Not Yet Secured With Coronavirus Health Insurance?
It doesn’t seem like Covid is going anywhere anytime soon, and so, the time has come for us to get ourselves insured with Coronavirus Health Insurance.
A COVID-19 health insurance policy covers the cost of treatment that is required following a positive diagnosis of COVID-19. Furthermore, the existing health insurance plans also provide coverage for COVID-19-related hospitalizations. Coronavirus is a viral infection, so a comprehensive health insurance policy will cover pre- and post hospitalization expenses incurred for the treatment of COVID-19 and its variants, including the omicron. Worldwide, the pandemic declared coronavirus (COVID-19) has affected many lives. A total of 37 million people are affected by the disease in India, of which 4.8 Lakh have died (as of January 17, 2022).
Coronavirus cases across the globe and in India
The outbreak of the Coronavirus disease (COVID-19) was confirmed in over 220 countries and territories as of January 17, 2022. There had been almost 329 million infections and almost 5.6 million deaths caused by the virus. The U.S., Brazil, and India are the most severely affected countries. There are new variants of Omicron spreading worldwide, including ones that are now available in India, Europe, and the United States
In India, 5,488 cases of the new Omicron covid variant have been reported as of January 13, 2022 including one death case.
Coronavirus Health Insurance Benefits
With the Coronavirus health insurance cover, you get daily cash benefit after 24 hours of hospitalization or quarantine for every diagnosis of COVID-19. In addition, the policy covers the repercussions of the pandemic, like job loss, with adequate coverage, that is, 50% of the base sum insured up to a maximum period of three months. Policyholders are not the only ones covered under the policy; their immediate and dependent relatives are also protected. A spouse, up to two dependent children and parents can be insured under the policy. There is no additional charge for treatment. The cost of PPE kits, ventilators, masks, and gloves is also covered under the insurance policy. The coronavirus health insurance policy also covers home treatment, if suggested by the doctor.
Health Insurance Options for Coronavirus in India
A standard health insurance policy can cover you against Coronavirus if you are looking for a specific policy. This policy covers all the medical expenses incurred during the treatment of COVID-19. They were launched recently in accordance with IRDA guidelines:
1. Corona Kavach Policy : COVID-19 Insurance Policy
COVID-19 pandemic expenses covered by the Corona Kavach Policy include hospitalization, home care assistance, ambulance transportation, personal protective equipment (PPE), medicines, masks, gloves, and physician fees. In addition to Rs.50,000, the sum insured can reach up to 5 lakhs.
2. Corona Rakshak Policy : COVID-19 Insurance Plan
In a Corona Rakshak Policy, you will receive a lump sum amount for medical expenses incurred as a result of a COVID-19 pandemic. Expenses such as hospitalization, ambulance costs, and other medical costs are covered by this policy. If the insured is hospitalized due to COVID-19 for more than 72 hours, the plan pays out 100% of the premium. These COVID-19 insurance policies are available to individuals aged 18 to 65 with an individual sum assured between Rs.2.5 lakh and Rs.5 lakh.
3. Corona Group Health Insurance
If you have a group health insurance plan, it is imperative to verify whether they cover Coronavirus treatment expenses. For COVID-19 hospitalization in India, however, your group health insurance plan must be Corona Rakshak or Corona Kawach.
Providers of Coronavirus Health Insurance in India
In India, many insurers offer COVID-19 health insurance cover as part of their base plans since the outbreak of the Coronavirus. Also available are COVID-19-specific insurance plans, Corona Kawach and Corona Rakshak are two of these indemnity and benefit plans that have proven to be popular in India. A total of all hospitalization expenses, home treatment expenses, and consumable items are covered.
1. Bharti AXA Health Insurance:
There are over 4,300 hospitals in the network of Bharti AXA Health Insurance. The sum insured by this insurance provider starts from 3 Lakh and goes up to 5 Lakh with an incurred claim ratio of 89%.
2. Aditya Birla Health Insurance:
This insurance provider has over 6000 hospitals in its network, insuring a sum ranging from 2 Lakh to 2 Crore with an incurred claim ratio of 59%.
3. Bajaj Allianz Health Insurance:
This insurance provider offers sums insured starting at 1.5 Lakh and extending up to 50 Lakh with an incurred claim ratio of 85%. There are over 6500 hospitals in its network.
4. Care Health Insurance (Formerly known as Religare Health Insurance):
In the network of Care Health Insurance, there are over 7,400 hospitals. With an incurred claim ratio of 55%, the sum insured by this provider ranges from 4 lakh to 6 crore.
5. Edelweiss Health Insurance:
This insurance provider offers sums insured starting at 5 Lakh and extending up to 1 Crore with an incurred claim ratio of 115%. There are over 6500 hospitals in its network.
Coronavirus health insurance: How to obtain it?
Coronavirus health insurance claims can be filed in two ways.
1. Paying without Cash:
Today, most health insurance companies offer cashless treatment options. The insurer does not need to make any payment at the hospitals that are in the network of the insurance provider. Bills are settled directly between the insurance company and the hospital. Make sure that your health insurance provider offers a cashless claim facility. This information can be found on the website of your insurance provider.
These claims are meant for those who receive treatment for COVID-19 in a hospital that is not within the network of the health insurance provider. In this type of claim, the patient needs to settle the hospital bills on discharge. Once discharged, you need to file a reimbursement claim with your insurance provider. To do this, you must fill a reimbursement form and submit all the required supporting documents which includes the hospital receipt, test reports, doctor’s prescription to the insurer. The insurance company will verify your claim and post that, the amount will be reimbursed to your bank account.
Let’s Wrap Up!
COVID-19 seems unlikely to leave us anytime soon. Hence, it is highly advisable for everyone to get insured with a coronavirus health insurance policy as it is designed to provide people with financial assistance during their recovery and treatment when they come into contact with this virus, which is a major concern today.