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Coronavirus-Covid19

Health Insurance Plan Does it Cover CORONAVIRUS (Covid19)?

Coronavirus is a common topic of discussion going on in the entire world right now. The pandemic has affected the whole world at a considerable cost, and now it is rapidly increasing in our country too.

The rising number of coronavirus (COVID-19) patients has made everyone think about their and their families' health. Are you also worried about the expenses to be incurred for the treatment from this pandemic disease? Now you might have realized the importance of a health insurance plan.

If you already have health insurance, rest assured that you and your family are protected from the pandemic. The Insurance Regulatory and Development Authority (IRDA) has given directions related to the existing health insurance plans as well as the new health plans designed to provide coverage for coronavirus-related medical emergencies.

Coronavirus Coverage for Existing Health Insurance Plans

The most critical factor in an existing health insurance plan is that the coronavirus is not a pre-existing ailment. Therefore, it will be covered in your current health insurance policy. Charges covered under this will be:

  • Standard hospitalization expenses
  • ICU
  • Diagnostic test
  • Quarantine period in a recognized hospital and not at home

For more information regarding coverage and benefits if you are tested positive, contact the respective insurance company. Some companies have already sent detailed information about the coverage via emails and messages to their existing customers.

What If You Don't Have a Health Insurance Plan?

Those without any health insurance plan in place might be understandably worried about this pandemic. But there's no need to worry. According to IRDAI and the government's Ayushman Bharat scheme, many companies have started launching new plans specially designed for COVID-19. Arogya Sanjeevani policy is one such health insurance plan that has coverage according to IRDAI terms. Similarly, Medicare, Religare Health Insurance, Star Health Insurance, Digit Health Insurance, etc. also have plans that cover coronavirus.

Now, while purchasing new health insurance plans that, too, during this pandemic, one should be very careful and alert.

Buying a New Health Insurance Plan for Coronavirus

If you are choosing a new health insurance plan for cover against COVID-19, then buy a plan before any occurrence of the disease. If you buy the policy after testing positive, you will not be able to claim the insurance. Keep these points regarding coverage in mind while choosing the plan.

Things That a Coronavirus Health Insurance Plan Covers:

  • Hospitalization expenses: In this, various types of hospitalization expenses like in-patient hospitalization, pre-hospitalization, critical illness, accidental hospitalization and day-care procedures are included.
  • Standard expense: Ambulance, daily hospital cash, ICU room, alternate room, post-hospitalization, recovery benefits, etc.
  • Maternity benefits

Things That a Coronavirus Health Insurance Plan Does Not Cover:

  • Home quarantine or if you have been quarantined in a centre which is not recognized by the government: Be careful while choosing the quarantine centre. You can go through the list of centres and hospitals provided along with your health insurance plan to avoid any claim rejection.
  • Hospitalization without the recommendation of the doctor
  • Pre-existing diseases: For example, if you are taking treatment for diabetes, then it will not be covered in this policy immediately. You need to wait for the locking period to complete.

Claiming for the Coronavirus Health Insurance Plan:

While buying a policy, you may check for the options for claiming the policy. Almost all health insurance plans have both i.e. a cashless or a reimbursement claim facility.

  • Cashless facility: This facility is available to the policyholder only for the hospitals that are mentioned in the policy. These hospitals are known as networked hospitals. under this facility, policyholders can get the treatment without paying any amount to the hospital. So, you can take advantage of this facility by checking the network hospitals in your policy or website.
  • Reimbursement facility: This facility is available if the policyholder chooses the hospital, which is not the network hospital. So, policyholders can pay the bills initially while discharging and then claim by submitting the documents to the company. Other Factors to Look out for:

Waiting Period:

Be careful of the waiting period of the policy. The waiting period is the tenure in which you won't be able to claim the benefits of your plan. Due to COVID-19, many companies have reduced their waiting period tenure. The waiting period may last 30 days in some insurance plans, and 15 days in others.

The waiting period varies as per companies and their plans. For example, Star Health Insurance has a waiting period of 15 days. Similarly, you can check for your opted plan.

Sum Insured:

Sum insured is a vital factor in the health insurance plan. It ranges from 20,000 to 2 lakh rupees. You can opt for a higher sum insured amount so that it covers all the expenses in your treatment.

Along with that, some companies may also give 50% lump sum of your sum insured amount if you are quarantined for 14 days in a recognized centre or hospital, even if you test negative.

Tele-Health:

Due to the lockdown and increasing number of infected cases, many health insurance companies have started supporting related health services. This means the virtual assistance of medical treatment. Sometimes this assistance is provided by the health insurance companies by creating portals to connect with medical experts.

Eligibility Criteria:

The minimum age for buying this policy is 18 years in adults and 3 months in babies. You cannot buy the policy for the age group above 75 years. Renewability:

Some coronavirus health insurance plans prefer lifelong renewability options, while some do not offer renewability. This means the plan is valid only for one year.

Premium:

Based on the opted sum insured, your premium can range between rupees 200 to 2500 or more.

Travel History:

While buying any coronavirus health insurance plan, please go through the terms and conditions related to your travel history. Many insurance companies do not offer a policy if the applicant has a foreign travel history. That means, if you suffer from this pandemic disease while travelling abroad, then you are unable to buy the new health insurance plan.

Conclusion

According to the proverb, "Prevention is better than cure" if you already have a health insurance plan, then relax. If you are affected by the coronavirus, then your health insurance plan will definitely cover your expenses.

However, if you do not have a health insurance plan and you are healthy and fit, then don't delay in buying a suitable policy online. With the points mentioned above, you can medically insure yourself and your family.

Recommended Link:10 Most Common Asked Questions About Coronavirus

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