Things were going as per the plan and everyone was busy in their own lives. Suddenly, all the plans were shattered with the Covid-19 (or novel coronavirus) pandemic. Most of the countries, including India, have imposed lockdowns. The pandemic has made people lament on their priorities of life and revisit their investments.
It is alarming that close to 56 percent of Indians still do not have health insurance*. People have suddenly started realizing the importance of having a health insurance plan due to the Covid-19 pandemic. With the number of cases rising with each passing day, it is important to know how health insurance plans can come to your aid if either you or your family members test positive for Covid-19. It is better to be safe than sorry!
Many people are now turning online and search for ‘health insurance Coronavirus; health insurance claims for Coronavirus, Coronavirus Health insurance, Covid-19 treatment cost settlement’, etc. are on the rise with each passing day. Life has suddenly become unpredictable and people want to ensure that they do not spend their hard-earned money on hospitalization.
Along with taking precautions, people should also have information regarding the treatment cost of Coronavirus. They should also know whether their existing health insurance plans cover that cost.
Under the guidance of IRDAI (Insurance Regulatory and Development Authority of India), many insurers are innovating their existing product offerings by offering Coronavirus health insurance in their existing policy. Does this mean that only the hospitalization costs incurred during Covid-19 treatment would be covered? Will the company offer coverage for the quarantine period? Insurers can tweak their product offerings to provide coverage for all ailments, (including Covid-19).
In India, cost of Covid-19 diagnostic test is Rs. 4500 (in private hospitals). The hospitalization charges may hover in the Rs. 10,000 range. This is not a small amount and expenses might mount if more members in a family are unfortunately tested Covid-19 positive. Having health insurance cover not only protects you but also your loved ones during these tough times when things look dull.
The WHO (World Health Organization) has mentioned time & again the senior citizens and people with low immunity levels are more vulnerable to the virus. In such circumstances, along with following the necessary precautions at home (and outdoors), it is important to have insurance cover for the senior citizens (parents and immediate dependents) and other loved ones in the family.
As per the mandate by IRDAI, all the insurers should expedite the cases of insurance claims for the treatment of Covid-19. This is in line with the steps followed for regular health insurance claims. These are unprecedented times and this step by IRDAI will help people that are covered under some health insurance policy. Accelerating the claim process for Covid-19 treatment cost settlement will help in easing the financial burden faced by the patients.
Most of the Covid-19 based products in the market are benefit-based, where benefits are offered to Coronavirus positive patients, as well as, quarantined patients. As per IRDAI, quarantine costs, hospitalization costs, and medical expenses for Covid-19 treatment need to be covered as a part of the regular health insurance policy.
The offerings may differ depending on the insurance company and insurance plan offered by them. There are certain terms & conditions that have to be fulfilled before the quarantined patients or Covid-19 positive patients get complete coverage.
Before the Covid-19 pandemic, the world has witnessed several other viral outbreaks such as Ebola, Zika, and Nipah. The learnings from these outbreaks were immensely useful by IRDAI in the creation of new guidelines. Apart from hospitalization charges, many health insurance policies also provide cover for pre and post-hospitalization expenses that account for diagnostics, some portion of tests, and medicines required after the treatment.** The patient can apply for the claim only if the hospitalization period is 24 hours or more.
It is better to have an individual health insurance plan along with a family health insurance policy so that all your loved ones are insured. Most of the people are already mentally stressed due to the pandemic and the subsequent lockdown. No one wants to bore another stress (i.e. financial stress) during such times. Health insurance keeps you financially secured.
The Covid-19 curve is not flattening so it is important to apply for a relevant health insurance policy that provides Covid-19 treatment cost settlement.
The outbreak has taught us the importance of maintaining hygiene in our day-to-day lives. Many people follow an unhygienic lifestyle and the pandemic is a wake-up call for them. As mentioned earlier, the other learning is the importance of being secured through a good health insurance policy. Having an insurance cover for senior citizens has become extremely important in the wake of the Covid-19 pandemic.
Royal Sundaram General Insurance offers a number of insurance plans that cover Coronavirus. Expenses spent on diagnosis, along with in-patient hospitalization treatment, are covered as a part of the normal in-patient hospitalization expenses.
If you are an existing policyholder, it is worth noting that negative cases or suspected cases for Covid-19 will not be covered under the existing insurance policy. Considering the current state of affairs, Coronavirus insurance is need of the hour and Coronavirus cover might receive an overwhelming demand.
All of us want that the Covid-19 pandemic becomes a thing of the past. Till the time it does not happen, it is important to stay protected and safe as that is the best possible option!
Stay indoors and Stay Safe!
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