Covid pandemic has a severe impact on lives and livelihood, and everyone is looking for the best financial covers to save themselves from financial liability. Covid has proved how important insurance policies are, to make sure one is protected from wiping out savings. Treatment for COVID requiring hospitalization is covered under all health insurance policies.

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A few of the factors mentioned below are very important to check before buying a COVID health insurance policy:

Right Amount of Cover

Before taking a health policy one must ensure that they are adequately covered and choose the right sum insured depending upon the family size and city of residence. A family of three should look at a sum-insured anything from Rs 5 lakh to 10 lakh floating over the family to make sure they don’t have to struggle.

One should always ensure that every member of the family is covered. Rather than choosing a plan based on the premium, one should also look for the coverage benefits and merits offered in a policy.

Room Rent Limits

As a thumb rule, 1 percent of sum-insured is a limit for room rent which a person can avail and it is very important to ensure the one gets admitted in a room category that is well within the eligibility. Else one should be ready for a huge deduction in a claim.

Especially in covid times, where availability of bed becomes a challenge and individual does not have control on the room, it is advisable to have a policy with room rent eligibility of at least Rs 5,000 per day or up to a single room. hopi-cash or daily cash limit is an add-on cover available with most of the insurers. This ensures one gets covered for some incidental expenses/out-of-pocket expenses incurred during hospitalization. Consumers get limits, starting from Rs 250 per day of hospitalization to Rs 5,000 per day.

Comparison is important

Covid Treatment specific “Corona Kawach” covers that are being offered by the insurance companies based on the guidelines issued by the Insurance Regulatory and Development Authority of India (IDRAI). These are the standard health insurance policies that cover all the expenses of covid treatment. One can also look at these policies since they have no room rent restrictions, and home quarantine expenses are covered in Corona Kawach policy. This policy is highly recommended to ensure Covid treatment doesn’t burn out our savings or health policy.

Timely Upgradation of health cover

One can upgrade his/her health cover in several ways like by increasing the sum insured in the existing policy or by adding a second to his/her portfolio. One can also take a super top-up policy available in the market to take care of high-value claims if their current health policy doesn’t have an adequate sum Insured. This additional cover in form of a super top is available in the market at a much lower price compared to the base policy.

The author, Yashendra Sharma, is Sr. Vice President - Employee Benefit at Alliance Insurance Brokers. The views expressed are personal

First Published:Jun 24, 2021 5:02 PM IST