Health insurance

Health insurance: Amid soaring coronavirus cases, what’s the best way to choose a plan? Expert Answer

The Covid pandemic has brought to the fore the discussions around the capacity of care, the progress of treatments as well as the cost of health care. The capacity of public sector health services is limited, leaving a majority of people, around 75% according to an estimate by NITI Aayog, to seek treatment in private health facilities. However, health care costs are rising, which also reflects advances in health care and resulting human longevity.

In the midst of all this, choosing a correct health care policy becomes imperative. But how do you go about obtaining health coverage for yourself and your family, so that the cost is optimal and the risk of treatment costs is optimally covered? Shefali Munjal, Executive Director, Hero Enterprise, shares her knowledge on some of the things to keep in mind when choosing the health insurance plan:-

1. Opt for comprehensive health coverage –

Shefali Munjal suggests: “Always consider a comprehensive plan that covers one illness against all illnesses and is not limited to one specific illness, such as Covid. As illness is unpredictable, you never know when you might need coverage. financial.”

2. Check the “floating family” option –

“Check whether the insurer offers ‘family floating’ coverage for the health plan you are considering. This will allow you to cover your whole family at a lower premium, rather than opting for separate covers for individual members of the family. family,” she said.

3. Look for a higher Sum Assured (SI) –

“As treatment costs rise, it is prudent to look for options that offer a higher sum assured, which can cover treatment costs without placing a financial burden on the family. Higher coverage also improves her health treatment without having to dip into her own savings, which would have been earmarked for other life events and goals,” she advised.

4. Look for a plan without caveats –

“It’s best to go with a plan that doesn’t have ‘sub-limits’ or ‘co-pays’. While these features help lower the premium, they limit your coverage amount at the time of a claim. “, she said. added.

5. Check plans with full coverage –

“The chosen plan should cover the costs of consumables used in treatment, such as PPE kits, gloves and masks, which can potentially be a substantial cost,” she added.

6. Get coverage for an entire year –

Go for year-round coverage, not short-term coverage of say six or nine months. This ensures that you always have coverage whenever a member of your family falls ill.

7. Opt for a plan that offers coverage in a private single room –

“Given the risk of infections and communicable diseases such as Covid, you would not want to treat yourself or your loved ones in a shared room where there is a risk of disease transmission,” she added. .

8. Pre-hospitalization and post-hospitalization cover –

“Always check the number of days for which pre- and post-hospitalization coverage is offered. A longer duration helps to cover the expenses of medicines, diagnostics and medical consultations before hospitalization and after discharge from hospital” , she added.

“Any illness puts a strain on a family’s finances. This has been highlighted in the Covid pandemic. It is therefore imperative and prudent for families in India to insure themselves appropriately for healthcare related expenses,” she concluded.