Why health insurance is important during COVID-19 times - Explained

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The COVID-19 pandemic has made us realise that future is uncertain, and medical emergency can take place anytime. So, to protect us from any medical emergency Health Insurance is must.

We all are following social distancing and taking health precautions, measures but along with precautions we need health insurance as well. Remember, health insurance is what every family needs not only during pandemic but for any medical issues we face in future as well.

“Covid has underlined the uncertainties that life brings along, the need to evaluate one’s risks and have them covered by insurance. In India, we are facing the second wave which is more worrying. Throughout this pandemic, people secured by health covers were able to get back on their feet sooner. There is now an increased awareness especially about Health Insurance," says Pankaj Verma – Head (underwriting), SBI General Insurance.

Future is unpredictable and nobody knows what will happen in next 20 to 30 days. The only thing which can be your savior is health insurance. Let us understand the importance of Health Insurance during COVID-19 times.

Cashless Hospitalisation:

If anyone suffers from COVID-19 or any other critical illness, then he or she can get the treatment immediately with cashless hospitalisation. After going to hospital, you will not require any cash deposit. With the help of health insurance cashless hospitalisation is the best way to get the treatment as soon as you admit.

Pre and Post Medical Expenses:

Your Health Insurance will provide the free annual health checkups without any charge which includes all basic tests like blood sugar, Urine, Cholesterol, ECG etc. So, this is the best part for all insurers to avail the offer. The annual checkups will always help you to guide and alert about any sickness or illness which may originate in near future. “A comprehensive and adequate Health Insurance plan is almost indispensable if one wants to be prepared for unforeseen circumstances.

“Ideally one should understand all aspects of a health plan like, sum insured, coverage etc. and get the one that suits them and their family. In case they are first time buyers and are looking for an uncomplicated product, they can go for a standard product like Arogya Sanjeevani and make changes in their insurance plan per their requirements according to their changing lifecycle. Apart from a base health plan it’s a smart move to also have a top-up health insurance which comes at a minimal premium," adds Verma. 

Income tax Benefit Under Section 80D:

Along with free health checkups and hospitalization the best part with the health insurance is it gives you tax exemption under Section 80 D as well. The health insurance which covers whole family including your parents and spouse can give you tax exemption of up to Rs 60,000/. It also depends on the age of your parents and you. Group health insurance will help you in reducing your taxable income as well.

High ICU and other treatment charges:

Due to COVID-19 many have gone through major health issues like low oxygen level which led them to take ventilator support in the intense care treatment. The COVID charges from people having high level of infection needs proper hospital treatment and the cost of the treatment is too high in most of the private hospitals. The current hospital COVID charges are about 10 lakhs in most of the Tier-1 and Tier-2 cities. So, health insurance is must to claim such huge amount in case of health emergency.

Few more points to keep in mind:

Health insurance always gives you peace of mind. During any medical emergency you don’t need to depend on anyone else for financial support. Your health insurance is enough to help you during tough health times.

It reduces the risk of using all your savings. One can claim the money against the insurance and

get all money back without spending a bit.

Most of the health insurance also provides governments AYUSH treatment for patients. Which no doubt helps patient to take affordable health insurance benefit.

“It is high time Indians realize that the health insurance cover provided by their employers is often not enough. Employers tend to offer group policies with bare minimum benefits that doesn't cost them a lot, and this tends to cost you when critical illness or health conditions strike. Therefore, it is now very important to have adequate health insurance cover," says Rakesh Jain, ED & CEO, Reliance General Insurance.
 
Remember, health is wealth and if you can’t protect your health than you can never be wealthy. So, take a good health insurance plan which covers almost all critical illness including other treatments and secure the life of your loved ones and yours too.

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