Does Your Health Insurance Coverage Include COVID-19?

Ever since the COVID-19 outbreak has hit the country, many people are getting curious about whether their existing health insurance policy covers the treatment costs of the virus. Read this article to know more.

The COVID-19 cases are growing at a faster rate in India. As the country’s situation gets worse day-by-day, people now understand how uncertain times can be. It has proven the fact that it is important to be prepared for any unfavourable scenarios in advance.

Health insurance will always be a crucial parameter of financial planning, but the outbreak of the ongoing pandemic has boosted the demand for health cover. But what about those who already have a health insurance policy. It is certainly a worry that whether your existing policy will provide you or your family member cover for COVID-19?

To address the insured people’s concerns, the Insurance Regulatory and Development Authority of India (IRDA) recently announced urging all general and health insurance companies to offer a standard Benefit Based Covid-19 health insurance product. However, this is not a mandatory regulation. It is totally up to a company to decide whether to offer dedicated Corona insurance coverage or not.

However, there some reputed companies like HDFC Ergo that offer to compensate for Coronavirus related treatment for customers who already have a health insurance cover.

What does the policy cover?  

  • Pre- & Post Hospitalisation expenses
  • The Coronavirus Health Insurance covers quarantine medical charges if the treatment is taking place at a registered medical facility
  • The policy will also cover the confirmatory test for COVID-19 when there is hospitalisation
  • A policyholder can select cashless or reimbursement option as per their convenience
  • There is no capping on the room rent in case of Coronavirus hospitalisation
  • The claim settlement is quick and hassle-free

What are the exclusions for Corona-related treatment? 

  • The Coronavirus Health Insurance does not offer cover if the person is under quarantine without any treatment at a hospital
  • The policy excludes Domiciliary treatment
  • If you buy the policy after you have tested positive, you cannot apply for a claim
  • If a person raises a request for a claim during the policy waiting period, it is not valid. For any health insurance policy, there is a waiting period ranging from 24 months to 36 months
  • Health insurance policies covering critical illness do not offer Coronavirus treatment
  • Travelers undergoing institutional quarantine are excluded from the treatment benefits

Due to the ongoing pandemic, lakhs of people are dead as there is no specific treatment available, which is why it is novel Coronavirus. The virus is a severe respiratory disease that causes flu-like symptoms. It is highly contagious. Hence, it is necessary to maintain social distancing, and you must have a health insurance cover.

If you do not have a health cover, you should purchase to protect yourself and your loved ones. You need to invest in a policy earliest, taking into account the long waiting period. However, if you’re planning to buy a health insurance plan, you should always opt for a comprehensive policy rather than choosing the one that offers only COVID-19 benefits.

Comments are closed.