Why is Health Insurance the Most Important Cover in 2020?

Why is Health Insurance the Most Important Cover in 2020?PolicybazaarAverage Rating / 5 ( reviews)
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In the last few months, the coronavirus pandemic has changed lives drastically across the world. Most of the nations have implemented different forms of restrictions and lockdowns for stopping the spread of COVID-19, leaving the citizens mostly homebound.

This has caused a complete transformation in our method of living, shopping, interacting, and working, making it pretty hard to predict what the world will look like in the coming days. The authorities in the UAE have relaxed various restrictions for reviving the economic activities but with strict measures to make sure the spread does not increase due to these relaxations.

All of this gives us a clear image of the severity of this COVID crisis and diverts our attention towards the most important things we must be worried about these days- our health. 

What Makes Health Insurance Important in These Times?

With the global and national agencies continuously put stress on the requirement of keeping the immune system intact and strong during the outbreak of the novel coronavirus, the world has gradually started to prioritize their health.

The majority of the people are maintaining good hygiene, exercising regularly, increasing the intake of water, and eating healthy so that they can survive these difficult times, healthy and strong. Although regular workout and a healthy diet are indeed necessary for staying healthy during the recent crisis one additional health measure that a lot of people are taking is investing in health insurance.

This pandemic has proved to be an eye-opener for a majority of individuals, reinstating why medical insurance plans are indispensable all the time. While most of the people are already covered under some or the other type of health plan, it is important for them to check the benefits and offering of the plan to know how beneficial it is, in case unfortunately they have to get treated for coronavirus.

The most basic medical insurance policies may cover the costs incurred on your treatment; however, it is vital to verify if the policy is sufficient for meeting other expenses such as quarantine, hospitalization, testing, and more. 

Does the Health Insurance Policy Cover all your Needs?

Currently, many labs throughout the world are putting efforts in the research and development of the vaccine for COVID-19. However, despite the huge number of researchers and scientists involved in the process, the timeline for the COVID-19 vaccine availability looks like far & stretched.

Therefore, in the middle of this crisis, a comprehensive health insurance plan is the light at the end of the dark tunnel for individuals of all age groups. The healthcare expenses are steep, and the more the recovery period is, the higher would be the treatment cost.

The treatment for this virus is a long procedure in which the patient may have to be kept in an ICU or on a ventilator in the case of severity. If the patient is admitted to a private hospital, the medical expenses can create a hole in his or her savings. This is the reason why being financially ready is amongst the most vital step that you can take for keeping yourself protected during this pandemic. The best way is to take a medical cover with a sufficient amount of sum assured.

There are many insurers across the Emirates that offer a comprehensive health plan, which people can buy for themselves and their families at a time like this. The majority of the products offered by these insurance providers include in-patient treatment and hospitalization for coronavirus. It is recommended that you check the exclusions and coverage before selecting a plan. Be 

In case you have a heart ailment or stroke, health cover can help you. You may get the care that you need, including shorter stays at the hospitals and a longer and healthier life as opposed to those people who do not have a health plan.

Heart ailments and strokes can be super expensive. They are amongst the main reasons for medical bankruptcy. If you enroll for high-quality health insurance, you can save yourself from huge medical bills and get availability to the care required to manage or improve your health.

Having a health cover will enable you to do the following.

  • Avoid making the existing medical condition worse
  • Get a treatment sooner if either you or one of the family members catches a disease or are diagnosed with a heart ailment or any other serious condition.
  • Visit your doctor for preventive treatment and avail the care required for staying healthy and protecting yourself from serious medical conditions. 

Understanding medical insurance can be overwhelming as well as confusing. However, the good part is that there are many resources and comparison websites online that offer help in having a better understanding of the product and comparing different health plans.

In case you have bought a private medical insurance plan, then you may even get an easy to understand, standardized document that includes the summary of the coverage and benefits of the policy. You can use this information for comparing various insurance options available to you. 

Benefits of a Health Insurance Plan in the UAE

Listed below are some of the benefits offered under a health plan.

  • Pre & Post Hospitalization Expenses: Your insurance plan also includes pre & post hospitalization costs up to a certain period, depending upon the health plan bought by you.
  • Cashless Treatment: In case you are having an insurance plan, you can enjoy cashless treatments as the insurance provider works in collaboration with different network hospitals.
  • No Claim Bonus or NCB: This is the element of bonus that will be paid to the insured in case he or she doesn’t file a claim for any kind of medical treatment in the past year.
  • Transportation Cost: A health plan also involves the amount that is to be paid to the ambulance for the transportation of the insured individual.
  • Rent for the Room: An insurance plan also provides coverage for room expenses based on the amount of premium paid by the policyholder.
  • Medical Tests: The insurance plan also offers health check-up options. A complimentary health check-up is also offered by some of the insurance providers depending upon the previous NCBs of the policyholder. 

How can I Choose a Suitable Health Insurance Plan?

It can be hard to choose the best insurance plan because all insurance providers offer a similar kind of insurance policy. Therefore, some of the vital points, which any individual must look for before buying a plan are the following.

  • No Claim Bonus or NCB
  • Inclusions and Exclusions
  • Capping on room rent
  • Minimum age criteria and plan renewability clause
  • Sum assured
  • Other benefits offered 

The Bottom Line!

Investing in a health plan for yourself and your loved ones is essential as healthcare is expensive, especially when it comes to the private sector. Hospitalization costs can put a hole in your wallet and derail the finances.

It becomes even more difficult if the breadwinner of the family suffers from a serious medical condition. All of this can be avoided by simply paying a small amount of annual premium that would reduce your stress in the event of a medical emergency.

A good health insurance plan usually provides coverage for expenses made towards the medical tests, consultation fees of the doctor, pre & post hospitalization costs (to a certain extent), and even ambulance charges.

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