How important health insurance during Covid-19 time

What role does health insurance play in the Covid-19 outbreak? According to data from the Central Government, India has one of the world's lowest healthcare penetration rates. According to the same figures, more than half of all healthcare-related expenditures in India are charged out-of-pocket, which is slightly lower than the global average. The value of providing sufficient healthcare coverage cannot be overstated at this time.

In a scenario where you don't know how you'll handle your money in the next 21 days, comprehensive health insurance will save the day. In the Corona outbreed, health insurance offers full coverage in the event of a medical emergency. Here's an example of how health insurance policy for Covid-19 is beneficial.

·         Cashless Hospitalization Right Away

If you have Covid-19 health insurance policy, you will get prompt cashless hospitalization if you have any corona symptoms or suffer from a serious illness. You are not allowed to make a cash deposit before being admitted to the hospital. You may also skip the time-consuming cash-deposit procedures at the hospital's front desk. As a result, you can begin your treatment right away without worrying about money.

·         Pre- and post-hospitalization expenses are covered.

Your health care premiums will cover your pre-and post-hospitalization costs. Expenses such as doctor's visits, OPD costs, diagnosis, room rent, medications, therapies, daily allowance and ambulance will all be covered by the insurance provider, whether it is a corona positive procedure or some other medical emergency a scheduled hospitalization.

·         Annual Health Checkups Are Free

A free regular health check-up is a unique advantage provided by health insurance. Blood sugar levels, urine tests, cholesterol tests, ECGs, and other health screenings are given free of charge once a year. Every year, you can save a lot of money on diagnosis and testing if you have health insurance. These tests will warn you if you are at risk of developing a critical illness in the immediate future.

·         Tax Exemption

Premiums charged for health insurance for self, dependent parents, children, and spouse are tax-exempt up to Rs.60 000 under section 80 D of the Income Tax Act 1961. On the other hand, the taxable amount is calculated by factors such as wages, age, and the number of people insured. Covid-19 health insurance policy also decreases your taxable earnings.

Health-conscious people feel that they are immune to disease and that keeping a balanced lifestyle and remaining active is what they need to remain fit and healthy. However, while healthy behaviors are important in avoiding such illnesses, unexpected incidents, such as the recent Coronavirus outbreak, can still occur and necessitate hospitalization, despite all of your conscientious efforts to stay healthy.

Important Things You Should Know About Covid-19 Health Insurance Policy