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Things to Know About Health Insurance and CORONAVIRUS- Covid19

The year 2020 has not gotten off to a good start. Coronavirus or COVID-19 originated from China in December 2019 and has now become a global pandemic. India is among the many countries that have been affected by the epidemic. While the situation is concerning, people are coming up with some critical questions regarding the pandemic. The list of concerns also includes the validity of health insurance coverage related to the virus.

As a result, people want to know whether their health insurance will cover the expenses for their testing and treatment of coronavirus. Here, we are going to discuss some of these important questions regarding coronavirus and its ties to health insurance.

Frequently Asked Questions Related To COVID19 and Health Insurance

As thousands continue to be affected with the coronavirus, many are coming up with questions related to coronavirus and health insurance. We have jotted down some of the common ones to provide you with a clear insight on the issue. This should help you to understand how to approach the situation.

Will my Health Insurance Plan Cover Medical Expenses for Coronavirus?

  • Yes! You will be granted medical coverage for all expenses of the treatment under your health insurance plan, as per the Insurance Regulatory and Development Authority of India (IRDAI) guidelines.

What Does Coronavirus Health Insurance Cover?

  • A health insurance policy for coronavirus disease incorporates all the expenses for the treatment of the disease. This now involves everything from in-patient hospitalization to pre as well as post-hospitalization care.

  • Typically, health insurance policies cover all costs incurred 30-60 days before and 60 to 90 days after hospitalization. A person will also get coverage for ICU charges and quarantine facilities from a registered institute.

What Is Not Included Under Coronavirus Health Insurance?

  • Usually, health insurance plans will not include medical expenses for home quarantine or quarantine in facilities that are not recognized or set up by the government. Your insurance provider will provide you with a list of registered healthcare facilities for COVID-19 treatment. You should go through your insurance policy's terms and conditions carefully. Understand what is and isn't covered to avoid any last-minute issues.

Will Health Insurance Cover Home Care, Cashless, and Reimbursement Facilities in the Case of Coronavirus?

As stated earlier, home care will not be included in your health insurance plan for coronavirus treatment. You must seek treatment at a registered healthcare facility. However, reimbursement and cashless modes are available within the plan.

Are Health Insurance Policies Covering Tests to Identify Coronavirus?

Yes, health insurance policies certainly cover the tests to detect the virus. If a person tests positive for the disease, then 100% of the test cost will be covered.

On the other hand, a 50% coverage will be insured if the person stays quarantined for 14 days in either a government hospital or a military hospital. This applies even if the person tests negative for the disease.

Is Coronavirus Coverage Incorporated in the Existing Health Insurance Policy?

Yes, If you hold health insurance before getting affected by the virus, then all medical coverage for the coronavirus will be included in your existing healthcare policy. However, you need to keep in mind that the insurer does not accept the claims if you get health insurance after contracting the disease or might reject the application outright.

What Is the Waiting Period for Health Insurance?

Typically, the waiting period for health insurance is 30 days. However, due to the rising number of COVID-19 cases, many insurers have lowered their waiting period. Policyholders cannot make a claim during this time frame and will get the coverage for COVID-19 treatment after the waiting period is over.

Are There Any Particular Health Insurance Plans That Can Give Me Better Health Care?

Generally, all health insurance policies will help to get cashless or reimburse the treatment-related expenses of those suffering from coronavirus. As such, there is no best insurance policy to buy at the moment. Moreover, you must consider your specific medical coverage needs before choosing a health insurance plan. Consider factors like age and pre-existing conditions before making your decision. Either way, you will get a financial safety net in the form of health insurance during the coronavirus pandemic.

Will Self-Isolation Protect Me from the Disease?

Coronavirus spreads from the air droplets of a person who has already contracted the disease. This could be in the form of any direct contact with a person sneezing, coughing, or breathing the same air. Accordingly, it can also occur due to indirect contact, where people touch surfaces with the infected droplets. Thus, keeping yourself isolated or distant from people certainly keeps you safe from contracting the disease.

The best way to protect yourself from getting coronavirus is to simply stay away from public places. COVID19 has an incubation period of 14 days before its symptoms start showing up. Therefore, you should follow social distancing rules to reduce the chances of getting the virus.

How to Protect Yourself from Contracting Coronavirus?

Here are some of the preventive measures through which you can save yourself from the virus.

  • Make sure to wash your hands properly for 20 seconds, either via soap and water or an alcohol-based hand sanitizer.
  • Wash your hands before touching your hand, mouth, nose, and eyes.
  • While coughing or sneezing, make sure to cover your mouth with tissues or through your elbows.
  • Maintain a safe distance of 6 feet from others. This is also called social distancing. Make sure to follow it wherever you go out.
  • Do not travel unnecessarily and stay away from all kinds of social gatherings. Eat healthy and fresh food to strengthen your immune system.
  • COVID-19 is one of the worst pandemics that the world is battling with. Not only are the cases rising each day, but the mortality rate is increasing as well. In such a situation, many are turning to their health insurance for testing and treatment.

  • To summarise, all the expenses related to the COVID19 will be included in your existing health insurance. This includes testing, treatment, or any other related services for the treatment of the disease. You can also Get in touch with your financial advisors for guidance on purchasing the right health insurance protection.

  • Additionally, remember to practice social distancing and wear masks when you go outside. Always keep your hands clean and prevent touching your faces. While your health insurance policy will make sure that you're covered in case something happens, prevention is better than cure.

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