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Does Your Health Insurance Policy Cover the COVID-19 Treatment?

dateKnowledge Centre Team dateSeptember 03, 2021 views214 Views
Health Insurance Plan | COVID-19 | Best Health Plan

A health insurance policy can be defined as financial coverage against medical expenses incurred owing to accidents, illness, or injury. An individual can pertain to such a policy against monthly or annual premium payments for a specified term. During the applicable period, if an insured gets involved in an accident or is diagnosed with severe disease, the expenses incurred for treatment purposes are provided by the health insurance policy.

Health plans do cover COVID-19 expenses. However, you should check with your insurer whether they cover COVID-19 in your existing policy. If not, you must look for a new health plan that covers COVID-19.



Six Tips to Buy the Best Health Insurance Policy

Buying the best health insurance plan will help you protect your loved ones. Health insurance policies help you financially when you are diagnosed with a life threatening diseases. Here are six tips to buy the best health plan online in India:

1. Select the right coverage amount

Select a health plan that secures you against a wide range of medical problems. It must provide benefits such as pre and post-hospitalization fees, daycare expenditures, transportation, illnesses, ailments that might be related to your family's medical history, etc.

If you are buying a health insurance policy for your family, check the applied terms and regulations for each member of your family.

Explore these 10 tips to find the best health insurance policy for your loved ones.

2. Choose a reasonable plan

The selected health insurance must fulfill your requirements, and it must suit your budget too. It's important to choose an affordable insurance. In the beginning, choose a plan wisely that covers your basic medical needs. Later on, you can review your plan and increase cover with premium features according to your income, family size, and requirements.

3. Choose family plans over individual health plans

Individual health plans are suitable if you do not have a family to support. If you are buying a health insurance policy for your family, it gives you more coverage and benefits.

4. Prefer a policy with lifetime renewability

One of the most important factors to remember always prefers a health insurance plan with a lifetime renewal option. When you buy a health plan, don't forget to check for applicable policy tenure and whether it serves a limited renewability period or not.

5. Compare health insurance online

Look for health insurance policies on different websites and compare quotes to ensure that you buy a favorable health insurance plan. You can even request the policy details online by entering your requirements on the website and get an estimated premium for your policy.

6. List of hospitals covered

After selecting a list of health insurance plans, check the list of hospitals that are included in the mediclaim. Look for the names of your preferred hospitals and doctors in the hospital network. Always choose an insurance company that has a wide network of hospitals across the world or which covers many hospitals.

Why do you need a Health Insurance Policy?

As the COVID-19 pandemic rages on, the death toll has increased rapidly. Medical services and hospital treatments have gained tremendous importance due to COVID-19. A constant rise in the cost of medical services has been observed, so it's better to be prepared with a medical insurance policy to cover your medical expenses in case of emergency.

Choose a medical insurance policy if you already haven't. During such times, it is important to have a protective shield around you and your family. Buy your health insurance from Canara HSBC Oriental Bank of Commerce Life Insurance. Health First Plan is a comprehensive health plan that gives you option to cover yourself against heart ailments, cancer, and other major critical illnesses.

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Frequently Asked Questions (FAQs) for Health Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Oriental Bank of Commerce Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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