Here, we will discuss how to use health insurance during the current Corona crisis to protect your family from COVID-19 related medical expenses, especially in the backdrop of pay cuts and job losses.
1:33 This is part of a series FundooMoney is doing for its followers to adapt their finances according to these challenging times.
1:49 Here, we will discuss how you can use health insurance to secure the finances of your family so that you can cushion any immediate impact.
3:25: Just in case you have health insurance coverage, we will discuss what you need to do to have a comprehensive protection from health insurance coverage
3:35 Health insurance provides protection from large health expenses that come from hospitalisation and other medical emergencies
3:59 If you don't have health insurance at all or have health insurance provided by the employer, you need health insurance of your own.
4:10 Remember, if you lose your job or decide to move away to another company, you lose out on the coverage provided by existing employers
4:30 When incomes are down or job losses are happening, the last thing you need is a large health expense
4:48 If you don't have a health insurance, buying the regular health insurance plans is more than enough. You don't need to buy a COVID-19 covering specific health insurance plan
4:56 Regular health insurance plans also cover COVID-19 or Corona cases
5:05 After regular health plans, you can consider buying a COVID-19 specific health insurance plan
5:13 The first thing that you need to do is buy an Individual Health Insurance Plans (IHP)
More about IHP and other health plans from the following link: https://www.youtube.com/playlist?list...
5:36 Individual Health Plans or IHP has individual insurance coverage limits for those covered by the health insurance plan.
5:49 Older you are, greater health insurance coverage you need.
6:04 In any case, it is a great time for you to ensure that you that you have health insurance protection for your family
6:22 Most of the health insurance plans can be bought online.
6:30 You can buy them from companies online or from aggregator sites.
6:43 Next, is a family floater plan. This is after buying IHP online since premiums are going to be less
6:52 If you think you can't afford the premium for Individual Health Plan, go for the family floater
6:59 In case of a family floater you have since insurance amount for the entire family
7:12 Depending on the eligible expenses incurred by any family member in a policy year, the amount gets reimbursed and the remaining amount is available as cover
7:32 You basically need a combination of Individual Health Plan (IHP) and Family Floater
7:49 Then, go for a critical illness plan from a life insurance company or a general insurance company. The need to cover major illnesses
7:57 This includes cancer, heart ailment among others
8:03 Leading insurance companies now cover for 38-54 major illnesses. So, the current situation is a good excuse for you to bolster protection against critical illnesses
8:15 Apart from these three, you can go a Daily Cash Benefit Plan
8:19 So, in a way you are building a health insurance plan portfolio so that in these times, you are not impacted at all
8:27 If you can do it right away, do keep it part of your agenda
8:31 If your spouse is earning, the spouse can buy the additional coverage
8:41 For Individual Health Plans and Family Floaters, you get Section 80D tax benefits
8:48 Same with critical illness plans
8:54 You can also get critical illness coverage from a life insurance plan rider
9:14 The difference between a life insurance rider and general insurance plan is that in the latter case, you will be reimbursed. In former, you get a payout on detection of the illness
10:55 There have been some recent COVID-19 specific plans
11:30 Remember COVID-19 plans are part of the Regulatory Sandbox programmes of IRDA, the insurance regulator
11:38 They will be available till July 31, 2020
11:43 They are one year plan and they may not be extended next year
11:51 Getting a protection for one year is not bad. You can get coverage of Rs 30,000-Rs 2 lakh
11:57 You get the insurance coverage for hospitalisation or quarantine in a quarantine facility only
12:10 You get full eligible amount for hospitalisation and half in a quarantine facility. Check what is covered and what's not
12:18 Most plans will also cover pre-hospitalisation and post-hospitalisation expenses
12:52 Go for COVID-19 plan for the largest possible amount and widest expense coverage
13:17 There is also likely to be a waiting period of 16-30 days
13:54 Increase your emergency funds, easy access to funds earmarked for emergencies
13:59 They are typically 3-6 months of expenses. Now, you can increase it to 6-9 months
