Importance Of Coronavirus Insurance Especially During A Pandemic

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The COVID-19 pandemic has resulted in a worldwide emergency with a looming sense of unpredictability. These are trying times and call for precaution concerning health and one’s finances, and a significant contributor to financial planning is health insurance. The average treatment cost for various health complications arising from Covid-19 is strikingly high. Availing a coronavirus insurance policy in advance can relieve your financial constraints during emergencies along with other notable benefits.

How can a coronavirus insurance cover benefit you?

Here are some of the key benefits of a health insurance policy during a pandemic –

  • Protection for everyone 

As families are quarantined together during the pandemic, there are higher chances of more than one member getting infected and requiring hospitalisation. Incurring such high costs for multiple members can put a strain on your savings. Opting for a family health protection like COVID-19 Insurance cover from Bajaj Finserv under its Pocket Insurance & Subscriptions can save you from the burden of such emergency medical expenses.

  • Assistance during a liquidity crisis

In the time it took to understand what is coronavirus and its prevention measures, the world has seen one of the worst economic disasters. As direct aftermath, many salaried individuals have suffered and continue to experience uncertainty concerning their earnings. Having a hospital cash cover amidst such circumstances can help relieve you from worrying about loss of income due to hospitalisation.

  • Long-term financial aid

Medical expenses are unpredictable and can rise from any unforeseen incident at any point. Thus, it’s wise to keep a healthcare cover like a coronavirus insurance policy in place to ensure you are prepared for medical costs in the long run.

To fund your family members’ treatment against other pathogenic infections like diphtheria, you can also avail an infection cover. Such a policy covers all expenses from medication to hospitalisation throughout the tenor.

  • Income benefit

The average treatment expenses of a COVID-19 patient can end up in a few lakhs, especially in severe cases. It is due to the range of procedures involved in its treatment, like testing, hospitalisation, medication, etc. Many families might struggle to meet these charges given unsteady cash flow due to unemployment or low earnings. A policy for coronavirus insurance in India can help relieve undue income strain arising out of the same.

  • Assistance during a liquidity crisis

In the time it took to understand what is coronavirus and its prevention measures, the world has seen one of the worst economic disasters. As direct aftermath, many salaried individuals have suffered and continue to experience uncertainty concerning their earnings. Having a hospital cash cover amidst such circumstances can help relieve you from worrying about loss of income due to hospitalisation.

  • Covers ICU expenses

There have been quite a number of extreme COVID-19 cases around the world. Such hospitalisations demand intensive care treatment, and eventually, ventilator support. These methods of treatment are even more costly, given their rare availability in India. Without a coronavirus insurance plan, medical bills running as high as Rs.10 lakh and above can be too heavy of a burden for the general working class.

Such unfortunate circumstances can lead individuals to look for external funding options. The best coronavirus insurance coverage prevents the need to mortgage assets and further drown in debt during an existing crisis.

Although the world is gradually gaining some semblance of normalcy, the pandemic has been a big lesson in why healthcare plans like coronavirus insurance coverage are a necessity. Even though the threat of coronavirus is on the decline, it’s wise to have an insurance policy while the pandemic still persists and even otherwise. It will allow you to focus on proper treatment should you get infected without worrying about the ensuing costs.

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