Covid Health Insurance Should you renew it?

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In the month of June, IRDAI propelled two health policies. These two policies were explicitly planned for Coronavirus disease. These plans were made available only for a brief span of three and a half months, six and a half months or nine and a half months. 

In the beginning or in the past, there was no sense of direction as to whether these policies required a renewal or they were just done and dusted after their tenure was over because of being one time policies.

However, currently, there are three alternatives which are included in the covid policies especially when they are getting over and coming to an end of their tenure. 

  • Increasing the term of the policy for more three and a half months or six and a half months or even nine and a half months.
  • The second option is about transitioning to an altogether different corona health policy.
  • The last option is about switching to a fully equipped health insurance policy that is comprehensive in nature. 

However, it is highly recommended that you purchase a comprehensive health insurance plan because though we live in the times where covid is prevalent, we also run into the risk of contracting other diseases. Let’s take a look at covid only policies and compare them to a proper comprehensive health insurance plan.

Comprehensive insurance policy vs COVID products 

We all know that maximum corona treatments in mild to moderate cases happen at the patient’s home through medication and provision for getting the patient quarantined. This means, the treatment isn’t quite expensive when it comes to home treating the corona patient. 

Moreover, standard health insurance policies that are comprehensive in nature provide all encompassing benefits. Not only are the pre-existing ailments covered after the waiting period is over but a long list of other diseases are also covered. These include treatment for congenital disorders, genetic disorders, physical disorders, mental treatment, and a lot more. 

On the other hand, the policy named Corona Kavach holds very little relevance as hospitalizations rarely required. There is also a condition with the Corona Rakshak that one needs to be hospitalized for more than seventy two hours in order to avail the medical benefits of this policy. Hence, it is wiser to switch to a comprehensive health insurance plan with a wider range of coverage.

Cost Section

A comprehensive policy in health insurance may have a higher premium as compared to a covid specific insurance policy. However, its benefits also range on the higher side when compared to the covid specific policy. 

What should a person do? 

If you are in a better financial position, you can go for the comprehensive health insurance policy without a second thought. The reason for the same is because a comprehensive policy provides adequate support in emergency situations, covers hospitalization expenses, pays for doctor fees, diagnostic fees and even takes care of pre-hospitalization and post-hospitalization expenses.

However, if you are someone who isn’t well placed in terms of finances, you should go for the corona specific policies as that’s the disease we are most susceptible to during these times. 

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