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How to Prepare yourself During the Second Wave of COVID-19?

dateKnowledge Centre Team dateMay 24, 2021 views317 Views
Life Insurance & Second Wave of COVID-19 | Buy the Best Life Insurance Online

The second wave of COVID-19 in India has been severe. It has been proved to be a humanitarian crisis that is unprecedented in its scale of impact among all demographics of people. During the first COVID-19 wave that swept through the country last year, it was observed that most of the cases were getting treated in their homes with minimal requirement of health supplies. However, the current mutant of coronavirus has forced doctors to prescribe a hospital stay to the patients.

Adding to that is the panic that has swept over the country. The result is that the country's healthcare infrastructure has been crumbling against the sheer number of cases. And panic has led people to buy life insurance plans to protect themselves and their families.

How to Prepare for the Second Surge of COVID-19?

The first wave of coronavirus did not come with much prior warning. It affected people from all walks of life financially and economically. Observing the severity of the second wave, people must begin preparing for it to reduce the aftereffects of the wave. Here are some of the methods you can take care of to ensure that you and your family are financially secure against the second wave of COVID-19.

Be aware of government policies

The first thing you can do to ensure that you have a financial cushion during these tough times is to research and study if the government has started or is offering policies to help people. You will find that various assistance programs are available for people who are undergoing the issue of reduced wages or unemployment.

Read the terms and conditions of these policies to ensure that you can fit the criteria and follow government announcements regarding relief programs.

Get in touch with your bank

During the second wave and pertaining lockdown, many banks and financial institutions offer their customers payment deferrals. These deferrals are offered on loans for people who are facing financial instability because of the lockdown.

Even if there is no deferral available, you can get in touch with your bank to reschedule or restructure your loans and debts so that they can arrange payments that are manageable during the current conditions.

Refer to specialised coronavirus health insurance

You must have come across the term during the previous surge of COVID-19 as well. However, with the increase in the number of people affected and the severity of the virus, it has become essential to get a policy that will cover all the medical expenses that occur during the treatment of COVID-19.

It is a comprehensive health insurance policy that can cover your pre and post hospitalisation expenses along with in-patient and out-patient expenses. These features make it different from usual health insurance policies.

Why do you Need to be Prepared for the Second Wave of COVID-19?

The increase in hospital admissions has also brought forward a surge in general and health insurance claims. It has been recorded that the number of claims has doubled and are still increasing at an exponential rate. The pandemic has directly affected the economic situation of the country. It would be best if you prepared yourself and your family against any financial fallout in the future.

Most people believed that the second wave would be similar to the first one. Thus, all they need to do is take basic health precautions and follow their doctor's advice. However, it has become imperative to be well-prepared during the second wave because of the following reasons.

  • Effect on younger people

    While the first wave did not have a drastic effect on the younger, healthier patients, the second wave has been harsh on people alike. Also, most senior citizens have been vaccinated, while it has not reached the younger generation.

  • Longer stays at hospitals

    In the first wave, the average stay at the hospital for the most severe cases was 8 to 15 days. However, it has increased to 20 to 25 days this time around. Even average patients have to stay for at least a week before they get discharged.

Thus, there has been a steep rise in hospital bills during the second COVID-19 wave as well.

  • Grievances and woes in COVID claims

    With the exponential rise in the number of cases, the healthcare system is facing a hard time settling COVID claims. There has been a delay in the settlement. Some institutions have resorted to cancelling the policy of cashless claims to COVID patients.

Learn how much time does a life insurance policy take to settle the death claim.

What does Coronavirus Health Insurance Plan Cover?

There are various features of coronavirus health insurance policies. The extent of the cover that the policy provides depends upon the plan that you choose. Here is the list of important covers of the coronavirus health insurance policy.

  • Expenses related to in-patient hospitalisation
  • Pre-hospitalisation expenses
  • Accidental hospitalisation
  • Hospitalisation due to critical illnesses

Along with these, you will also find the following standard and add-on covers with the COVID-19 health insurance policy.

  • Expenses of the ICU
  • Home hospitalisation
  • Post-hospitalisation expenses
  • Expenses related to the organ donor
  • Ambulance expenses
  • Recovery benefit
  • Maternity benefit with baby cover.

The second surge of COVID-19 has sent the nation into panic. However, with proper planning and precautions, this adversity can be faced without handling financial losses. To ensure that you and your family are completely prepared and secured from the effects of the virus, not just health and hygiene precautions but financial precautions are necessary as well. A health insurance policy protects you from health and associated financial risks.

Life Insurance & Second Wave of COVID-19 | Buy the Best Life Insurance Online

You can talk to a finance expert to find the best insurance policy and cover for you and your family members. You can choose the plan covering the most important and unavoidable expenses and provide you with recovery benefits.

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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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