COVID-19 Health: Understand Top Up Health Insurance and Mediclaim Policy Cover

COVID-19 pandemic has become a bitter reality. Schools, cinema, workplaces, markets, places of worship are closed. We are using masks, sanitisers and following social distancing guidelines in our daily lives. The physical and mental toll of dealing with coronavirus is what we are unable to do much. However, for offsetting the monetary trauma of the long and expensive treatment, there is health insurance or COVID-19 treatment.

With health insurance by your side, you will neither burn a big hole in your savings nor get pushed into a spiral of debt. The cashless treatment for coronavirus hospitalisation lets you tide over the financial burden of this debilitating disease and will enable you to recover in the comfort of your home. But when purchasing a coronavirus health insurance plan, do not get confused between top-up health insurance and mediclaim policy cover.

Do you already have health insurance?

The majority of people go on living their lives with health insurance to safeguard their healthcare expenses entirely. While they secure themselves with medicare policy, coverage for the same at times is inadequate. In such a case, you will need higher coverage. This is where a top-up insurance plan comes into the picture.

Let us throw light on Mediclaim Policy cover and Top Up health insurance to make an informed decision while buying a health insurance plan for covid-19.

Top Up Health Insurance Plan

A top up health insurance policy is designed to offer the insured added protection if the sum assured amount of their current health insurance gets exhausted. A top plan is more economical and affordable when compared with a standard mediclaim cover. To assist policyholders in extending their threshold limit without causing any effect on their budget, many health insurance companies have come up with top-up plans.

Features of Top Up Health Insurance Plan

  • Convertibility: A top up health can easily be converted to standard health insurance policies with the help of the insurance company
  • No sub-limits on hospitalisation expenses: A top-up plan comes with no restrictions and sub-limits on hospitalisation costs such as room rent, doctor’s fee, etc.
  • Free Look Period: A free look period of 15 days is available for the insured from the issuance date of the insurance plan.
  • Cumulative Bonus: A cumulative bonus is available for the policyholder on the sum insured for each claim-free year. The bonus is offered up to a certain percentage.
  • Policy Term: The term of a policy generally ranges between 1 and 2 years. It depends upon the insurance company.

Mediclaim Policy Cover

Mediclaim Policy provides coverage for medical costs of an insured person up to the sum insured in case of any uncertain medical emergency. The insurer pays for the treatment expenses be it due to the COVID-19 pandemic, accident or an illness that requires hospitalisation including in-patient expenses, daycare treatment, pre and post hospitalisation expenses, etc.

Mediclaim Policy Features

  • Pre and post-hospitalization: Coverage for pre-hospitalisation cost up to 30-60 days and post-hospitalisation cost up to 60-120 days depending on the respective health insurance company is available.
  • Daycare Treatment: A mediclaim plan covers expenses incurred on daycare treatment (a type of treatment that does not involve 24 hours hospitalisation). Some of the daycare treatment includes chemotherapy, dialysis, lithotripsy, cataract, hydrocele operation.
  • Tax Benefits: According to section 80D of the Income Tax Act, you can avail of tax deductions on health insurance premium.
  • Hospital Room Expenses: Mediclaim Policy offers coverage for expenses related to regular wards or Intensive Care Unit (ICU) due to coronavirus or any other disease or illness through the cashless facility.
  • Additional Expenses Covered: Coverage of costs towards alternative treatment and annual health check-ups are also available under a mediclaim plan.
  • Lifelong Renewability Option: A Mediclaim policy comes with the benefits of a lifelong renewability feature. It means the policy covers the policyholder for a lifetime depending upon the insurance company and he or she renews the policy regularly.

Conclusion

Health insurance in today’s situation, especially when cases of coronavirus are surging, will be extremely advantageous. The policy will provide you cover against costs that you may incur to get the treatment for coronavirus or other diseases. In general, numerous hospitalization expenses are involved in getting treatment in case you suffer from COVID-19. While you focus on a quick recovery, the insurance company will take care of your medical expense for hospitalization. Please note that quarantine just for isolation without any treatment is not covered.

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