How to ensure you have enough health insurance in times of covid-19

28 Aug 2021, 02:04 PM IST
Given the high treatment costs, many policyholders find the overall coverage of their health insurance plans insufficient. Keeping in mind the highly contagious nature of the covid virus, the possibility of multiple family members falling ill collectively is high and can lead to prolonged hospitalisation or treatment due to the ensuing complications. This will also empty your pockets as medical costs are painfully high.It is worth wondering whether your health insurance cover provides you full financial protection if you or your loved ones catch the virus. If you find that it doesn’t, here are four ways you can augment coverage and safeguard yourselves.
You not only have to make sure that each family member gets adequate sum insured but that multiple members can get simultaneous treatment should the need arise. If the policy cover is insufficient and you find that the sum insured is not enough, consider buying additional comprehensive cover either with the same insurer or with another one.
When you feel that you have reasonable total protection for your family but foresee a risk of shortage in case of multiple simultaneous hospitalisations or prolonged post covid complications, then you can go for a super top-up health insurance policy. Even if you or any of the members have already exhausted the limit of a family floater plan, you can get a super top-up plan so that all family members can enjoy increased coverage again.
If you find your policy having various sub-limits or copayment clause then adding an Aarogya Sanjeevani Policy can help you bridge the gap at the lowest premium. If you wish to enhance your protection further after a basic comprehensive plan and Aarogya Sanjeevani, you can buy a super top-up plan with higher deductible as it will come with very low premium.
If you want just a quick fix arrangement to jack up your protection temporarily, consider short-term coronavirus specific polices, especially helpful for those who are facing some loss of income, salary reduction or job loss. Corona Kavach is an indemnity-based policy which pays the actual cost if you need hospitalisation of 24 hours or more. Corona Rakshak policy is a benefit based policy where the pre-decided sum insured is paid irrespective of actual cost if the covered person is infected and requires more than 72 hours hospitalisation.
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