With coronavirus claiming many lives across the globe, the launch of COVID-19 vaccines has been a ray of hope. Several healthcare manufacturers have introduced vaccines to lower the impact of this infection and hopefully prevent its spread. Countries are taking measures to vaccinate their population but there are some challenges. Those that choose not to get vaccinated have a higher risk of complications. This results in expensive treatments and medical expenses.
Fortunately, the IRDAI has advised insurance companies to cover COVD-19 treatment costs under their existing health insurance policies . So you can buy a health insurance policy to protect yourself against unforeseen medical costs. But the question is whether these health policies cover the cost of COVID-19 vaccination. Read on to find out.
The roll-out of the COVID-19 vaccination has given a ray of hope to fight against the novel coronavirus. Several vaccines are being manufactured by the pharmaceutical industry. The government has advised precautionary measures such as wearing a mask and maintaining social distancing to protect against the virus. The spike in the COVID-19 cases is being battled by imposing lockdowns across the country.
With an increase in the COVID-19 cases in India, the IRDAI has made it mandatory for all health insurers to cover COVID-19 treatment expenses in their existing health plans. Pre- and post-hospitalization costs are also included, if applicable.
The standard health insurance plans do not cover COVID-19 vaccines as vaccination is preventive in nature . But, if your health plan offers OPD coverage, the cost of COVID-19 vaccines will be covered if specified in the policy. The IRDAI is contemplating including vaccination costs in the COVID-19 insurance policies with an aim to vaccinate all.
A health insurance plan with OPD coverage covers the cost of outpatient treatment. It covers the medical expenses incurred without hospitalization. These include doctor’s fees, medicines, diagnostic tests, dental treatment, health check-ups, and more. Health insurers generally do not provide OPD coverage and thus it is available as an add-on cover. However, some health insurance companies may include OPD coverage in their basic plan.
Health insurance plans with OPD coverage cover all vaccines including the COVID-19 vaccination. The health insurance plans with OPD cover are generally expensive. The high claim probability and chances of fraud make the premium on such policies costly. Moreover, you may not get covered for the full cost of the vaccine due to sub-limits. You should note that OPD consultations are only covered at network clinics and hospitals.
Here are some benefits and reasons why you should have a health insurance plan with OPD coverage:
Here is why you should opt for health insurance with OPD cover that includes COVID-19 vaccination:
Having the right health insurance policy protects you against the medical costs arising out of various treatments. So, you need to be careful about choosing a policy that offers comprehensive cover and provides protection to you and your family. Buy Complete Health Solution plans offered by Bajaj Finserv Health. These plans offer a medical cover of up to Rs. 10 lakh as well as other benefits. These include network discounts, reimbursements on doctor consultation, lab test benefits, and preventive health checkups. Sign up now and make your health a priority to safeguard against COVID-19 and other illnesses.
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