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.
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
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.