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3 Ways to Protect yourself from the 3rd Wave of COVID-19

dateKnowledge Centre Team dateMay 24, 2021 views167 Views
Health Insurance & 3rd COVID-19 Wave | Buy Best Health Plan Online

As the third wave of Coronavirus is approaching, it is now a compulsion to have a backup plan ready. The wave has been suggested to hit a larger population and the current rate is alarming in itself. In these times, safeguarding your life is important. This is why the Insurance Regulatory and Development Authority of India (IRDAI) has issued some guidelines for insurance companies to guard the mounting cases in INDIA. Considering the prevailing situation, IRDAI decided to allow all insurers to offer and renew short term Covid specific health policies including “Corona Kavach Policy” and “Corona Rakshak Policy”. Let us understand how they work for your benefit.

3 Coronavirus Health Insurance Plans in INDIA

The standard health insurance policies are the best option for coronavirus' treatment because they include all the expenses incurred during the treatment. There are a total of two standard policies that have been launched as per IRDAI guidelines in India. The policy terms usually remain the same across all health insurance companies in India. The two policies which have been launched are as follows:

1. Corona Kavach Policy

Corona Kavach Policy is a standard coronavirus health insurance policy covering hospitalization expenses, ambulance charges, cost of PPE kits, gloves, masks, medical, doctor's fees, ambulance charges, ICU charges, etc., which are all incurred during the treatment of Coronavirus.

The amount of money insured for it starts from Rs. 50,000 and goes up to Rs. 5 Lakh. You can get your family included too under this plan.

2. Corona Rakshak Policy

Corona Rakshak Policy is also specifically meant for COVID-19 treatment. It is a kind of health insurance policy covering hospitalization expenses for a minimum of 72 hours and even more as usually demanded by coronavirus' treatment.

This health insurance policy covers the expenses incurred towards the PPE kits, oxygen cylinder, gloves, nebulizer, AYUSH treatment, oximeter, etc., those are limited under a standard medical insurance policy. The age for this policy ranges from 18 to 65 on an individual sum insured basis.

The range of the insurance sum provided stays between 2.5 lakhs and five lakhs. The policy applicants with co-morbidity can also get insured paying an additional premium.

3. Coronavirus Group Health Insurance

The group insurance policyholders will have to get their policies to check whether it covers the corona treatment or not. However, if the group health insurance includes Corona Kavach Policy or Corona Rakshak Policy, it is ensured that it would cover Coronavirus' treatment.

Things Covered Under Coronavirus Health Insurance Policy

  • A large amount is insured, which could be up to 1 Cr.
  • 15 days waiting period for Coronavirus' treatment.
  • Modern treatments such as HIV/AIDS, robotic surgery would be covered.
  • A facility of annual health check-ups for all the policyholders.
  • Coverage of many daycare procedures along with AYUSH.

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for all health insurers to offer a standard individual COVID-19 health insurance plan.

Features of Standard Health Insurance Plan

Though, right now, IRDAI has only issued the guidelines related to designing standard health insurance plans. But it can include the following features:

  • It would cover the COVID-19 treatment for patients in makeshift hospitals. This was not a part of health insurance before.
  • The plan might have a year as the policy tenure.
  • The policy may cover all the daycare procedures such as chemotherapy, radiation, cataract, etc.
  • It may also include the coverage of expenses on hospitalization under AYUSH medicine without any sub-limits.
  • The plan can also include expenses post-hospitalization up to 60 days from the discharge date from the hospital.

Here’s how to buy the best COVID insurance policy in INDIA.

Coronavirus Health Insurance

Coronavirus health insurance means an insurance policy that covers the medical expenses incurred on coronavirus' treatment. These kinds of insurance policies cover the hospitalization expenses of the policyholder, no matter what the disease is (unless it is not included in the illnesses covered by the policy).

Most of the health insurance policies cover the expenses of a viral infection. It is well known that COVID-19 is also a viral infection; its hospitalization expenses, post-hospitalization expenses, including the in-patient and out-patient expenses, are all covered under health insurance.

Benefits of COVID-19 Health Insurance

1. Treatment

The Coronavirus' treatment is covered completely under it without any additional cost. The companies pay for all the expenses incurred.

2. Home treatment

If the doctor suggests it, then it is also completely covered without any question. Once rectified by any Government Authorized Center, the quarantined patients would be given the benefits in no time.

3. Other Expenses

Apart from the expenses on hospitalization, the expenses on PPE kits, ventilators, masks, gloves, etc., have been covered.

4. Cashless Treatment

Cashless treatments are available over a vast range of hospitals. The insurance companies settle the bills directly for the COVID-19 treatment while the patient can rest and recover without worrying.

Understand the role of life insurance in restructuring your life post-COVID.

3 Things to remember when buying a health insurance policy for Coronavirus

When a long list appears with a variety of options, it becomes difficult to choose one. One can get perplexed while choosing the best option out. The following things should be kept in mind while choosing an insurance policy:

1. The eligibility criteria should be checked foremost. Also, opt for a plan which would offer lifelong renewability.

2. Read through all the plans and policies and choose the one with maximum coverage and minimum exclusions.

3. As the treatment of Coronavirus requires changes in hospitals and opting for any with facilities, it is important to look out for the network of hospitals with the insurance company.

The coronavirus health insurance policies can be the best shield for policyholders against COVID-19. The expenses can be managed easily while the patients can cope with their condition and treatment. Taking up health insurance has forever been beneficial, but it is more than a necessity in these tough times.

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Frequently Asked Questions (FAQs) for Life Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Oriental Bank of Commerce Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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