Health insurance for Coronavirus: Top queries answered

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The world is fighting something that can not be seen or reached. In reality, a person does not even know that he/she has been infected until much later because the virus has an incubation period of 2 to 14 days. Yet if anything happens to you or your loved one, what are you going to do? That’s why a lot of health insurance is required today.

It’s a frightening world out there, but if you have the right precautions and safety measures in place, you don’t need to worry about that much. The world is currently battling a deadly pandemic virus, and each person must help to reduce the spread and flatten the curve of the novel COVID-19. Practice social distancing, eat well, cultivate a safe atmosphere and exercise every day. While these are what we want to call ‘Plan A,’ you ought to have ‘Plan B’ in place, i.e. a health insurance policy.

Healthcare is becoming more and more expensive and easy access to health care is even more difficult. To those who can’t afford it, health insurance is a must in the case of an unforeseen tragedy. There is health insurance to cover you and your children.

In times like these, unwanted chaos is created among people who are not sure if their health insurance policy will provide them with adequate coverage against the deadly virus. Several insurers reported being flooded with customer queries with anxious customers trying to know the extent of coverage offered for COVID-19 infection, the waiting period if any, the pricing impact and the claims process.

With this post, we hope to help you clear up any misunderstanding you may have with respect to health insurance and coronavirus.

Will the Standard Health Insurance Plan offer coverage for Coronavirus Infection?

Indeed, under the direction of the Insurance Regulatory and Development Authority of India (IRDAI), all specialist health insurance companies and general health insurance companies have been asked to cover claims relating to COVID-19 under standard health insurance schemes. Someone who has an active health insurance policy will make a claim for coronavirus infection.

What is Coverage Extension Provided for Coronavirus Infection?

In a standard health insurance contract, coverage for coronavirus infection is absolutely identical to every other disease. You need to be hospitalized for at least 24 hours to get coverage with your medical benefits. During your hospitalization, all of your costs will be compensated for the care of your disease. In addition, pre-and post-hospital costs, including the COVID-19 study, routine blood tests, x-ray, and ambulance costs, will also be covered. You must note that pre-and post-hospital costs are only compensated before and after 30 days of hospitalization.

If you don’t have a health insurance policy, can you buy one to cover COVID-19?

You should certainly purchase a health insurance policy to cover not only COVID-19 but all other diseases as well. Before purchasing a scheme, however, you need to be aware of two very important aspects. Second, if you are still suffering from COVID-19 infection, every insurer does not grant policy to you. You have to make sure that you don’t suffer from any such disease until you buy a policy. Second, after purchasing the policy, you need to serve the waiting period, i.e. 30 days before filing a claim for coronavirus infection. Every health insurance policy includes a waiting period of 30 days for regular hospitalization and 2 – 4 years for pre-exit diseases. However, claims relating to an accident are covered on the first day of purchase of the policy.

Are there any COVID-19 specific health plans that provide coverage on Day One?

On the advice of IRDAI, some insurers have drawn up fixed-benefit policies that offer coverage only for COVID-19. Such arrangements are disease-specific arrangements that include a lump sum for coronavirus infection diagnosis. Such plans are an excellent way to compensate for the loss of income during the treatment of illness, as the policyholder pays the full amount insured as a lump sum in the event of a positive coronavirus test and a lump sum of 50% if the person is advised of quarantine at the medical center. But these plans also come with a waiting period of 10 – 15 days, depending on the program.

What is the Total Cost of Coronavirus Infection Care?

The overall cost of coronavirus infection treatment depends on different factors, such as hospital preference, the extent of the infection, and the age of the patient. For an average person between 30 and 45 years of age undergoing care at a typical private hospital, the cost of treatment is approximately Rs 5 to Rs 6 lakh. However, if the patient is over 50 years of age and the infection is quite severe (because the chances are quite high among people over 50), the cost of treatment can be up to Rs 10 to Rs 12 lakh, as the individual will need ventilator support and intensive care at the Intensive Care Unit, where regular charges are quite high.

Do I have to pay extra for the coverage of COVID in my existing health insurance?

No, no. There is no extra fee for the use of COVID. The benefits offered for COVID related treatment will be the same as for any other illness.

Are there special arrangements available for COVID?

Yeah, yeah. Many insurers are selling different coverage of community policies for COVID. Organizations may buy these plans from their workers. Coverage would be triggered if the employee is found positive for COVID. At the expense of Rs 199 plus taxes, an exclusive amount of Rs 5 lakh for the care of COVID is eligible. In addition, these policies will give an OPD profit of Rs 5000 and a daily allowance of Rs 1000 for up to two weeks in the case of a quarantine hospital. There are fixed benefit plans to pay a lump sum if you are tested positive.

The goal of Health Insurance is to give customers top priority and to direct them on a path that promotes their physical, emotional, and financial well-being. This includes lending a helping hand during a global health crisis like this. Irrespective of the policy/package you have selected, it will cover charges resulting from the hospitalization and care of COVID-19. Which varies are the additional benefits, depending on the package you have selected. Also, if you’ve been trying to renew your health insurance policy, do it now and do it quickly!

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