Opt for a Floater Plan
There are ample cases when more than one family member has landed in a hospital due to the virus. The financial strain of such families hit the roof. Hence, all members of your family must have health insurance. While it’s a costly proposition to buy individual health insurance plans for all, a family floater plan can help.
Health insurance plans for families are widely available that provide coverage to all members. It’s cost-effective and an ideal solution to offer coverage to every family member in these testing times. The premium for such plans depends on the age of the eldest member, and therefore, it’s advisable to opt for a plan as early as possible. If you have parents who are senior citizens, you can opt for health plans tailored specifically for them.
Though such plans have some limitations, they help save a significant amount of money during hospitalization. Compare different policies and choose the one that best suits your requirements.
Factor in Room Rent Limits
Factor in Room Rent Limits
Hospitals across the country had to set up dedicated COVID-19 wards, which pushed up hospitalization costs and room rents. While buying health insurance plans now, it’s essential to ensure that you closely look at the cap on room rents. It’s advisable to opt for a plan with higher room rent to reduce expenses from your pocket.
Though it may require a high premium, given the present times, it’s prudent to avail a health insurance plan that has a higher limit on room rent. Since COVID-19 patients require special arrangements, a high limit on room rent will ensure that funds are not a paucity in receiving dedicated care
Don’t Depend Solely on Health Insurance Plan from Your Employer
This is another crucial health insurance lesson to learn from the COVID-19 pandemic. While group health plans are beneficial, they may not prove to be adequate, and you may end up spending a considerable amount of money from your pocket in case you are hospitalized. So, it’s advisable to opt for an individual plan to remain covered.
Also, if you are switching jobs, the benefits of a group health plan may not be applicable. So, it would help if you had a standalone health plan for an added layer of cushion.
Conclusion
There is still some time to go before we are out of the pandemic’s grip. Health insurance is one of the several tools in your arsenal that will help you combat the pandemic with gusto without burning a hole in your pocket. If you are yet to buy a health insurance plan, do so at the earliest. On the other hand, if you already have a policy, review it to plug the gaps.