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Is the COVID-19 pandemic/lockdown the right time to buy a health insurance policy?

As we all know, the WHO has declared the COVID-19 or coronavirus as a pandemic. It has spread to different corners of the world, infecting more than a million people worldwide. As it continues to spread and send more people into lockdown, many of you might be wondering if this global health crisis is the right time to buy a health insurance policy. During this global pandemic, it’s important that we plan certain things to secure one's future.

One thing to keep in mind during this global health crisis is that your insurers will determine the policy premiums based on your current health condition. Hence if you haven’t already contracted the virus, you can very much go ahead and get yourself a health insurance policy.

However, one should know what can be claimed and what cannot be claimed and here are the DOs and DON’Ts that can be kept in mind to make your decisions easier.

Following are the things your health insurance policy will provide coverage for -

1.It covers your hospital and treatment expenses due to an accident/disease

2.It provides coverage for more than 30 diseases like stroke, cancer, etc

3.It includes donor expenses for organ transplantation

4.It includes your ambulance expenses

5.It includes your maternity and newborn baby hospitalisation expenses.

Following are the situations in which the policy fails to meet your requirement–

- If you have not been hospitalised for a minimum of 24 hours

- If the disease has been declared as an epidemic/pandemic

- If you are going for a planned treatment

- If you contract the disease during the policy waiting period

- If you or your family members have a travel history to affected countries

As we all know, health insurance prepares you for those unforeseen medical emergencies. Although a lot of policies are available out there, it’s best to find out which one suits you best by scrutinizing each with the insurer before purchasing. Pandemic or not, buying a health insurance policy is crucial and will always remain one of the useful investments.

With that being said, it’s quite clear that you can buy yourself a health insurance policy now but it might not cover your expenses if you contract the virus under unfortunate circumstances.

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