Medical expenses are on the rising, making it difficult to afford treatment. Data suggest that medical inflation has grown twice the rate of general inflation . This only compounds the problem posed by the novel coronavirus pandemic as the treatment of COVID-19 can be quite expensive. Thankfully, health insurance helps cover such costs during medical emergencies. This also applies to COVID-19 treatment cost as the IRDAI has made provisions available for those seeking assistance from insurers.
Generally, the approach included the use of a stand-alone policy or a top-up plan to cover high medical treatment expenses. COVID-19 treatment fell under this category but there have been a few changes regarding the same. Read on to find out if your existing health insurance will protect you against the expenses.
In wake of the rising COVID-19 cases across the country, the IRDAI in 2020 advised all general and health insurance companies to cover the cost of COVID-19 treatment. All indemnity-based health plans covering hospitalization costs will cover the treatment expenses of COVID-19. This extended to health insurance companies covering COVID-19 and further included expenses due to omicron .
This resulted in most health insurance companies covering the treatment costs of COVID-19 in India. So, it is safe to assume that your existing comprehensive health insurance policies cover the medical costs against this disease. Do note that insurers will cover costs after the completion of the waiting period. These costs will include in-patient treatment, pre-and post-hospitalization, and diagnostic expenses. The best way to know the full extent of coverage is to contact your health insurer.
Coronavirus health insurance is a personalized health insurance plan to cover the COVID-19 hospitalization and treatment expenses. There are several types of coronavirus health insurance plans such as the Corona Rakshak or the Corona Kavach policy. Even comprehensive health insurance plans that cover various illnesses include COVID-19 coverage. As COVID-19 is a viral infection, comprehensive health insurance plans include in-patient expenses. This covers pre-and post-hospitalization expenses incurred due to the disease.
Corona Kavach is an indemnity-based cover that provides a coverage amount of Rs. 50,000 to Rs. 5 lakh in multiples of Rs. 50,000. The compensation paid depends on hospitalization. This standard coronavirus health insurance policy covers:
This plan also covers AYUSH treatment. You can get coverage for your whole family under this policy. This health plan is available with a single premium and a tenor of 3.5 months, 6.5 months, and 9.5 months .
Corona Rakshak is a benefit-based cover that has a sum insured of Rs. 50,000 to Rs. 2.5 lakh in multiples of Rs. 50,000. A one-time settlement is made in case of a claim. This COVID-19 specific health insurance policy covers:
Similar to Corona Kavach policy, this policy has an entry age of 18 to 65 years and has a tenure of 3.5 months, 6.5 months, and 9.5 months.
If you are insured under a group health insurance policy such as the employer’s group health policy, then you need to check with the insurer. See if the COVID-19 treatment expenses are covered under the group health policy. You will be covered if the group health policy is either a Corona Rakshak or Corona Kavach policy.
Your comprehensive individual or family health policy also covers COVID-19 hospitalization and treatment costs. The IRDAI has directed health insurance companies to cover expenses related to COVID-19 in their indemnity-based plans. These plans will cover hospitalization, as well as pre and post-hospitalization cover. So, if you have an existing health insurance policy, check with your insurer.
Below are some expenses that get covered under coronavirus health insurance policies.
As coronavirus is relatively new and its treatment can cost a lot, here is what a COVID-19 health plan should include:
The novel coronavirus has greatly impacted lives across the world. With an increasing number of cases in India, many people have lost their jobs leading to income instability. The pandemic has affected the Indian economy as well . In fact, around 230 million Indians got pushed into poverty due to the COVID-19 pandemic . Many people cannot afford to pay for healthcare which is why health insurance with COVID-19 cover is key. This will help individuals get timely access to care during medical emergencies.
Taking preventive measures should be your first step towards protecting yourself and your family from COVID-19. This includes buying the right health insurance for your whole family. Consider buying Complete Health Solution plans offered by Bajaj Finserv Health. These plans offer you a comprehensive medical cover of up to Rs.10 lakh. With these plans, you can enjoy preventive health check-ups, reimbursements on doctor consultations, lab test benefits, network discounts, and more. Sign up today and protect your health right away!
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