Which Medical Insurance is Best to Buy in the Current Coronavirus Situation?

Medical insurance offers cover against the expenses of medical treatment. It is essential to buy a medical insurance policy as it gives financial assistance to the policyholder. If the policyholder needs medical treatment, then a medical insurance plan will cover the hospitalisation costs.

The world is facing a big pandemic in the Coronavirus. The cases in India are rising too. It has impacted many lives in the globe. It is calamity humanity hasn’t faced in a long time. Stepping a foot outside the home can be dangerous too. There are many places by which the virus can spread from one person. Coronavirus is highly contagious as it has left almost no country out of its grip. The disease has caused many health risks.

It has impacted the economy of many countries and has caused many people to lose employment. However, it’s the health sector that is suffering a big blow. There is a significant increase in patients suffering from Coronavirus. It is crucial in such situations that a person needs to have insurance.

As per the guidelines by the Insurance and Regulatory Authority of India (IRDA), several insurance companies are offering protection against Coronavirus under their existing health plans. If you have any of the health plan or others, you will be provided cover against the disease. Note that it depends on the insurance company whether they want to offer coronavirus coverage or not.

Types of health plans offering coronavirus cover:

  • Individual Health insurance
  • Family Health Insurance
  • Parents or Senior Citizens Health Insurance

The policyholder can get financial assistance to pay for medical expenses. There are many insurers who cover Coronavirus. Medical costs due to the disease will be included in the policy. It is essential to be secured with insurance against an unforeseen event such as a medical emergency.

HDFC ERGO offers one of the best medical insurance policies that covers the Coronavirus. The medical expenses caused by the disease are included in the plan. Hospitalisation costs can be expensive in situations of a pandemic.

Benefits of Health Insurance

  • Cashless Hospitalisation
  • Fast Claim Settlement
  • Day Care Treatments (if it is done in less than 24 hours)
  • Cashless Home Health Care
  • No limit on room rent

Here are some factors about the Coronavirus Cover-

  • Sum Assured

It is essential to have a high sum assured if a person has a family floater plan. Medical expenses due to the Coronavirus can be high, and health insurance can protect a person from such costs.

  • Waiting Period

Many policies have a waiting period of 30 days in the case of coronavirus health cover. If you have freshly applied for the plan, and if you or your family member tests positive for the illness within the waiting period, then you may not be able to claim.

  • Coverage

If the policyholder suffers from the Coronavirus, then the insurer will cover hospitalisation expenses. The insurer will offer day-care benefit, which includes the hospitalisation expenses of a policyholder that lasts for less than one day. The policy covers check-ups, doctor consultations, etc. Medical insurance also offers cover against expenses after the discharge of the policyholder. However, it only covers costs until 180 days. Medical insurance also covers hospitalisation expenses caused by mental illness. The insurer covers the policyholder against bed charges, ICU charges, nursing charges, etc.

Medical insurance also offers tax benefits. A policyholder can claim up to Rs. 25,000 as per the Section 80D. If the policyholder is above 60 years of age, then they can claim up to Rs. 50,000 tax benefit.

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