Thinking Beyond the Moment While Buying Health Insurance

Health Insurance

In the time of this dreadful pandemic, everyone is considering their options for protecting themselves. Along with this, many wise people are also preparing for the worstóon how to take care of themselves and their loved ones if anyone should develop COVID19.

But even in such a situation, it would be unwise to plan in a hurry, and only settle for a policy that will protect against the novel coronavirus. A health crisis will never come at a convenient moment.

Why You Should Buy A Health Insurance Plan For The Future

Coronavirus has brought fear to everyoneís lives. Still, the truth is, if we are unlucky enough to face any medical crisis, then most of us are unprepared for the mental and financial stress it brings. While there is no way to ensure that a health crisis will not take place, you can ensure that you are financially settled and able to cope with it.

Buy a health insurance that will serve you well into the future, and will offer you benefits such as no-claims bonuses and lifetime renewals.

Looking at Coronavirus Health Insurance Policies

It is important to note that if you buy a policy after testing positive for the coronavirus, you will certainly not be reimbursed for any treatment expenses. Most policies have a certain waiting period, after which claims will be allowed, mostly about 30 days from buying the policy.

Most policies will also have considerable exclusions, such as quarantine expenses and others.

Key Factors to Consider While Buying Health Insurance Plans in India

Premiums: The ultimate question is always how much you can afford to spend, and equally, how much you can afford not to spend, considering that being caught in a medical crisis with insufficient medical insurance can, in India, even lead to bankruptcy.

Co-Payment: Check what percentage of the treatment expenses have to be co-payed by the insured party.

Waiting Period for Pre-Existing Illnesses: A long waiting period before claims for pre-existing illnesses are allowed can detrimental to the insured person.

Looking at Health Insurance Companies in India

Along with the policy itself, itís also a valuable exercise to take a look at the company which furnishes your policy. If you donít have faith in the company, you canít have confidence in the policy.

  • Claims Settlement Process: The claims settlement ratio and speed of settlement is significant
  • The network of Hospitals: You donít want to have to worry about driving a long way when every minute could cause a disaster. Cashless treatment is not available outside of network hospitals


  1. Are there any health insurance policies for coronavirus that do not have a waiting period?

A few coronavirus insurance policies have a 16 day waiting period from the commencement of the policy rather than 30 days. However, almost all will have some waiting period.

  • What is a cashless treatment in a medical insurance policy?

Cashless hospitalization is, as it says, a form of hospitalization where your insurance covers your treatment without the hospital requiring your payment upfront.