The damage to human lives caused by the previous waves of COVID-19 has been absolutely devastating for people. Especially for those who could not afford treatment or did not have enough money to get themselves admitted. The sight was horrific for all to witness.
Researchers from around the world are trying to figure out how dangerous or transmissible the variant is, which has been found in more than 20 countries. However, research into Omicron's transmissibility and severity, as well as its impact on those who have been vaccinated, is still ongoing.
But the good news is that with the lessons learnt from these instances, the good fight against the suspected Omicron virus can be put up. For this, it is important that you ensure that your policy covers your medical expenses for any casualty that may arise in future.
At the same time you can also check for critical health insurance plans that may make a big hole in your pocket. Hence, ensure that you have a good health insurance cover that has got you protected or buy a new health insurance policy.
Here’s what you should consider while doing so:
Be Ready For Omicron
There are a few things to keep in mind while determining whether your health insurance policy is adequate for the current situation. All treatment-related expenditures should be covered under the plan's total sum insured. Treatment costs could range from a few thousand to lakhs of rupees, depending on the severity of the problem. Pre- and post-hospitalization charges should also be reimbursed by your health insurance plan if it covers the total amount.
Professionals are still figuring out how to fight Covid-19, so those who are insured should check to see if their health insurance policy covers a broad range of ailments. For instance, in the second wave, the black fungus was discovered in the Covid-19 patients, for example. As a result, health insurance should be comprehensive and cover all conditions, including Covid-19 and its long-term consequences.
Should You Go For Covid Specific Policies?
Covid 19 specific plans are offered by many health insurance policy providers. If one feels their current policy’s sum insured is not enough or want to specifically buy a COVID-19 specific policy to have a back-up for possible future medical uncertainties.
If a person purchases a Covid-19 special insurance policy in addition to their existing health insurance plan, they will be able to claim reimbursement from the Covid-19 specific insurance policy for expenses such as home quarantine and hospital hospitalisation. They will be able to use their health indemnity policy later if any further complications arise as a result of the disease.
4 Reasons Why You Should Review Your Health Insurance Plan
Given our discussion you must reflect back on your current health insurance policy, which may or may not be enough for you. Below are four major aspects you must consider while reviewing your health insurance for future:
Move To High Sum Insured Health Plans
In addition to Omicron, a sedentary and bad lifestyle increases the risk of post-covid difficulties, health problems, and major illnesses. There are a number of medical procedures that could swiftly drain your finances.
In order to protect yourself from a wide range of problems caused by COVID or any other serious illness, you need to invest in a plan with a high sum covered. Thanks to insurers, health insurance plans ranging up to Rs 1 crore are now available with a premium of as low as Rs1200 a month.
Look-Out For Co-Payments And Sub-Limits
Noting terms like co-payments and sub-limits is one of the most important aspects of analysing your insurance. The insured pays a fraction of the entire hospital bill, while the health insurance companies pay the rest.
It's critical to review your coverage and pay attention to details like co-payments and sub-limits. The co-payment provision entails the insured paying a portion of the hospital bill, with the insurer covering the rest. This can cause severe financial expenditure incase of an emergency.
Domiciliary Treatment Coverage
Domiciliary treatment refers to treating a patient at home, even if they are admitted to the hospital. This is owing to a lack of hospital rooms in some situations, or the patient's co-morbid or dangerous illness, which must be validated by a doctor before admission to the hospital.
In this circumstance, doctors' consultations, examinations, tests, medical aid items, OPD and ambulance bills, and other costs may be incurred. Before you buy, check to see if these expenses are covered by your insurance policy.
Riders To The Rescue
A rider is a supplemental benefit that can be added to your insurance policy for a fee. Riders who were well-known during the COVID era might be able to help.
Consumables, for example, account for 20% of COVID hospitalisation costs, yet they aren't covered by many comprehensive plans as a standard benefit. Consumable medical supplies include syringes, personal protective equipment (PPE), masks, and gloves, which are used once and then discarded. It's a good thing that insurance companies are now beginning to offer add-ons that cover hospital consumables.
The future world is volatile, risky and brings serious health concerns for you and your loved ones. You can also look for group health insurance or a floater health insurance policy to cover your entire family. With Coverfox, it’s easy.