Many insurance companies have come up with insurance products that specifically cover an individual against the coronavirus disease (COVID-19).Get latest Personal Finance online at cnbctv18.com
Coronavirus insurance cover: 5 things to keep in mind while buying policy online Updated : April 09, 2020 08:20 PM IST Many insurance companies have come up with insurance products that specifically cover an individual against the coronavirus disease (COVID-19). While buying any policy for coronavirus, an individual should be very careful, warn experts. Anshul share Even as the coronavirus outbreak is intensifying with each passing day, one may look for a health insurance plan that cover the novel disease. Many insurance companies have come up with products that specifically cover an individual against coronavirus disease (COVID-19). While buying a policy for coronavirus, an individual should be very careful, warn experts. Dont just choose a plan with a basket of benefits and low premiums, as such plans may not offer an adequate cover. Instead, select a policy that has all features and can give wide coverage," explains Ankit Agarwal, co-founder and CEO, InsuranceDekho. "A good coronavirus insurance policy is the one wherein the insurer is ready to compensate the policy holder for 100 percent of the total hospital bills, he adds. Here are few things to keep in mind while choosing a coronavirus insurance policy: Look for easy and fast claim process While selecting a health insurance plan it is important to know about the claim process of the insurance company. Make sure the claim process is simple and quick. If it is not, it can come as a major stumbling block for policyholders and their family members to reach a settlement in the case of an emergency, says Agarwal. Check the limitations and exclusions Before buying a health insurance, its important to understand the details of the policy. Every policy has its own limitations and exclusions. We advise members to go through fine print of the policy. For example, most plans covering coronavirus may not cover certain expenses while anyone is in quarantine, says Pankaj Chauhan, EPOCH Insurance Brokers. Also, quarantine that may not require hospitalisation for treatment will not be covered under standard health insurance policy. "Meanwhile, it's also important to check if the product covers in-patient treatment, pre-hospitalisation, post-hospitalisation and ambulance cover," according to Chauhan.. Look for co-payment clause Insurance cover that includes co-payment clause must be chosen. "That means policy holders will have to pay a pre-defined percentage of the claim amount from their own pocket and the rest will be settled by the insurance provider. While an insurance policy with the co-payment clause is available at a low premium, such policy may not offer complete coverage," explains Agarwal. Check the list of cashless hospitals Cashless treatment can be availed only in network hospitals. So, check the list of the cashless network for convenience and better treatment. Make sure if the cashless hospital in the vicinity is capable of handling any emergency due to coronavirus. Look for the waiting period Insurance policies designed for COVID-19 come with a waiting period. And, the waiting period differs from insurer to insurer. It means the policy will start covering the novel disease when the waiting period is over. The initial waiting period is applicable from the date of commencement of the policy. Tags
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