7 Tips to Choose the Right Health Insurance Plan in COVID Times

Since 2020, the Coronavirus pandemic has gripped the world in its clutches and there seems to be no relief in sight with many countries including India witnessing the new second wave in 2021. The infection is spreading all across India and more and more people are getting infected, ttested and being hospitalised for treatment. In case of hospitalisation, considerable costs are incurred putting heavy financial burden on many families. This is where you seek out a health insurance policy to cover the hospitalisation costs incurred on COVID.  
But do you know whether the health insurance policy would cover the relevant expenses incurred on COVID?
In these demanding & challenging times, only a comprehensive Health Insurance Policy with Covid-19 coverage can be a real saviour andit is prudent to bear in mind the four Cs. These are - benefits Covered, Coverage, Co-pay and room rent limits, and Consumable cover.

Tips for Choosing the Best Health Insurance Plan in COVID era:

• Adequate Coverage: 
  Majority of people who contract COVID-19 would not have any significant symptoms that require inpatient treatment. Some of them may require a COVID-19 diagnostic test or basic medication on an outpatient (OPD) basis. These are only covered in products covering OPD expenses. Check if your health insurance policy has a required OPD cover so that these expenses are covered.
  
  In extreme cases, COVID-19 can reportedly cause respiratory issues and impact multiple organs requiring hospitalosation. People with underlying health problems are especially vulnerable. The treatment for the high-risk category can turn out to be more expensive. Hence, it’s wise for such vulnerable group of people to opt for a health policy that provides adequate coverage for COVID with pre-existing ailments including hospitalisation charges.
  Please note, few insurers have an exclusion built in for pandemic diseases. Read the fine print to ensure that your policy does not have such exclusions. Make sure that you’ve a clear understanding of what is and isn’t included in the cover. Explore Mediclaim/Family floaters, COVID-19 focused policies, comprehensive health insurance policies, critical illness plans among others.
• Flexibility:
  Once the person is affected with COVID, more likely there are chances of his family getting infected as well. Therefore, opt for family floater policy to provide coverage to the entire family against coronavirus pandemic.
• Credibility of the Insurer:
  With plethora of Health Insurance plans with COVID coverage available in the market from different insurance companies, it has become paramount to check the credibility of the insurance provider. Two metrics to measure the credibility are – Claim Settlement Ratio (CSR) & Solvency Ratio of the company. 
   Claims Settlement Ratio or CSR is the percentage of the total number of claims made vs. the number that was paid out. On the other hand, the solvency ratio expresses if the company is in a sound financial position to pay off the claims, especially relevant in times of COVID-19 when multiple claims are being made together.
• Simple Claim Process: 
  The claim process is a vital component of a health insurance policy.  The claim process should be as simple and hassle-free as possible. An ideal health insurance plan should pay upfront, require minimal documents and offer cashless hospitalisation to avoid burdening the family in stressful times.
• Wide Network of Partner Hospitals: 
  Every insurer offers a unique list of Hospitals as its network of partners. These network hospitals provide range of exclusive benefits to the policyholder like cashless hospitalisation, ease of payment etc at the time of any medical emergency.  With cashless facility, the policyholder can get coverage for hospitalisation without paying out of its pocket. Choose policies that have many enlisted hospitals offering COVID treatment wards to seek treatment at times of any emergency. 
• Co-pay & Room Rent Limit:
  In many health insurance policies, the policyholder is required to pay for part of the medical expenses from its own pocket, known as co-payment.  In case of COVID, a large part of the total medical expense is the room rent, with many private hospitals offering specialised isolation facilities with higher rent. Hence, it is very important to be clear regarding the room rent limit or co-payment percentage before opting for any health insurance plan.
• Customer Support: 
  To select the best health insurance policy with COVID coverage, select a provider that has a positive customer service record. Research and read various online reviews and also connect with professional agents like Vitality Investment & Insurance to be sure of different companies customer service & support. In times of pandemic, the idea is to connect with a provider who gives excellent customer service and offers quick redressal of grievances.

The outbreak of this COVID has made us more exposed to uncertainty than ever before. Thus, a comprehensive life insurance with COVID coverage is the smart move to be sure of the financial security of your family in the most needed times. The tips mentioned above can help you determine the best health insurance coverage for you and your loved ones during the current medical crisis. Seek the expert advise from Insurance agents like Vitality Insurance & make the right choice to bring certainty for you & your family in these uncertain times!