Before the COVID-19 pandemic, who would have thought that a viral infection could bring the world to a standstill? The pandemic threw everything out of order across the world. Besides worldwide healthcare systems, many economies were also badly affected, leading to major financial stress among the global population.
India faced the brunt of the situation as there were not enough healthcare facilities to meet the demands of the soaring infection rate.
Hospitalization and related costs skyrocketed, making it almost impossible for people without health insurance to access healthcare facilities. This re-emphasized the importance of medical coverage, especially in the face of a crisis.
The reasons why you need insurance, specifically the one that covers COVID-19, such as the Corona Kavach policy, include:
1. Coverage for hospitalization expenses
Hospitalization expenses may drain your savings or force you to take a loan if it reaches exorbitant levels and you are without insurance. If you are covered, the insurance will cover:
- Room rent
- Cost of medicines
- Doctor consultation and nursing fees
- Cost of masks, PPE kits, etc.
- Ventilator, blood, and oxygen charges
- Cost of surgery and tests
2. Domiciliary or treatment at home
At a certain point during the lockdown, when the COVID-19 cases were rising in India, it was extremely difficult for patients to find hospital beds for COVID treatment. Also, some people were not in a state of easy mobility, so home treatment was the best option.
To get the benefits of being treated at home and staying with your family members during this crisis period is an advantage. Health insurance facilitates and pays for the treatment expenses and other needs during treatment at home.
3. Cost of ICU treatments and co-morbidity
The cost of ICU or Intensive Care Unit treatments and Intensive Cardiac Care Unit (ICCU) will be covered. These are one of the major expenses and can run up to lakhs in certain cases. Without insurance, you have to bear these heavy expenses out of your pocket.
4. Coverage for AYUSH treatment at hospitals
If you are diagnosed with COVID-19, you can avail of AYUSH (Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy) treatment. The cost of your treatment will be covered up to the sum insured of the policy. There is no sub-limit for this.
5. Post-hospitalization expenses
Even after you are discharged from the hospital, there may be routine check-ups, follow-up treatments, etc., at home. You can get covered for these expenses if you have medical coverage. Your insurer would cover the costs for up to 30 days.
6. Pre-hospitalization costs
Before you are hospitalized, you may have to undergo treatment at home. Keeping this in mind, the insurer covers pre-hospitalization costs for up to 15 days before admission to the hospital. It includes the cost of home treatment, tests, and diagnosis.
7. Daily cash allowances at the hospital
This is an amount you would get if you are hospitalized for a minimum period of 24 hours and up to a maximum of 15 days.
Several miscellaneous costs may not be covered under the primary policy. The cash allowance compensates for your loss in income during hospital admission and usually ranges between ₹250 and ₹2500 per day for the period of the stay. Ambulance charges.
Ambulances are indispensable during an emergency as they offer quick and safe transportation to the hospital when the patient is in a critical condition. You may get an allowance of up to ₹2000 for each trip to the hospitalization.
Due to the COVID-19 pandemic, one of the visible changes has been in demand for health insurance. The importance of medical insurance was never so explicit before. So, get yourself and your loved ones covered and remain stress-free in the face of a medical crisis.