Here’s all you need to know
The COVID-19 pandemic has taught us that nothing is more precious than health. Last year, almost every family needed some form of medical help. For the families who unfortunately had to bear the brunt of this vicious disease, there was little or no respite – along with the disease they also had to pay quite large and expensive medical bills, resulting in a huge financial burden. So, opting for health insurance coverage for you and your family is the right decision for the future.
What to watch out for in health insurance coverage:
1) Compare plans and understand what’s covered
All health insurance policies have their own advantages as well as limitations. So don’t make a hasty decision. Compare different plans, read all about them in detail, understand what’s covered and what isn’t, and then make a decision. Most importantly, find out whether the plan offers COVID-19 coverage or not.
2) Home Hospitalization Care
The need for 24/7 home care can arise, making it an expensive proposition. So, look for a mutual that covers home hospitalization. If the need ever arises when your parents need home care, the health coverage you choose for them can give them the luxury of receiving the best in home care, without burning your family’s savings.
3) Hospitalization and cashless treatment
Cashless is one of the characteristics that makes health policies a blessing in a medical emergency. It can be a good option to go for a policy that offers cashless coverage nationwide. Because during a medical emergency, there is no need to run from pillar to post to look for a hospital that comes under your insurance company’s network.
Health insurance coverage allows you to be prepared for an unexpected medical emergency. While considering health insurance for parents during COVID-19, opt for a plan that covers critical illness and pre- and post-hospitalization costs. Health insurance coverage is expensive, however, there is a budget option available:
Super recharge plans
These have been around for a long time. They are a cost effective way to take higher coverage at lower cost. A plan of Rs. 20 lakhs costs around Rs. 10,000 per year for people aged 61 to 65. This plan is like an extension of your health insurance policy, which you can use when you’ve exhausted your maximum claim amount.
It covers hospitalization but comes with a deductible. Most super supplemental diets cover overnight procedures, including chemotherapy. Some also have built-in critical illness coverage that can be purchased for a period of 2 to 3 years. Policyholders should check exclusions, waiting times for pre-existing illnesses and conditions, and whether there are sub-limits before making a decision.