Here are the 05 Health Insurance Lessons that COVID-19 Taught Us

The outbreak of COVID-19 shook each one of us. It has changed the way of living life. In the aftermath of this global crisis, we are gradually trying to adapt to the new normal. Amidst all of this, it is time to ask ourselves whether the health insurance policy we have is adequate or not. We would have heard many stories around medical bills, hospitalization expenses, diagnostic charges, etc. Many of the families' savings got exhausted. The situation was, even more, scarier for families that had more than one COVID-19 infected person. Having adequate health insurance coverage is of extreme importance. A health insurance policy is a necessity and not a luxury. In this article, let us highlight the important health insurance lessons that COVID-19 taught us briefly.

05 Health Insurance Lessons Amidst COVID-19

It has been a bumpy road but the lessons taught are important. Take a look at the following health insurance lessons that the pandemic has taught us:

1. Adequate Sum Insured

In tough times like this, the first lesson is to have adequate health insurance coverage. While choosing the health insurance policy, assess the need. Consider the aspect of rising inflation and only after that choose a suitable health cover. It is recommended to go for higher medical insurance cover. Have a look at the features and benefits offered within the plan.

2. Review the Health Insurance Plan

If more than one member in the family falls ill simultaneously it means that the individual health plan might just not be enough. Anyone who has a floater health plan needs to be sure that the overall sum insured should be high. This will help to accommodate multiple members of the family. Moreover, it is better to review the existing health insurance plan. If you have immediate dependents then choose the right type of health insurance policy. Do not buy a plan in a hurry, give time and then make a wise decision.

3. Understand Health Insurance Terminologies

While buying a health insurance plan it is important to understand the insurance-related terms as well. Room rent limits and co-pay are important aspects of medical insurance. The health insurance policies come up with such features. Initially, you might think that you are paying extra health insurance premiums, yet, it is better to go without any sub-limits and copayment. You will not have to think about arranging the capital by liquidating the investment in case of an uncalled medical emergency. Peace of mind is worth every penny cost.

4. Employee Cover Might Not be Enough

If you are salaried individual, you might be covered under a health plan by the company. However, the health coverage offered by employers is small. Therefore, it is better to have an individual health insurance policy as well. Amidst the pandemic, many people lost their jobs. Under such a situation, if you only rely on that insurance, it will result in zero coverage when uncertainty hits you.

5. Choose the Right Policy

Today we have different health insurance plans available in the market. We also have dedicated COVID-19 policies as well. It is important to understand that COVID-19 is not an exclusion under any health plan and is covered. So, in case you have a health insurance policy in place, ideally, a covid specific plan is not required. Hence, it is better to opt for a comprehensive health insurance plan with high cover.

The Bottom Line

In this ongoing pandemic, each one of us has gone through a tough phase. It is time to take learning from those lessons. A health insurance policy is important as it offers financial security in case of an unforeseen event. A health insurance policy is not another expense.