness of breath and respiratory challenges. Unfortunately, the disease currently has no vaccine or targeted medication. This makes the disease particularly dangerous. You should, therefore, take extreme precautionary measures to ensure that you and your family members are not exposed to the virus. Some of these measures include wearing a mask, washing your hands thoroughly and frequently using an alcohol based sanitiser.
This is where a health insurance policy can help you even in the current times.An insurance policy can cushion the blow from extreme events and become your friend in turbulent times. health insurance policy would usually cover the medical and hospitalisation expenses related to a particular disease. In addition, insurers also offer multiple riders to the basic policy that can cover additional expenses related to critical illnesses, income in case of steep medical expenditure.
Does corona virus treatment exist under the Health Insurance Policy?
The Insurance Regulatory and Development Authority (IRDA) has cleared the names of 29 insurers who will be allowed to sell an indemnity health insurance product which will specifically cover the hospitalisation costs for the treatment of Covid 19. The indemnity health insurance will provide a cover of INR 1 lakh and INR 5 lakh. The regulator also clarified that all current mediclaim policies in India will cover Covid 19 hospitalisation.
Coronavirus health insurance plans provide a range of medical costs including in-patient hospitalization, pre-hospitalization care – usually from 30 days prior to getting hospitalized, post-hospitalization care – usually for a period of 60 days after discharge from hospital, ambulance, OPD and ICU charges. Coronavirus health insurance provides coverage for medical expenses due to various illnesses including COVID-19. Getting affected by Coronavirus is considered as a medical emergency.
Before taking up any kind health insurance policy, it is always advisable to consult with experts. Our website provides a complete guidance about how to take up the policy and make it successful. Our website has got expert consultants regarding this matter. Whether they are property and casualty insurance consultants in Kolkata, health insurance consultants in Kolkata or life insurance consultants in Kolkata, our subject matter experts possess the hands-on product line experience and marketplace credibility necessary to immediately support critical project needs. Contact Paisa Invest for Insurance planning advice in Kolkata. Our experts will guide you to provide a secure future to you and your family.