The coronavirus outbreak took over the entire world last year. As we grappled against the sudden health crisis, the problem of financial security steadily became more apparent. Amidst the shortage of adequate healthcare for everyone in need, the costs rose to alarming rates.
Regardless of the pandemic, it is safe to say that healthcare costs make for significant financial stress for many people. So, having the benefit of COVID insurance during a virus outbreak can be extremely helpful. It is a financial tool that came into existence purely because it was the need of the hour.
Using COVID insurance can ease the burden on your savings substantially. But, since it recently became available, not many people may be aware of how it works. So, let’s take a closer look at COVID insurance to understand it better.
What is COVID Insurance?
COVID insurance plan is designed to provide coverage for the medical expenses incurred when receiving treatment for the disease. A person with COVID 19 insurance can claim the plan for settlement if they are tested positive for the virus. The plan can cover the hospitalization expenses of the policyholder upon diagnosis.
Some COVID insurance policies also offer coverage for the death of the policyholder due to the disease. Depending on the insurance provider and the types of COVID insurance, the inclusions and the exclusions may vary.
Therefore, it can be helpful to have a basic idea of the features and benefits that are suitable. It will help you know what to look for when buying COVID insurance to ensure adequate safety in the future. Here are some features of COVID 19 insurance discussed in detail:
1. Coverage Details (Amount, Duration)
You can secure coverage with COVID insurance by buying a standalone health plan or include a rider on your term plan. As per the IRDAI guidelines on COVID insurance, all policies must have at least a policy term of 3 months. Trusted insurance providers like Max Life Insurance offer a COVID19 One Year Term Rider to enhance life protection.
You can select the sum assured of the plan as per your requirements and get adequate coverage. Furthermore, the COVID insurance may also include coverage for hospitalization expenses as well as quarantine-related expenses. Selecting the right COVID 19 insurance largely depends on your affordability and individual requirements.
2. Premium Payment Options
The policyholder can pay off the entire premium in a single transaction for a COVID insurance rider. Considering the fact that policyholders need such a plan to serve the purpose urgently, the one-time premium payment option makes the most sense.
You do not have to carry the premium liabilities well into the future to enjoy the benefits of the COVID insurance plan. It is meant to reduce the financial burden if the need for treatment arises in the future. So, paying the premiums in a single transaction can be in your best interest.
3. Waiting Period
Since the COVID insurance is meant to provide immediate financial assistance in a crisis, a long waiting period will be inconvenient. For instance, if you buy the one-year COVID rider by Max Life Insurance, the benefits will kick in after a short waiting period of 15 days.
Unlike other insurance plans, where you might have to wait longer, the COVID insurance comes with a shorter waiting period that can be extremely useful given the situation. When buying a COVID 19 insurance for yourself or your family, make sure to check the waiting period to avoid any confusion in the future.
4. Eligibility Criteria
Most COVID insurance policies are available to anyone over the age of 18 years. You can create a sound financial plan to get appropriate protection for your life during the pandemic by opting for the best-suited COVID insurance plan for your profile.
Moreover, if you choose to purchase COVID insurance as a rider to a term plan, you can add other riders to strengthen the scope of protection.
Why Do You Need COVID Insurance?
It is almost a year since the coronavirus outbreak changed our lives drastically. Although the effects are steadily slowing down, you can never be too safe in times of uncertainty. Apart from following health and safety measures, it is crucial to pay attention to the financial aspect.
Without a COVID insurance plan, you run the risk of depleting your savings during a medical emergency. The reassurance of sufficient financial reserves can be a huge relief in this situation. You can remain confident with a COVID 19 insurance plan that in case you need it, you can get quality healthcare against the virus.
While it can be unpleasant to imagine yourself or a member of your family suffering, it is crucial to plan for such situations beforehand. It can save you a great deal of unnecessary pressure that you might have to face in the absence of a sound financial plan.