The coronavirus pandemic has put a hold on our daily routine. With countries across the globe going on lockdown, people are changing their perspectives on how they led their lives before COVID-19. Many of them are evaluating health insurance plans to ensure that their loved ones are well covered.
On the other hand, leading health insurance companies in India are making sure that it covers coronavirus treatment and hospitalization expenses under their health insurance plans. While some insurers have come up with a COVID-specific health insurance, some are providing the same facilities within their existing policies.
In this article, we will be discussing the two things that you need to keep in mind when buying health insurance for coronavirus.
According to the memorandum issued by the Insurance Regulatory and Development Authority of India (IRDAI), every insurer across the country has to cover the testing and hospitalization expenses related to COVID-19. The insurers can either develop a standalone health cover to tackle these expenses or provide the same under their existing health insurance plans.
So, in case you test positive for the disease, you can go ahead and make a claim on your existing health insurance plan. The insurer will assess the claim application and make a decision. After this, the money will be reimbursed into your bank account. On the other hand, to avoid this hassle, you can simply avail the cashless claim facility. Many insurers provide this facility to people seeking medical treatments at one of the listed network hospitals.
However, note that you cannot rely for a health insurance plan to cover you for coronavirus if you buy the policy after contracting the disease. The policy needs to be purchased well in advance (also consider the waiting period) before you test positive for the disease.
It is always necessary to consider the exclusions of health insurance plans, especially when it comes to disease-specific policies. Often people tend to avoid reading these details, as it can be time-consuming. Some of the common COVID-specific exclusions to look for when buying the policy are as follows –
- Check the policy coverage duration as most of these plans are valid for a period of one year
- Check the policy for exclusions on no travel history to a list of countries after December 01, 2019
- People with symptoms such as cough, cold, nasal block, fever, or shortness of breath may not be eligible to make a claim as well
- Some plans may not allow you to make a claim without 24 hours of hospitalization
In case you are still confused regarding the exclusions in the policy, consider speaking with your insurer before purchasing the plan.
In times like these, the emphasis on the importance of health insurance is beyond explanation. So, secure yourself and your family members with an adequate health plan. And while you are at it, check the incurred claim ratio of the insurer to know that you are making the right choice.