India is going through the second wave of covid this time, currently, India is at 2nd place in terms of the highest number of covid cases after the USA. Several cities and states are going through the lockdown and curfews so that the spreading of coronavirus can be controlled and reduced. Doctors and the medical staff are working day and night in this battle with covid. But apart from covid India is facing the lack of oxygen also which is not a good thing for us. This situation has taught us that having a health insurance policy for a person is very important. Health insurance market in India is growing rapidly since this pandemic has arrived in our country. So in this situation, one must have a medical policy as the expenses for covid treatment are too expensive.
Health insurance is a type of insurance that covers the expenses related to the medical hospitalization due to any type of illness. It also covers the expenses of medicines doctor consultation fees, consumables used in treatment, medical tests.
Due to this covid pandemic several cities and States are going through the lockdown and curfews. Many people are losing their job. Many people are living on their savings. In this situation middle class and lower class families are only depend on health insurance in case of any medical emergency as the costs of covid treatment are too expensive. But if in case they don't have any Mediclaim policy chances there are highest chances that they can be bankrupted. So a person must have the health insurance policy. In this article, we are going to discuss about the benefits of health insurance in this covid pandemic.
Benefits of having health insurance in the covid pandemic
1. Costs of medical treatments of covid are too expensive
The costs of medical treatments of covid are too expensive in private hospitals. Room rent, medicines, cost of ventilator, ICU charges etc... if you calculate all these expenses it will be a minimum 2 lakh INR and this amount is too much for the lower and middle class family. Most probable chances that they will end up with no savings in their hand but if in case you are having a health insurance you will get most of the expenses from the insurance company. The average cost of a health insurance policy for an adult is 4-7k depend on your age and the sum insured you are opting for.
2. You can go for better medical treatments
Having a health insurance policy allows you to go for the better medical treatments. You don't have to do the adjustments with the quality of treatment. There are many families in India who don't have enough for the private hostpital treatment so they use to go for the government hospitals. Here am not saying that the government hospitals treatment are not good but it is a fact that the private hospitals are far better than the government hospitals in terms of quality, treatment, hygiene. So, even if you have a coverage of 5 lakhs then it will allow you to go for the better medical treatment.
3. Cashless facility
Imagine an amount of Rs. 2 lakh in this covid pandemic in case of any emergency for a middle or lower class family, how badly it can affect them financially. People are losing their jobs there are no sources of income for some people who are living in those states which are going through the lockdown. May be they will end up with no savings in their hand. There are highest chances that they can be bankrupted too. So, a health insurance policy provides you the cashless facility so that you don't have to bear the expenses from your side first and submit those receipts into the insurance companies. Cashless facility states that the hospitals will gonna contact your insurer directly you don't have to pay the expenses from your side.
Also read; Understand the 5 types of life insurance policy.
4. Your savings won't be affected
If you have a health insurance policy then your savings won't be affected which you have saved for different purposes. Chances of being bankrupted in this world pandemic will almost be zero. If you don't have any mediclaim policy just go and buy for yourself and your family. Even there are some insurers which are offering policy only for covid on low premium amount but I would suggest you to buy normal policy instead of buying covid specific policy, at least it will cover all types of disease.
If you want to go for a health insurance policy but still you are confused that how to buy and which type policy you should buy for yourself and your family, then I would suggest you a book which you can read on Amazon Kindle at just a cost of Rs.99.
Conclusion
This pandemic has bankrupted many families in our country but if they had a health insurance policy then the situation could be different for themselves. If you still don't have any mediclaim policy then you are in big danger because this situation would not going to be end soon. So, don't be late just go and buy yourself a mediclaim policy.
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