The COVID-19 second wave is more dangerous than the first wave. This double mutant coronavirus has so far 35 Lakh+ cases to date. People are scared as there is a severe shortage of beds, oxygen and ICU facilities across the nation. Many of us are also getting crushed under the burden of huge hospitals. Health insurance is the only way you can protect your savings from COVID-19 treatment expenses. In India health insurance is not mandatory unlike motor insurance, hence people have been putting off the buying decision. This pandemic has taught people the importance of health insurance.
Read out the answers to some of the most common doubts and questions you might have regarding health insurance and COVID-19:
Yes, as per IRDAI's directive, health and general insurance companies have launched CORONA KAVACH a corona specific health insurance plan. Initially, when this policy was introduced, it was set to expire on 31st March 2021. but, later, its validity was increased till 30th September 2021.
Check out this short table explaining the features and benefits of both these plans:
| Benefit / Feature | Corona Kavach |
|---|---|
Sum Insured |
Minimum: Rs. 50,000/- to Maximum: Rs. 5 Lakhs |
People Covered |
Individuals and Family |
Minimum Hospitalization Period |
Minimum 24 hours |
Payout Types |
Reimbursement of Hospital Bill upto the Sum Insured. |
Available Add-Ons |
Hospital Daily Cash Add-on pays 0.5% of the sum insured gets paid everyday for maximum 15 days |
You can log on to Coverfox.com and buy a Corona specific plan instantly. If you have any doubt or need any help, you can call us on 1800 209 9930 and our experts will help you out.
Q. Does my health insurance policy cover COVID-19?
Yes, all existing health insurance policies provide cover for COVID-19 or coronavirus. IRDAI had issued a circular and asked all insurance companies to offer cover for COVID-19.
Q. Does my health insurance cover the entire treatment cost for COVID-19?
A health insurance policy covers COVID-19 treatment but the actual bill amount covered ranges from 50% to 55% of the total hospital charges. The reason for covering such just a portion and not the entire invoice amount is:
Thus consumable items have pushed the hospital bills and forced people to pay the balance bill amount from their savings.
Q. How can I affordably increase my existing health cover of Rs. 5 lakhs to Rs. 50 lakhs?
Super Top-ups are the best and most affordable way of increasing your existing cover of Rs. 5 or 10 Lakhs to Rs. 50 Lakhs easily. A super top-up plan starts at just Rs. 1000/-.
Q. Should i buy a corona specific health plan, if i already have a health insurance plan?
Yes, if you want to keep your existing health insurance sum insured intact, you can buy an affordable Corona Kavach policy starting at just Rs.500/-. Corona Kavach policy also covers costs for consumables.
Q. If I am getting treated at home, will a standard COVID-19 cover the treatment expenses?
Yes, a standard Corona Kavach policy covers the expenses related to home treatment only if done on a medical practitioners advice. Costs for getting home quarantined or self quarantined are not covered.
Q. Will the treatment expenses for COVID-19 be covered if I take treatment at a makeshift hospital?
Yes, IRDAI circular dated 16th July 2020 clearly states that makeshift hospitals to be considered regular hospitals for COVID-19 treatment. You can avail Cashless and Reimbursement claims at such makeshift hospitals.
Q. What is the age criteria for buying a COVID-19 policy?
If you are between the age of 18 to 65 years, you can buy a Corona Kavach policy. You can also include children aged from day 1 to 25 years.
Q. Is a cashless claim facility available under a standard COVID-19 policy?
Yes, if COVID-19 treatment is taken at an insurance company's network hospital, you can avail cashless claim facility.
Q. Is there any waiting period applicable for making a COVID-19 Claims?
If you are buying a new policy, there is a waiting period of 15 days applicable for Corona Kavach policy. A standard health insurance policy has a waiting period of 30 days. If you already have a health insurance policy, your waiting period would already be over.
Q. Is it possible for me to buy a COVID-19 policy after I test positive?
No, you cannot buy a COVID-19 policy after you have tested positive.
Q. Can my COVID-19 claim get rejected by the insurance company based on my travel history?
Your COVID-19 claim will only get rejected based on your travel history if you make a trip to any country placed under travel restrictions by the Government of India.
Q. Are OPD Consultation and Diagnostic tests for COVID-19 covered in my health insurance plan?
If you have a health insurance plan that provides you OPD Cover, it will cover OPD Consultation and Diagnostic tests expenses. You also get cover for pre and post hospitalization expenses too.
Q. Does a Term Insurance Plan cover death due to COVID-19?
Yes, death due to COVID-19 is covered under a term insurance plan. Insurance companies consider death due to COVID-19 as a health issue, and claims are paid accordingly. The government of India has launched a novel scheme which gives Rs. 50 lakhs to family members on death due to COVID-19 while on duty to all frontline health workers.
Q. Can I purchase a health insurance plan if I have suffered and recovered from COVID-19?
Yes, there will be no effect on buying or renewing a health insurance policy if you have recovered from COVID-19.
Q. What is the waiting period in a health insurance plan?
The waiting period is the no. of days mentioned by the insurance company during which a claim will not be accepted for the defined illness. There are 3 types of waiting periods applicable under a health insurance plan, i.e. Initial waiting period of 3 months, pre-existing diseases waiting period of 24 - 48 months, a disease-related waiting period of 24 or more months.
Q. Will the vaccination cost be covered under a health insurance plan?
No, a standard health insurance policy does not cover vaccination expenses. If you have any side effects to the vaccine and get hospitalized for more than 24 hours, then your standard health insurance plan will cover such costs.
An important thing to always remember is, “It's better to be safe than sorry” and health is the best way to be safe in these difficult times. I believe we were able to answer all your questions related to COVID-19 and your health insurance plan. In case you have any additional questions related to your health insurance plan and COVID-19, you can call us on 1800 209 9930 or drop an email on help@coverfox.com, and our experts will help you out.
