The Smart Way of Choosing a Health Insurance Plan Amid Rise in COVID cases in India: Expert

How does one go about getting health cover for oneself and one’s family, such that the cost is optimum and the risk of treatment costs optimally covered?

Healthcare costs are increasing, which is also a reflection of the advances in healthcare and the resultant human longevity. Representational pic from Pixabay.

The Covid pandemic has brought to the fore discussions around healthcare capacity, advances in treatments as well as the cost of healthcare. The capacity of healthcare services in the public sector is limited, leaving a majority of people, about 75% according to a NITI Aayog estimate, to look for treatment in private healthcare facilities. However, healthcare costs are increasing, which is also a reflection of the advances in healthcare and the resultant human longevity.

Amid all this, choosing a correct health care policy becomes imperative. Now, how does one go about getting health cover for oneself and one’s family, such that the cost is optimum and the risk of treatment costs optimally covered? Shefali Munjal, Executive Director, Hero Enterprise, shares knowledge about some of the things that should be kept in mind while choosing the health insurance plan:-

1. Opt for an exhaustive health cover –

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Shefali Munjal suggest, "Always consider a comprehensive plan which covers one against any and all illnesses and is not limited to a specific illness, like Covid. As illness is unpredictable, you never know when you might need financial coverage."

2. Check for a ‘family floater’ option –

"Check whether the insurer provides a ‘family floater’ cover for the health plan you are considering. This will allow you to get your entire family covered at a lower premium, rather than opting for separate covers for individual family members," she said.

3. Look for higher Sum Insured (SI) –

"With rising treatment costs, it is prudent to look for options that offer a higher Sum Insured, which can cover the treatment costs without placing a financial burden on the family. A higher amount of cover also enables one to upgrade their healthcare treatment without having to dip into own savings, which would have been earmarked for other life events and goals," she advised.

4. Look for a plan without caveats –

"It is best to opt for a plan which does not have any ‘sub-limits’ or ‘co-payments’. While these features help in bringing down the premium, they restrict your coverage amount at the time of a claim," she added.

5. Check for plans with complete coverage –

"The plan opted for should cover the costs for consumables used in treatment, such as PPE kits, gloves, and masks, which can potentially add-up to a substantial cost," she further added.

6. Get covered for an entire year –

Opt for a year-round cover and not a short-term cover of say six or nine months. This ensures that you always have coverage whenever anyone in your family falls ill.

7. Opt for a plan offering coverage in a single, private room –

"Given the risk of infections and communicable diseases such as Covid, you wouldn’t want to get yourself or your loved ones treated in a shared room where there is a risk of disease transmission," she further suggested.

8. Pre-hospitalization and post-hospitalization cover –

"Always check what the number of days for which pre- and post- hospitalization cover is offered. A longer time duration helps in covering expenses on medicines, diagnostics, and doctor consultations before hospitalization and after discharge from the hospital," she added.

"Any illness strains a family’s finances. This has come to the fore in the Covid pandemic. It is therefore imperative, and prudent, for Indian families to get themselves suitably insured for healthcare related expenses," she concluded.

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