Health insurance offers you adequate coverage to take care of healthcare expenses, if and when required. The COVID-19 pandemic has brought us besieged with emergencies at unexpected times. It is vital to have a reliable medical insurance coverage that can cover medical expenses in case of accidents, health emergencies, and illnesses.
Vaccination drives have now been initiated but is expected to take a couple of years for the global population to be vaccinated. Besides, with new variants and second waves, the threat of Coronavirus still looms large and the cost of healthcare and medical treatments is on the rise.
This makes it even more imperative to protect yourself and your family with medical insurance. With a suitable policy, the financial burden of hefty medical bills can be reduced drastically, enabling you to concentrate on recovering.
Reviewing your medical insurance in 2021
Ensure that your medical insurance provides you adequate covers based on factors such as age and medical history. Modern lifestyle is stressful and bring a host of chronic conditions such as hypertension, diabetes, cardiac problems, etc.
Take stock of your existing medical insurance portfolio and review it to include any additional coverage. Most health insurance policies have few exclusions that they do not pay for, such as pre-existing conditions, cosmetic procedures, obesity treatment, and accidents occurring due to participation in risky activities and adventure sports. Ensure that your medical insurance policy covers treatment for Covid-19 infection, either with hospitalization or outpatient.
Importance of selecting the right medical insurance in 2021
- Look for a cashless facility so that you can undergo medical treatment without paying. This facility is usually available at insurance company’s network healthcare institutions.
- Beware of the exclusions in the policy, such as cataracts, hernia, joint replacement, etc.
- Adding critical illness cover is an option that you should consider.
- Be aware of the pre-existing health condition waiting period. Some medical insurers cover pre-existing diseases or illnesses after a certain number of years.
- Look up reviews of the insurer to check the claim settlement process.
- Compare premiums and service standards of various insurers.