Health Insurance in the time of Covid-19 – Help your client buy the right policy

Health Insurance

Coronavirus is an unprecedented illness which has taken over the entire world. With no cure or vaccination and the increasing number of cases on a daily basis, people all over the world are scared. Though the Indian Government has imposed a lockdown to contain the spread of the virus, cases are rising every day. If anyone tests positive for the virus, it includes a 14-day hospitalisation, constant tests and medicines to prevent the infection from worsening. This hospitalisation incurs medical expenses and these expenses might prove unaffordable if hospitalisation runs beyond 4 to 5 days. Can your clients meet these medical expenses on their own?

Meeting expensive medical treatments might blow a big hole in your clients’ pockets and that is why you should advise them to invest in a health insurance policy. A health insurance policy would cover the hospitalisation costs and spare them the financial horror. But do your clients know which health insurance policy would be suitable for their needs?

They might not and this is where your help is needed. You can help our clients buy the right health insurance policy to face this pandemic without worrying about medical expenses. Here are some policies which would help your clients face the medical costs head on if, God forbid, they or their family members require hospitalisation due to Covid-19 – 

  • Indemnity health insurance plans

    Indemnity health insurance policies are those which cover the actual medical costs incurred on hospitalisation. So, if your client or his/her family suffers hospitalisation due to Covid -19, the policy would cover the cost of hospital stay, diagnostic tests, cost of the ventilator, etc. The policy is, therefore, a must to protect against the hospitalisation costs incurred due to the pandemic. If your clients are aged up to 30 years and unmarried, they can invest in an individual health insurance policy covering only them. For older clients, who have a family depending on them, a family floater health insurance policy would make more sense. The policy should cover your client, spouse and dependent children. For dependent parents, a separate senior citizen health plan should be taken so that their healthcare needs would be sufficiently taken care of. 

    Pro Tip – Advise your clients to invest in an optimal coverage level to meet the expensive medical costs easily.

  • Top-up health plans

    The importance of having a high coverage level cannot be stressed enough. That is why you must urge your clients to opt for a high sum insured in the face of this pandemic. If affordability is a concern, suggest top-up or super top-up health plans. These plans would help your clients supplement the existing health insurance coverage while at the same time guarding their pockets. Premiums for top up plans are low and they effectively increase the coverage level to meet high claim amounts.

    Pro Tip– Match the sum insured of the existing health policy to the deductible of a top-up health plan so that claims beyond the coverage of the health plan would be covered by the top-up policy.

  • Critical illness policies

    Even though Covid-19 is not considered to a critical illness, other critical illnesses like cancer, heart attack, stroke, etc. result in a considerable financial drain. They might also render your clients unable to work and lose their source of income. A critical illness health insurance policy proves very useful in the face of critical illnesses. The policy pays a lump sum financial benefit if your client suffers from any covered critical illness. This financial benefit can then be used by your clients to either pay for advanced medical treatments or meet other financial responsibilities that they might have. So, advise your clients to supplement their health insurance coverage with a critical illness policy to protect against dreaded diseases.

    Pro Tip – Ask your clients to buy a critical illness policy which covers the maximum illnesses. Moreover, a high sum insured should also be recommended for better coverage.

  • Senior citizen policies

    These health plans are for your senior citizen clients who might not find suitable coverage under normal indemnity health plans. Senior citizen policies would help cover the medical expenses of your older clients if they suffer hospitalisation due to Coronavirus.

    Pro Tip – Since medical expenses are high, recommend a high sum insured for optimal coverage.

  • Covid specific health plans

    Given the outbreak of the pandemic, some health insurance companies have launched Covid specific health insurance policies.These policies are fixed benefit plans which pay a lump sum benefit if the insured is hospitalised for a suspected case of virus even if the test is later found to be negative. The premiums are extremely low since the sum insured is limited. If your clients want additional financial assistance in case of Covid hospitalisation, these policies would make sense.

    Pro Tip – Covid specific plans have specific terms and conditions attached to the policy. Educate your clients about such coverage terms so that they know what to expect from the plan.

This Coronavirus pandemic is beyond anyone’s control and while your clients can practice prevention measures, they should also be prepared for the worst possible scenario. Help your clients buy the right health insurance policy suitable for their needs so that they can be prepared to face the medical expenses if the virus does strike home.


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