The third Covid-19 wave has sent shockwaves across the country. Cases are increasing on a daily basis, and a fourth wave is expected to emerge within the next three months. Furthermore, Covid-19 is virulent and unexpected in the second wave, with a novel fungal infection- mucormycosis – designated an epidemic. All of this has resulted in one major awareness among consumers in the previous year: having complete health insurance coverage to protect yourself financially.
We’ve put together a brief checklist for you to consider before buying health insurance post Covid-19.
- Check the Covid-19 coverage waiting period
Many insurance companies have a waiting period before covering Covid-19 therapy. This means that the policyholder must wait a specific amount of time before receiving Covid-19 coverage. After 30-45 days from the date of policy issue, most insurers cover Covid-19 treatment. So, before purchasing a health insurance policy, you should examine the waiting time for the sickness and pick policies with a shorter waiting period.
- Sub-limit
Examine your policy’s exclusions. There may be a room rent limit, which is the maximum amount covered by an insurer in your insurance for the room. This means that clients will have to pay a portion of the medical bill. Room rent capping is often in the range of 1-2 percent of the sum covered. Choose health insurance policies that do not have a room rent cap. It is advised that you choose a package that covers at least one single private air-conditioned room, ensuring that you receive treatment in privacy. If you have a health cover of Rs. 5 lacs and the room rent restriction is 1%, your insurer will only cover Rs. 5000 of your room rent charges.
- Consumables coverage
Consumables such as PPE kits, gloves, and so on account for a significant portion of the cost of Covid-19 treatment. Consumption costs have also risen as every member of the hospital staff is required to wear them. Choose a plan that includes consumables.
- Domiciliary hospitalization coverage
There is a severe shortage of hospital beds due to the growth in the number of Covid cases. Many insurance companies cover Covid-19 domiciliary hospitalization. This means that if hospitalization is required but there are no beds available in hospitals, and the doctor orders hospitalization at home or at a temporary hospital, the insurer will pay for it. The coverage must cover all hospital home-care package costs, drugs, nurse/doctor fees, vitals testing, X-rays, CT scans, and home ICU.
- Examine the cooling-off phase
Some insurance companies have imposed a cooling-off period, which means that if you previously had Covid, you will have to wait a few months. Depending on the insurer, the cooling-off period ranges from one to six months. This becomes an important consideration when purchasing health insurance. If you haven’t had Covid yet, you should get a health insurance plan as soon as possible since you don’t want to be in a scenario where you have to wait for a health insurance policy after you recuperate.
While the majority of individuals are still in a state of worry as a result of this condition, purchasing a health insurance plan will alleviate the financial load. People who have not yet purchased a health insurance policy should do so right away.
