3 questions to introspect before buying Coronavirus health cover

Let's accept it, we are in the middle of a once in a lifetime crisis. The International Monetary Fund (IMF) has issued a warning that the current CoronaVirus Pandemic is likely to emerge as the worst economic crisis since the Great Depression in 1930.

If you ever thought, you are invincible, or your business is recession-proof, then this crisis has already made each one of us reflect on how life can go out of gear in the matter of days, and how the world economy and our lives are interlinked with each other.    

This crisis validates why we need insurance for us, not for "investment" but "protection" goals. A number of my friends, ex-colleagues, extended family, and social media network have reached out to me in the last two weeks since the advent of this crisis, on whether Covid-specific plans are worth buying, and whether their existing health insurance plan is robust enough to protect against any medical scenario arising because of it.
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Here are three questions that I have told them to introspect while buying this standalone cover, if the response to any of these questions is 'no', they should go ahead and buy this plan.

1. Do you have a health insurance plan?

2. Do you think your existing health plan has enough cover (Recommended cover: Min. Rs 10 lac) to take care of medical expenditure in case of hospitalization because of CoronaVirus?

3. If you have bought a health insurance plan recently, would you tick off your waiting period clause in the next 15 days?