The unprecedented crisis caused by the COVID-19 virus has almost completely extinguished the previously prevalent sense of normalcy. Although things are a lot quieter now than last year, millions died by the day while the medical infrastructure was bursting at the seams trying to control the virus. People who could afford to immediately buy insurance were rushing to get their hands on the best health insurance plan. The demand for buying comprehensive health covers has significantly increased, but what one needs to understand is how insurance policies have adapted to meet the needs of the pandemic.
The best health insurance plan should offer many benefits in terms of pre and post-hospitalization expense, including COVID-19 treatments. In fact, the IRDAI has made it mandatory for every health insurance policy to cover COVID-19 hospitalizations.
However, with the introduction of policy changes and alterations, insurance providers are offering certain plans. These plans are for people who want to get insured against the virus.
So what does the Covid insurance refer to? What benefits do you get under such policies?
What Does Covid Insurance Mean?
At a time when the economy is experiencing massive medical inflation, healthcare has become extremely costly. In fact, if you do not possess health insurance, you might end up paying much more than you can afford.
Buying the best health insurance policy that suits your requirements might seem redundant or a waste of time or resources. However, in the long run, you end up saving money. Otherwise, you will be compelled to pay the full costs of medical care all out of your pocket. This can set you back by quite a lot of money.
Insurance companies are expanding their offers for COVID-19 assistance. What does that entail? Essentially, this means that insurers are formulating the covid insurance policy for you that offers not just coverage for COVID-19 but also for other complications or comorbidities associated with it. If you or someone under the plan contracts the virus, you will be entitled to some form of compensation to pay hospital bills.
However, there are also a lot of underwritten clauses that accompany this kind of coverage – make sure you ask your insurance provider about the benefits that you will receive as part of the COVID-19 health cover.
What Comes Under Corona Insurance?
The policy adjustments that insurance companies are making for corona insurance cover make you eligible for particular benefits. The financial aid that you get differs from plan to plan and depends on the insurance company you choose.
Covid insurance policy is different from other specific coverages like diabetic care health insurance, insurance with hypertension cover, etc. As mentioned, corona insurance offers financial benefits specializing in medical care focused on the disease.
Covid insurance cover offers to cover costs for consumable expenses like PPE kits, masks, gloves, ventilators, etc. You also get coverage for add-ons and cashless treatment. If your doctor approves it, you will be eligible for home treatment covered with no further costs. Some insurance companies, if not all, offer copayment solutions. You should talk to your insurance provider to know what exactly you are qualified for in your insurance policy.
We shall examine some of the health insurance policies offered by various insurance companies.
Health Insurance Policies for COVID-19 Available in The Market
Insurance providers are curating health covers that you can purchase to protect yourself financially from the costs of COVID-19. Here are two insurance policies that are providing covid insurance.
- Corona Kavach
The Corona Kavach offers quite a few benefits like:
- A cashless option
- 15 days of pre-hospitalization costs
- 30 days of post-hospitalization care
- An allotted Rs.2000 under ambulance costs every hospital trip
- Financial aid for co-morbid treatments
The plan offers compensation cover for an assured sum between Rs. 50,000 to Rs. 5,00,000. You need to pay a one-time premium coverage to access this policy which has a 15-day waiting period for processing.
Another added advantage is that the policy operates for both individuals as well as on a family floater health plan. The policy takes into consideration that the virus spreads very easily. Therefore, the plan operates on a family floater health plan since families can contract the disease very easily.
- Covid Rakshak
Covid Raksha is another Covid insurance cover that you can purchase for yourself and your family. You receive monetary assistance if you receive a positive diagnosis with COVID-19.
You need to be hospitalized for 72 hours in a hospital that matches the rules ascribed by the policy details. After meeting the prerequisites, the Covid Rakshak policy offers a lump sum to the policyholder. You receive aid for:
- Intensive Care Unit expenditures
- Ambulance charges
- Coverage for home treatment
- Pre and post-hospitalization charges
Again, the processing period for Covid Rakshk insurance takes fifteen days to kick in. If you happen to contract COVID-19 before the processing period, you will not be eligible for the health cover.
Should You Opt for COVID-19 Specific Insurance?
After all said and done, the question that arises is – should you get specific covid insurance? If you have health cover, whether for yourself or a family floater health plan, you will be covered for COVID-19. Since COVID-19 is a new introduction, health insurance offers coverage.
However, it does not make sense to get insurance with COVID-19 cover which only takes care of the disease. Instead, get a plan that takes care of much more than regular illnesses and hospitalization. If you are covered by a group medical insurance policy at work, you ought to get insurance for yourself. In these turbulent times, job security is not something you can afford to take for granted.
Coronavirus insurance ensures that you are financially taken care of in all aspects where COVID-19 is concerned. If your comprehensive care health insurance is unable to pay for some of the portions, Coronavirus insurance has your back.