With the lessons of the second wave of the pandemic hitting the world hard, it makes sense to be more prepared now that the threat of the new COVID variant, Omicron, has been looming over us. So far, it has been observed that Omicron is a fast-spreading variant of COVID, with cases constantly on the rise. However, research into Omicron’s severity and its effect on those who have been vaccinated is currently ongoing.
In light of this, you should double-check that your health insurance policies will cover you in the event of a medical emergency in the future. It’s a good idea to double-check your health insurance plan if you already have one. Omicron and the rising incidents of severe illnesses and rising medical costs are some more aspects to consider to ensure that you are always safeguarded. As a result, it would be a good idea to take a quick glance at your health insurance coverage.
Here’s how to make your health insurance coverage more comprehensive to protect yourself and your family against the Omicron variant.
- Choose a policy that covers COVID-related illnesses
On the surface, it looks that Covid-19 and its derivatives demand serious and immediate medical attention. And the past two years have only taught us to be cautious. COVID opens the door to a slew of other disorders, including hypertension, diabetes, obesity, and heart disease, to name a few.
Aside from that, it would help if you remained protected against other issues such as black fungus. The ramifications of these diseases could be severe, necessitating hospitalisation. While additional information regarding Omicron becomes available, you should choose comprehensive medical insurance for senior citizens and yourself to protect from various conditions covered by COVID.
- Choose a more significant sum insured to ensure that you are protected in the event of hospitalisation
The second wave serves as a sobering reminder of the need of being well-prepared ahead of time. You’ll need a plan that covers the majority of diseases, and you’ll need to keep track of the rising medical inflation year after year. If your sum insured is insufficient, you may need to dig into your savings for the balance. These costs, especially in big cities, can truly upset your financial planning and life goals. You can choose a higher sum insured if your policy is due for renewal. However, if your policy’s renewal isn’t due for a while, you may always purchase a super top-up. For example, if you already have Rs. 10 lakh insurance, you can acquire a super top-up of Rs. 90 lakh, bringing your total coverage up to Rs. 1 crore.
- Expenses for domiciliary therapy and such extra expenditures should be included
Domiciliary treatment means getting your medical treatment at home. There are two reasons for this: either unavailability of hospital beds/rooms or the patient has a severe or co-morbid condition that has been certified by a doctor. Not long ago, many COVID patients were unable to find a hospital bed and were forced to be treated at home. In addition, recommendations for home isolation and the treatment of COVID patients have been established. It makes it appropriate to provide medical insurance for senior citizens and coverage for domiciliary treatment, especially given that the coronavirus has been mutating and new variants are repeatedly surfacing.
Other costs to consider also include doctor consultations, check-ups, testing and the usage of medical aid products, OPD and ambulance fees, and so on. Check your insurance policy to determine if these costs are covered.
- Keep an eye out for claim settlements
Claim settlement is a watershed moment for both the insurer and the insured. When the dispute is resolved, the coverage genuinely proves to be beneficial. Before choosing an insurer, make sure to check the claim settlement ratio. A ratio of more than 95% is usually regarded as desirable. Not only that, but look for any terms, conditions, or acceptable language that could hinder your claim processing later.
- Suitable riders should be included
Riders are optional extra benefits that you can add to medical insurance for senior citizens and your policy for an additional fee. Given the uncertainty of the pandemic, any of these well-known riders may prove to be helpful. Consumables, for example, account for 20% of COVID hospitalisation costs, but many comprehensive plans do not cover them by default. Consumables are medical aids such as syringes, PPE kits, masks, gloves, and other products destroyed after a single usage. On the other hand, critical illness insurance can help pay your expenditures if you get a major illness as a result of COVID, such as a heart attack or kidney failure.
There has been a noticeable growth in demand for health insurance policies, with more queries coming from the younger population. With the COVID scare still not behind us, you should consider comprehensive health insurance policies and choose necessary add-on coverage to help cut down on out-of-pocket costs.
