One of the worst things to happen this year was the onset of the viral disease. Came to be known as coronavirus, this has shaken the world completely. Sudden and disruptive, Covid-19 rewrote routine and nobody saw coming.
Tons of businesses shut down, hundreds were sent home because of lack of sales, schools and colleges temporarily closed, corporate companies have asked their employees to work from home, cities have been locked down and more. The worst part about Covid-19 is the fact that it has taken a physical, emotional, mental and financial toll on people.
This has been the cause of several concerns over the last few months and the major seems to be the financial feasibility in getting treated for coronavirus. With vaccines still under development around the world, the closest antidote we could all use from a practical perspective is getting health insurance for coronavirus.
Helping us get immediate admissions, offering us coverages and tax benefits and more, health insurance ensures peace of mind to the average family. But how do you buy health insurance for coronavirus?
What are some key aspects you should look out for?
What are the benefits health insurance plans
Let’s find out.
Key Things To Look Out For When Buying Coronavirus Health Insurance
In-Patient Treatment Features
Hospitalization is one of the most primary things your health insurance against Covid-19 should cover. A person showing symptoms of coronavirus has to get a swab test done and await results. If the results show the presence of the virus, they must be hospitalized immediately.
Now, without health insurance, you know the difficulty in getting admitted in a hospital in terms of expenses involved. However, having health insurance fast-tracks your admission process and ensures you get started with your treatments as early as possible.
But health insurance for Coronavirus
should have specific coverages for this to be possible. Let’s see what they are:
● Ventilator expenses
● Room/bed rent
● Intensive Care Unit coverage
● Medicines and consumables
● Nursing charges
● Surgical supplies
● Oxygen, blood and anaesthesia
● Operation theatre expenses and more
If possible, also look for insurance plans that include expenses incurred in diagnosis as well. Coverage for these specific inclusions of COVID-19 expenses is provided under the Corona Kavach policy
For those of you who didn’t know, your health insurance plan also entitles you to get daily cash for everyday expenses involved during your treatment. This is applicable only during your hospitalization period. This is highly helpful if you are accompanying a patient and need cash to take care of purchases like gloves, masks, syringes and more. Look for insurance plans that offer you this benefit.
The Income Tax Act has Section 80D, which means your health insurance plan falls under tax saving schemes. This further means that you could show the expense involved in buying health insurance and avail tax benefit on it. So, when you’re buying a Covid-19 health insurance plan, ensure it offers you tax insurance rebate.
If you are someone who prefers AYUSH over allopathic treatment, your health insurance plan should accommodate this decision of yours. If you didn’t know, AYUSH is an effective alternative to allopathy and includes Ayurveda, naturopathy, homeopathy, yoga, unani and siddha.
This is a benefit if you are keen on getting an alternative treatment to your symptoms and diagnosis. Of late, the government has been increasingly recognising the role of AYUSH in boosting immunity and treating Covid-19. Its coverage should really prove helpful.
Post Hospitalization Coverages
You could say that the treatment of coronavirus spans across two phases – one where you get tested for your symptoms and get immediate treatment and the other where you are required to take care of yourself for a period of 14 days after you get discharged from your hospital.
This phase is referred to as quarantine and involves significant expenses. This includes medicines, consumables, drugs, gloves, protective gears, food supplies and other expenses. In fact, this is the time you involuntarily end up spending more.
So, your health insurance plan should cover these expenses as well. Look out for quarantine coverage in your inclusions.
Other Valuable Coverages
Apart from these, you can prefer two features as add-on services and include them in your plan. While these are not mandatory, you could check them out and decide if you wish to include. Doctor on call and second opinion are two such coverages you could look for or add.
Doctor on call ensures a doctor is available on demand in your premises and second opinion covers the expenses like consultation and diagnosis for the second time you want to check your test results.
Having a Covid-19 health insurance plan is a boon at this point of time. Since it offers tax saving benefits, it is inevitable in all aspects. However, having an insurance plan does not entitle you to be lethargic about your lifestyle. It is better to stay indoors, practice good hygiene, eat a balanced diet, have adequate nutrition and do more to take care of your body and that of your family.
Let’s get through this together.