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3 key things to consider while buying health insurance

health insurance, Coronavirus, Super-top up plan, employer-provided health-cover, medical expenses

By Vinay Taluja

The world is engulfed with the Coronavirus crisis with WHO declaring it as a pandemic that has spread to several countries, with over 2,00,000 cases reported for COVID-19 worldwide so far. In recent years, humanity has seen a spree of deadly infections such as Ebola, SARS, MERS, and now COVID -19. It is important for the government and administrations to take the utmost preventive and curing steps. Moreover, every individual needs to ensure his and his family's safety in preventing the diseases at the same time getting prepared for any worst-case scenario.

Buying adequate health insurance is of foremost importance to keep yourself and your family well protected and counter any unexpected medical exigencies. Moreover, this counts for a good tax-saving purpose for an amount of up to Rs. 50,000 where you have insured yourself, your family, and your parents as well. The deduction can be availed in the current financial year if the policy is taken before March 31.

Health Insurance provides a security blanket that protects your savings from getting drained by heavy medical expenses. However, it is important to keep some factors into account while buying one. One needs to ensure:

1) Buy health insurance at the earliest

Though most health insurance policies in India cover diseases like COVID-19, but claims in the initial 30 days is largely an exclusion. With the current world scenario where humanity looks to be shadowed by diseases, it is important to buy Health insurance at the earliest to have all features available when one might be in need of them.
Also, employer-provided health-cover may not be adequate because of the nominal sum insured and capping on room rent and ICU. A personal health plan gives you the needed coverage.

2) Choose plan as per the features

Different health policies give different features like no room rent/ICU. Disease wise capping is a must feature to be considered while buying Health Insurance. Therefore, it is best to take a health plan catering to one's specific health needs.

3) Add a Super-top up plan

A super top adds a huge sum insured to your basic plan at a very meagre premium. The enhanced coverage provided by Super top-up over your basic plan makes the best of the medical treatment accessible.

Hence, in times like these, where each day is bringing a new and sometimes scary scenario related to our health and surroundings, it is important to safeguard oneself adequately with all the available options.

(The author is EVP & National Head – Solutions, Bajaj Capital)