Importance of Health Insurance in the COVID-19 Situation

Given the surge in coronavirus cases, health insurance is the most important cover to buy in 2020. In fact, before the pandemic, only 37% millennials had a health plan. Today, 60% are particular about it and have made thorough enquiries for COVID coverage. This highly contagious disease has taken the world by storm, causing respiratory illnesses and even lung failure.

If you are still unconvinced, here’s why everyone must have a health savings account in place.

Covers High Medical Bills

Needless to say, getting infected by the coronavirus has become a common occurrence. To receive COVID-19 treatments without any dent in your finances, insurance is a must. It will cover your ambulance costs, alternative treatments, pre and post hospitalisation costs, tests and ICU charges, room rent and day care procedures. Make sure to gain a good understanding of what the policy covers in case you succumb to the virus.

Cashless Benefits

With insurance in place, you qualify for cashless treatments at network hospitals. This will save you from arranging cash and help you receive immediate medical attention. All the hospital, medicines and doctors’ expenses will be settled by the insurer. Also, when you open a health savings account or opt for health insurance, you can claim significant tax deductions.

Financial Security

With the rampant spread of COVID-19, it is crucial to have an adequate financial backup. The expenses for coronavirus treatment are both huge and unavoidable. Insurance will help in timely payment for medical tests, consultation costs and quarantine charges. It will make sure that insufficient funds do not come in the way of receiving appropriate treatment. Further, having insurance will lessen your burden, so that you focus on getting better soon.

Tax Benefits

Lay-offs and salary cuts have become the new normal. Amidst such unsettling times, you do not want to lose money paying taxes. All premiums paid towards health insurance are eligible for tax exemption. For individuals, parents, seniors and super-seniors, different amounts are allowed for tax deduction. Get in touch with your insurer to get detailed insight into the quantum of deductions.

Additional Protection

Most organisations offer insurance to their employees, but they are not custom-made. Also, in case you are fired, the policy will no longer be active. A health insurance policy acts as additional coverage, estimates the individual future expenses and offers the sum insured. Therefore, purchase a separate policy and protect yourself against future treatment costs, if any.

Good for Early Buyers

Medical policies mainly come with a waiting period of a month. So, it is important to have the insurance ready beforehand to avoid delays. It will help the policyholder receive immediate attention, which is crucial for symptoms like shortness of breath or appetite loss.

The importance of health insurance at this hour is unparalleled. Know what a health savings account is, look for digital payments and safeguard yourself against this unprecedented crisis. Additionally, keep yourself protected by maintaining a healthy immune system and following the social distancing norms.