Can a health insurance policy protect you from the impact of the coronavirus?

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How Health Insurance Can Help You Fight Coronavirus Explained

To say that the current coronavirus pandemic has taken the world by surprise would be an understatement. January 1, 2020, who would have thought that within three months the world would come to a screeching halt and face a great crisis. While the virus itself has claimed many lives and destabilized the world, its impact has been magnified by the lack of medical resources to deal with the contagion. This leads to focus on the need for governments and individuals to put health care first and take the necessary steps to mitigate the impact of such events.

Medicare – your friend in bad weather

From an individual’s perspective, the best way to mitigate the impact of health-related demands is to purchase a health insurance policy. Health problems can have varying impact on an individual. In addition to leaving the individual physically and mentally exhausted, paying for medical treatment, hospitalization and medication can be a heavy burden on an individual and their family. This is where a health insurance policy can come to the rescue. A basic health insurance policy would generally cover medical and hospital costs related to a particular illness. In addition, insurers also offer several riders to the base policy that can cover additional expenses related to critical illnesses, income for major medical expenses, etc. This can be invaluable when needed.

Can health insurance protect me from coronavirus?

Coronavirus is a type of virus that causes flu-like illness in humans. It is named so because of its round shape with crown-shaped protrusions around the circle. Symptoms of the coronavirus are similar to those of any other flu and can range from coughs, colds and fever to shortness of breath and breathing problems. Unfortunately, the disease currently has no vaccine or targeted drug. This makes the disease particularly dangerous. So you need to take extreme precautionary measures to make sure that you and your family members are not exposed to the virus. Some of these measures include wearing a mask, washing hands thoroughly and frequently with an alcohol-based hand sanitizer.

Despite this, it is not necessary for everyone to be able to avoid contracting this disease. This is where a health insurance policy can help you even in the present day.

According to experts, if a person with an existing health insurance policy contracts the disease, the cost associated with treating the disease will be included in the policy. However, if a person opts for a policy after contracting the disease, they may not be entitled to coverage for the treatment. That said, the Insurance Regulatory and Development Authority (IRDA) has authorized the names of 29 insurers who will be licensed to sell a compensation health insurance product that will specifically cover hospital costs for the treatment of Covid. 19. The indemnity health insurance will provide coverage of INR 1 lakh and INR 5 lakh. The regulator also clarified that all current health insurance policies in India will cover the hospitalization of Covid 19. This comes as a relief besides being stressed by the illness, people were also worried about the financial implications of this in a slowing economic environment.

Life can be uncertain. No one can really say for sure what the future holds. This means that it is not always possible for us to predict what will happen to us next. However, what we can do is prepare for the demands and adapt to the new normal. Insurance is an integral part of this preparation. An insurance policy can cushion the brunt of extreme events and become your friend in times of turbulence. Consider purchasing a health insurance policy if you don’t already have one. Don’t panic and stay safe.

(By Dhirendra Mahyavanshi, co-founder, Turtlemint, An InsurTech Company)

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