Is Your Health Insurance Plan Omicron-Ready?

By sanjana | December 8, 2021

With the rise in cases of Omicron – the new COVID-19 variant, the visible strain on the healthcare system and your financial planning is indeed a possibility and the implications, simply put, are many. Therefore, be on guard and eliminate any possible cause for concern. Is your health insurance plan ready to come to your rescue? Find out here.

The current COVID-19 situation-with the new Omicron variant has cast a dense cloud over life returning to normalcy again. It is now more important than ever to review your health insurance plan.

The imminent threat of Omicron is already wreaking havoc globally, especially with the possibility of this variant affecting even those who are vaccinated. This makes it extremely crucial for your health insurance plan to be the armour you need and come to your rescue for any unexpected medical emergencies that you might face. The abrupt lifestyle changes coupled with the uncertainty brought on by the pandemic has forced everyone to review and upgrade their health insurance plan.

In lieu of all these circumstances, that sense of safety and security guaranteed by a dependable health insurance plan is something we can help you regain.

  • First Round Of Review: The Sum Insured

The surge in COVID-19 cases across the country during the first wave overwhelmed the health infrastructure. Many were left scrambling for hospital beds, medicines, and oxygen. It was and still is the worst humanitarian crisis draining everyone physically, mentally, and financially. The financial repercussion is something that should be the least of your concerns during this challenging time. This is why you should review the sum insured. The recommended amount for a family of four is to have a sum insured of at least Rs. 10 lakhs. If your sum insured is below Rs. 10 lakhs, act fast and increase your cover in order to avoid feeling financially handicapped when things go south.

Additional Reading: COVID-19 Treatment: How Much Health Cover Would You Need?

  • Second Round Of Review: Family Floater Plan

When it comes to reviewing a family floater plan, first analyse the associated risk of disease and medical expenses. The possibility of all family members being diagnosed as positive is a scenario you should be prepared for. A family floater plan should have a sum insured that can cover your entire family – anything lower is not something you should risk considering. Check if your health insurance policy has a sum insured that is ample enough for all family members, including a child lesser than five years of age (if needed). If it doesn’t, then the health insurance policy should be meticulously reevaluated, and the sum insured sufficiently increased.

On the other hand, you also have the option to get multiple floater plans, each tailored to cover individual family members. This will ensure that there is more than enough cover for all members of your family.

Additional Reading: COVID-19 Insurance Policies That You Need To Know About

  • Third Round Of Review: Co-Pays

Copayments, or copays, are a common form of cost-sharing under many health insurance plans. Health insurance co-payment refers to an arrangement in which you, as a policyholder will need to pay a portion of the medical expenses on your own and the insurance company will pay the remaining amount. The medical expenses you might incur can go up to lakhs of rupees, this is why you should check to see if your health insurance plan offers very minimal or no co-payment to ensure you don’t fall short on funds when it is particularly crucial. So, opt for completely cashless services.

  • Fourth Round Of Review: Sub-limits

A challenge for many, sub-limits can vary from policy to policy. Sub-limits are caps placed by health insurance companies in health insurance policies in the form of a predetermined limit on the claim amount for a specific disease and/or treatment procedure. In some cases, a sub-limit may be a percentage of the sum insured or a specific amount specified by an insurance company. This pandemic makes it crucial for everyone to opt for a policy with no sub-limit. At the cost of paying a higher premium, review your policy to ensure there is no capping or sub-limit.

Long story short, the recent emergence of the Omicron variant has been a wake-up call for all. This comprehensive review of your health insurance plan is just the right step to take to ensure you aren’t restricted by sub-par insurance policies and rattled by unforeseen expenses.

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