Buying COVID-19 Insurance Plan? Complete this checklist to get yourself covered

In the last three months, the COVID-19 pandemic has affected the lives of millions of people. It has also slowed down our economy. It has led to a considerable economic impact and posed challenges in travel, airline, housing, hospitality and other industries. 

In a situation where life has become uncertain and fraught with health risks, having COVID-19 insurance becomes a necessity for every individual. We are already going through pay cuts and facing financial challenges. Hence, shelling out money on unnecessary hospital bills and health check-ups is an additional burden. Having COVID-19 insurance becomes a necessity for every individual to deal with medical emergencies.

As the number of COVID-19 cases rises across the country, various insurance companies have come up with COVID-19-specific policies. But it also very important for an individual to go through the insurance policies in detail and make their own decisions. Therefore, there are a few points that people must keep in mind while buying COVID-19 health insurance policies:

Check if your policy covers pandemics: No health plan covers all illnesses and eventualities. Different health plans have different terms and conditions that may not be covered in a standard health insurance policy. Therefore, a person must refer to a health insurance product that covers the medical expenses incurred for the diagnosis and treatment of COVID-19. We need to scrutinise the list of exclusions before choosing a health insurance plan.

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Check if it covers only positive cases or quarantine cases: There are chances that the COVID-19 health insurance plan will not provide cover if the insurer is under quarantine at home or has suffered quarantine at any non-recognised facility. Therefore, go through the terms and conditions of the insurance policy to understand the exclusions, which are scenarios where the insured person cannot raise a COVID-19 insurance claim. Also, what if the evaluation report test is negative; will the insurance company still honour the claim and cover the other expenses? These are questions that should be kept in mind before buying the policy.

See how easy the claims process is for the insurer if all processes are online: With social distancing becoming the norm, insurance companies are looking at contactless insurance policies to help their customers. It is always better to look for the insurer who has an easy and convenient claims process. Not having an easy and quick claims process can create a major problem during the claim, especially during situations like a pandemic. It is always better to do background research and check for the claim settlement rate of the insurer before buying a plan. 

Check if other services like pre-and post-hospital expenses, road ambulance, etc. are covered: Every policy has its limitations and exclusions. Therefore, we must know the details of the policy. There are times when people presume things and buy an insurance policy and later are caught off- guard when the assumed promises are not delivered. Hence, it is better to go through each detail of the policy minutely before making a decision. For example, a specific type of illness might not require hospitalisation for treatment and be covered under the standard health insurance policy. Because of such cases, it is better to check if the policy covers in-patient treatment, pre-, and post-hospitalisation, ambulance cover, etc.

While most people are still in a state of panic due to this disease, buying a health insurance plan will reduce the financial burden. People who have still not invested in any health insurance plan must opt for one now.

(By Dr Sudha, Head, Health and Travel at Digit Insurance)