Health insurance

Is your health insurance sufficient to cover the “Omicron” variant Covid-19?

The COVID epidemic does not seem to be ending sooner especially with the arrival of its new variant every year. In such an unpredictable time in our lives, where we simply don’t know when any of us will be detected with the Omicron virus, it is essential to remain prepared for any emergency, both mentally and financially. Therefore, a proper check of one’s existing health insurance plan is a must in order to ensure whether one is financially equipped to deal with any emergency arising from this new variant.

Additionally, the last two waves of COVID-19 have made the need for sufficient coverage all the more important. Nowadays, it is not only important to have an insurance plan in place, but it is also mandatory to have a well-covered health insurance plan, which can help you cover all your medical or health expenses. treatment during hospitalization.

Does your current plan provide you with adequate coverage?

This is the most important question one should ask to check if they are prepared in case they or their family suffers a medical emergency due to this new variant. Since the virus is new and there is not enough information around it, no assumptions can be made as to how intensely this virus could pose a threat to someone. It was observed that people who were fully vaccinated with both doses were also diagnosed with this new variant. As there is a very great uncertainty around this virus, it is advisable to take the necessary precautions beforehand with regard to the coverage of the plan to avoid any kind of unpleasant situations during emergencies or hospitalization.

Read also : Insurance Vs Insurance: Know the Difference

Review your current plan

As each of us has clearly witnessed the need for a well-covered plan during the last two waves of COVID, it is very important to perform a thorough assessment of your current plan to check if it offers the sufficient coverage according to your or your family’s medical needs. Additionally, one should also check whether the coverage offers post-treatment complications (which could be costly in some cases). Make sure your insurance coverage not only covers the COVID disease, but also its aftermath, as experts are still learning about the implications of the disease.

Thorough check of your current floating plan

As we all know, infected people can be contagious and the virus can spread quickly from person to person, especially when you are within talking distance (more likely at home). Therefore, there are chances that several people are infected with the virus at the same time in your house. So families who already have an existing family float in place should check to see if their plan is sufficient to provide the necessary coverage. It is also suggested to have a separate policy for the elderly as the complications might be higher in their case and an under-covered scheme would not be of any use to them.

Cost sharing and sub-limit

If your existing health insurance plan has a higher co-payment, it is advisable to switch to another plan or pay higher premiums as co-payments can create a burn in your pocket due to inflated medical costs. . The same goes for sublimits, if your current health plan has sublimits, it’s wiser to upgrade to another plan that doesn’t have sublimits. Considering these factors can save you financial stress during medical emergencies due to this variant or another disease.

Read also : Three ways Covid-19 is changing the insurance industry

Is a specific COVID plan necessary?

According to IRDAI, all health insurance plans that cover the cost of treating COVID would also cover this new variant of Omicron under the terms and conditions of the policy contract, as it is a new variant of the same disease and not a new disease. . If you do not have an active health insurance plan or an adequate health coverage plan, you can look for a dedicated COVID plan as additional coverage as it would cover from day one (depending on policy features). For inadequate coverage plans, the COVID plan could be used for its treatment (if ever diagnosed) and the rest of the basic plan could be used for the treatment of any other illness.

Conclusion

The bottom line is that it is highly necessary to invest in an optimal health insurance plan as we have witnessed the adversity of mental or financial pressure that this virus has brought in the last two waves. It is wise to take into account past learnings and prepare for the worst. Upgrading the current plan or switching to the new plan should be strongly considered if your current plan does not provide you with the required benefits. Well-covered and suitable plans can be found by comparing the different health plans available and their features online.

The views expressed in this article are the personal opinion of Rakesh Goyal, Director, Probus Insurance.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now the Elets YouTube channel, a treasure trove of innovation-focused talks and awards, is also active. To subscribe for free, click here.

Get the chance to meet the Who’s Who of the NBFC and insurance industry. Join us for upcoming events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on TwitterInstagram and Pinterest.

CIO
CTO