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Why must you Buy a Health Insurance during COVID-19 Pandemic?

dateKnowledge Centre Team dateMay 24, 2021 views67 Views
Importance of Best Health Insurance during COVID-19

Covid-19 pandemic has been difficult in various aspects. It has made individuals realise the significance of health and taught people how to take sound care of their health and the well-being of their loved ones. Since India is one of the top countries that has worst hit by the pandemic, the health insurance sector has witnessed a huge surge due to increased demand. Individuals have now started getting worried about the repercussions of a medical emergency on their wallet, and this is the reason why they are spending to buy comprehensive health insurance.

6 Benefits of Buying a Health Insurance during COVID-19

With more than three lakh active cases in India alone, being protected is the biggest concern. Health insurance works as a financial cushion that safeguards you and your family at the time of a medical crisis.

It might not be wrong to state that due to the advent of the global pandemic, having a medical insurance policy has become a new normal. People nowadays are readily accepting this new normal as almost every insurance provider has started providing insurance coverage to patients suffering from Covid-19 disease along with various other diseases.

Mentioned below are a few points that state why you must opt for a health insurance policy during Covid times.

1. Provides comprehensive coverage

Medical emergencies always arrive unannounced, and this is the reason why people opt for health insurance. Opting for a health insurance plan safeguards your family during difficult times, and it further presents a comprehensive coverage against all prominent bodily diseases.

In addition to this, another reason why people must take health insurance during these times is that health insurance can also provide extensive coverage against Coronavirus and reduce your hospital expenses to a great extent.

2. Rising medical expenses

The rise in medical expenses is one of the reasons why more and more people are opting for health insurance policy during the Covid times. The increased demand for medical treatments led to a rise in the price of healthcare facilities, and hence to curtail their medical expenses, people are opting for a cashless health insurance policy.

Importance of Best Health Insurance during COVID-19

Learn why opting for short term health insurance plans is a wise idea.

3. Lifetime protection

Looking at the present situation, people are opting for a health insurance policy that provides them with lifetime coverage.

While earlier the coverage cap placed by insurance providers was 70 to 80 years, many insurance policy providers these days present medical insurance for lifelong protection. Therefore, if you do not already have one, you must readily opt for a health insurance policy during Covid.

4. Provides various tax benefits

Purchasing a health insurance policy also has tax advantages. All the premiums paid for a health insurance policy are exempted and considered for tax deductions under section 80D of the Income Tax Act, 1971.

Hence, you can get the benefit of a tax write-off when you spend for health insurance premium for yourself and even either for your parents, spouse or kids.

5. Extra rider advantages

Another benefit of getting health insurance is that you can easily get extra rider benefits to your existing medical policy. These extra rider benefits can be the inclusion of coverage in case you get infected by the Coronavirus, and it will cover all your medical expenses in this emergency.

In addition to this, these rider benefits are provided by almost every insurance provider, and they can easily be added to your policy with a minimum additional premium amount.

6. Emergency coverage

During these challenging times, there is often a need for urgent hospitalisation because of oxygen levels dropping abruptly. This is a major solicitude in semi-urban and rural areas where routine transportation at irregular times might be hard. Hence getting medical insurance during the covid can be a life saviour for you and your family.

Learn how a life insurance cover increasing healthcare expenses.

How to Claim a Health Insurance?

A health insurance plan outfits you to obtain the most desirable healthcare treatment without bothering of the tremendous charges due at the point of discharge. Hence, understanding the procedure of claim is an indispensable part of the information that the covered person must know. The two principal kinds of health insurance claim which a person can pick from while requesting a claim are mentioned below.

1. Reimbursement claim procedure

In this reimbursement claim procedure, the covered person admitted to a particular hospital funds the complete medical treatment until they are discharged. Once the insured person has spent for the medical treatment and hospitalisation expenses incurred, they are required to claim the insurance provider for the reimbursement.

To get the refund of the claim, the person insured must have to produce the original hospital expense and medicine bills. However, you must always provide authentic bills at the time of the claim, as your insurance provider will review the claim application made and will then choose to accept or repudiate it.

2. Cashless claim procedure

In this cashless claim process, the insured person will first receive the treatment at the hospital, and then during the time of discharge, the hospital will forward the claim to your designated insurance providing company.

This cashless claim procedure is hassle-free for the insured person as the adjustments are between the insurance company and the hospital.

After looking at all the points mentioned above, it can be easily inferred that the requirement of health insurance has increased tremendously during the pandemic. Health insurance plans are growing essential in this age of disease-prone people and costly medical treatments.

Know when is the right time to buy a health insurance plan.

You can assess the medical requirements of your family and then choose specific and the best health insurance plans available. Apart from this, you can also pick from the latest covid related health insurance plans by the Canara HSBC Oriental Bank of Commerce Life Insurance and save yourself from unexpected medical expenses.

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Frequently Asked Questions (FAQs) for Life 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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