What is the importance of health insurance amidst COVID-19?

Until the start of COVID-19, only a few people gave importance to buy health insurance. But now, we can say that Covid 19 has created importance and awareness among people to boost up their immunity levels in the body and created a secured financial zone in the form of health insurance plans to build a different, safer lifestyle. Many people have now come forward to buy health insurance policies by seeing the loss of lives around. They have realized the importance of a health plan, which can help meet any emergency medical expenses.

Ravi also came across an unforeseen situation with his brother affected by COVID-19. Although they were not prepared with any health insurance plans, they managed to use their savings, borrowed some money from the neighborhood, and saved his brother’s life. After this incident in their family, Ravi has now decided to buy the best health insurance policies in India that primarily cover COVID-19.

Why do you need coronavirus insurance policy?

Here are a few points to validate why you need coronavirus insurance: 

• Everyone is already aware of the fact that life is uncertain. But the COVID-19 has further emphasized that such uncertainties can even hit a newborn baby and not the elders only. Therefore, now anyone is prone to a medical emergency at any time of the life 
• According to the survey by National Insurance Awareness Day: 2021, the COVID-19 impact has made millions of people in India buy a health insurance policy, and as a result, in the last 15 months, there is a considerable number of people started buying COVID-19 insurance in large numbers. 
• The entire world is uncertain about how many waves this planet is yet to cross. Therefore, the uncertainty continues and keeps the pandemic on 
• Comparatively, in the last few months, the number of people buying health insurance in India has increased by 61%, out of which a significant percentage of people is choosing COVID-19 specific health insurance plans 
• About 77% of claims have been approved in the last few months for insurance for COVID-19.At the same time, the medical costs have increased by 40% with this pandemic in India 
• As a result, people now choose health insurance with higher sum insured, regardless of the premium amount. Perhaps, at the same time, the Covid 19 insurance policy is available at many affordable costs too 
• Another survey reveals the fact that about 72% of health insurance buyers bought their first term and health plans. Such plans are especially with higher sum insured ranging from 5 lakh to 1 crore. 

Why Health Insurance is important during COVID-19?

Here are a few facts to emphasize the importance of buying health insurance plans with Covid-19 coverage:

1. ICU costs are higher for Covid Treatment: Unlike any other diseases or health issues, the ICU costs are comparatively higher for COVID-19. These costs may even range up to Rs 10 lakhs depending on the type of hospital you choose. However, when you seek better treatment from a reputable hospital, then you should certainly pay for it. In this aspect, the health insurance plan with COVID-19 cover can help you meet such huge expenses. 
2. Anyone can become COVID-19 victim: Today, the current pandemic has taught a lesson to the entire world that anyone can become the victim of COVID-19. Therefore, no matter whether it is a newborn baby or an older person, you can still get affected by COVID-19. At the same time, the medical expenses are also higher. Therefore, getting prepared with sufficient mediclaim is crucial in this case. 
3. Emergency cover: This is the most important highlight of COVID-19 health insurance. It is absolutely unpredictable that when one can be affected by Covid. However, being prepared with sufficient money on hand is essential, which is also impossible for everyone. Therefore, you should ensure that you hold adequate insurance health cover for your family to be prepared for any type of medical emergency. 
4. No matter you are unemployed: We know that many people have lost their jobs during this pandemic period. At the same time, any medical emergency during this stage of their life could have worsened their situation. But by holding sufficient health insurance, you can be relaxed that you and your family are covered with adequate insurance for all types of medical expenses. 
5. Cashless hospitalization: It is unpredictable at what time one will become victim of COVID-19. At the same time, it is also not predictable for one to have enough money on hand to meet any medical emergency. But the cashless hospitalization benefit from the COVID-19 insurance plan can help you in all ways to meet your emergency expenses without any fear.
6. Pre and post expenses: Most of the health insurance plans provide annual free health checkups. You can take up such checkups without any charges, and they may include blood sugar tests, urine tests, ECG, and many others. Today, any regular medical checkup costs a considerable amount. You can cover such expenses using your health plan with no extra financial burden. 
7. Income tax benefit: The most important highlight of COVID-19 health insurance is providing you Tax benefit under Section 80D. Many people hesitate to buy health insurance because of the misunderstanding they have that they are not eligible for tax benefits. But almost all health insurance are eligible for tax benefits for the premium they pay up to the specified limits. Therefore, you can confidently move buying your health insurance right away and get the expected benefits. 

Now you would have got a better idea about how effective and beneficial the COVID-19 health insurance is. So don’t hesitate any more and start reacting immediately; bring your family complete cover.