Topic 2: What makes Health Insurance one of the most important covers that you should buy in 2020?

In the last few months, the COVID-19 pandemic has drastically changed lives across the globe. Most countries have implemented various forms of lockdowns and restrictions to curb the spread of the coronavirus, leaving citizens homebound. This has brought about a complete transformation in the way we live, work, shop, and interact, making it quite difficult to predict how the world will look like in the near future. India is currently in its fourth phase of lockdown but despite the vigilance, the country’s coronavirus curve remains steep. While many states have relaxed lockdown restrictions to revive economic activities, several others are contemplating extending the lockdown till the end of this month. This gives us a clear picture of the severity of the crisis and puts the limelight on one of the most pivotal things that we should be worried about right now- our health.

Why is health insurance important?

With national and global health agencies continually stressing on the need to keep the immune system strong during the COVID-19 outbreak, the world has slowly started prioritizing health. Most people are now maintaining heightened hygiene, exercising more, increasing their water intake, and eating clean so that they can get through these unprecedented times, strong and healthy. While a clean diet and regular workouts are indeed important to stay healthy during the current crisis, one extra health measure that many people have taken is buying health insurance.

The pandemic has been an eye-opener for most people, reinstating why a health insurance cover is indispensable at all times. While many people are already covered under some form of health insurance or another, it is vital for them to go through the offerings of their policy to understand how beneficial it will be if unfortunately, they have to seek treatment for coronavirus. Most basic health protection plans are likely to cover the expenses incurred on treatment but it is important to verify if the plan is strong enough to meet other costs like testing, hospitalization, quarantine, etc.

Currently, coronavirus vaccine research and development is going on across the globe in full force. But despite a countless number of scientists involved in this process, the timeline for vaccine availability seems far and stretched. Thus, amid a crisis like this, an all-round health insurance cover is the need of the hour for people across every age group. In India, the cost of healthcare is steep, and the longer the recovery period, the more is the cost of treatment. Coronavirus treatment is a prolonged process where a patient might have to be put in an ICU and/or on ventilation in case of severity, and if it is a private hospital where one is seeking treatment, the cost can blow a hole in one’s savings. This is why financial preparedness is the most important step that one can take to stay protected from coronavirus and the best way is to take a health insurance plan with an appropriate sum insured. Many insurers across the country have comprehensive health insurance covers that people can opt for at a time like this. Most of the products offered by these insurers cover hospitalization and inpatient treatment for COVID-19.

Some other important features that a Health Insurance policy offers are:

a. Hospitalization expenses

b. Pre-hospitalization coverage for: Medical expenses incurred before hospitalization.

C. Post-hospitalization coverage for: Medical expenses incurred after hospitalization.

D. Domestic Road Ambulance: Expenses for domestic-road ambulance services to the nearest hospital in case of life-threatening emergencies.

Wellness Solutions: Discounts on various, value-added wellness services and choice of various online solutions through our wellness program.

Considering the spread of the COVID-19 pandemic might take time to contain, it is also important to strictly adhere to the Do’s and Don'ts to avoid the virus. Many institutions and communities are now beginning to reopen and people should take adequate measures to avoid being exposed to the virus. Apart from maintaining the best hygiene habits and maintaining social distancing as much as possible, it is important to keep one’s immunity at peak and take care of the vulnerable around us.

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